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 This offer can be changed or withdrawn at anytime without notice and may not be combined with other discounts, offers or promotions.

The Scotia Flex Value - Closed term - Scotiabank Prime as of April 22, 2009 was 2.25%. If there are no ‘cost of borrowing’ charges (for example, appraisal fees), the APR for the rate of 2.25% equals 2.24% (compounded semi-annually, not in advance). Where a typical appraisal fee of $200 is assumed (actual appraisal fees may vary), the APR equals 2.28% (compounded semi-annually, not in advance), for a term of 5 years - assuming a mortgage of $100,000 with a 25-year amortization and that the mortgage is solicitor/notary facilitated.

The Scotia Flex Value - Open term - Scotiabank Prime Rate as of April 22, 2009 was 2.25%. If there are no ‘cost of borrowing’ charges (for example, appraisal fees), the APR for the rate of 3.05% equals 3.03% (compounded semi-annually, not in advance). Where a typical appraisal fee of $200 is assumed (actual appraisal fees may vary), the APR equals 3.07% (compounded semi-annually, not in advance), for a term of 5 years - assuming a mortgage of $100,000 with a 25-year amortization.

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 November 20, 2009, the 5-year posted rate was 5.59%. The APR for the discounted rate of 4.59% equals 4.55% (compounded semi-annually, not in advance) for a term of 5 years - assuming a mortgage of $100,000 with a 25-year amortization.