As you pay down your mortgage and the equity in your home grows, the Scotia Total Equity® Plan can give you extra buying power and savings for household expenses such as renovations.
The Scotia Total Equity Plan is the most flexible way to lower your other borrowing costs. With a single application, you can be approved to borrow up to 90% of the equity value in your home. You are then free to use your borrowing limit for whatever you need – mortgages, loans, lines of credit and credit cards1. For example:
Split your mortgage into different terms. Manage your monthly expenses and reduce interest rate risk by choosing a combination of long-term fixed rate and short-term variable rate mortgages.
Open a Line of Credit with or without VISA* card access. Enjoy great rates, the flexibility of interest-only payments, and the option of convenient VISA* card access to your line of credit.
Save money with premium VISA* cards. Take advantage of the low rates on Scotiabank Value VISA* card, or the generous merchandise and travel rewards available from ScotiaGold Passport VISA* card at half the annual fee.
Bundle your borrowing, and save a bundle
With the Scotia Total Equity Plan, all your borrowing is bundled together and secured by the equity in your home. That means you’ll pay less interest, and have more money left over for the things you really want. Check out our Scotia Total Equity Calculator to find out how.
We can help you reduce the cost of borrowing and gain greater control over your finances. Contact your local branch or a Mortgage Specialist to make an appointment.
1CMHC or Genworth Financial Canada approval and mortgage default insurance is required above 80% loan-to-value ratio. Default insurance premiums apply. Revolving credit under your Scotia Total Equity Plan above 80% loan-to-value is for a specified term only. At the end of this term, if the outstanding balance is above 80% loan-to-value ratio, you will be required to convert your revolving borrowing to an amortizing fixed repayment mortgage loan.
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