This offer is available for all qualified purchase, switch, refinance and renewal customers. It’s applicable to new or existing properties with a maximum of 4 units. Subject to applicable credit approval, Scotiabank residential mortgage standards and maximum permitted loan amounts. This offer can be changed or withdrawn at anytime without notice and may not be combined with other discounts, offers or promotions.

Closed term - Scotiabank Prime as of April 23, 2008 was 4.75%. If there are no ‘cost of borrowing’ charges (for example, appraisal fees), the APR for the discounted rate of 4.25% equals 4.21% (compounded semi-annually, not in advance). Where a typical appraisal fee of $200 is assumed (actual appraisal fees may vary), the APR equals 4.26% (compounded semi-annually, not in advance), for a term of 5 years - assuming a mortgage of $100,000 with a 25-year amortization.

Open term - Scotiabank Prime Rate as of April 23, 2008 was 4.75%. If there are no ‘cost of borrowing’ charges (for example, appraisal fees), the APR for the rate of 4.75% equals 4.70% (compounded semi-annually, not in advance). Where a typical appraisal fee of $495 is assumed (actual appraisal fees may vary), the APR equals 4.81% (compounded semi-annually, not in advance), for a term of 5 years - assuming a mortgage of $100,000 with a 25-year amortization.

Open term – Special Offer - Scotiabank Prime Rate as of April 23, 2008 was 4.75%. If there are no ‘cost of borrowing’ charges (for example, appraisal fees), the APR for the discounted rate of 4.25% equals 4.21% (compounded semi-annually, not in advance). Where a typical appraisal fee of $495 is assumed (actual appraisal fees may vary), the APR equals 4.32% (compounded semi-annually, not in advance), for a term of 5 years - assuming a mortgage of $100,000 with a 25-year amortization.

Closed term with 1% cashback - Scotiabank Prime Rate as of April 23, 2008 was 4.75%. If there are no ‘cost of borrowing’ charges (for example, appraisal fees), the APR for the discounted rate of 4.50% equals 4.46% (compounded semi-annually, not in advance). Where a typical appraisal fee of $200 is assumed (actual appraisal fees may vary), the APR equals 4.50% (compounded semi-annually, not in advance), for a term of 5 years - assuming a mortgage of $100,000 with a 25-year amortization.

Cashback offer – The cashback amount will be repayable to Scotiabank if the mortgage does not remain outstanding for the full term. If the mortgage is partially prepaid, paid off in full, transferred, assumed or renewed prior to expiry of term, the cashback amount will appear as payable on any assumption, discharge or early renewal statement and will be calculated on an even prorated basis using a standard formula.

The Scotia Flex Value offer includes a guaranteed minimum 1% interest rate discount off the then 5-year posted rate if you convert to a 5-year fixed rate mortgage, with no penalty. As of June 13, 2008, the 5-year posted rate was 7.15%. The APR for the discounted rate of 6.15% equals 6.07% (compounded semi-annually, not in advance) for a term of 5 years - assuming a mortgage of $100,000 with a 25-year amortization.