Your Scotia Total Equity® Plan
Not only is your house probably your biggest investment, but it provides your family with shelter and a place to call "home". See how a STEP can benefit you by using the equity you've diligently built up to help you achieve the goals you have, now and in the future!
Current Breakdown of Your STEP
See How a Scotia Total Equity® Plan Can Benefit You
Using the equity you earn in your home, you'll never need to apply for credit again in order to achieve both your short and long term goals!
Like what you see?
Get in touch with your Scotiabank Advisor to find out how STEP can help you
achieve your goals faster or to learn how you could unlock even more of your equity.
Calculation results are approximations and for information purposes only. Available Credit* is based on 80% of the Home Value less the total of Outstanding Mortgage Balance and Other Debt Secured by Real Estate. If there is less than 20% equity accumulated in the home for the Year selected, the Available Credit will be $0. Calculations assume that the respective interest rates will remain constant over the entire amortization/repayment period, but actual interest rates may vary.
Specific to Mortgage Calculations: The rate entered is a sample rate and is not considered a rate guarantee. Interest is compounded semi-annually, not in advance. Making weekly/biweekly payments will have the effect of making an extra monthly payment every year and will shorten your amortization. All mortgages are subject to applicable credit approval, Scotiabank residential mortgage standards and maximum permitted loan amounts. Calculations assume all payments are made when due.
Specific to Other Debt Secured by Real Estate Calculations: Payments on the Other Debt Secured by Real Estate are based on the monthly payment structure of a ScotiaLine® Personal Line of Credit with a 4% interest rate which is fixed until the line of credit is fully repaid. Interest is calculated on the daily debt amount but only added to the debt once a month. The amount of daily interest is calculated by subtracting payments and multiplying the unpaid balance of debt on which interest is payable by the interest rate then dividing by 12 months. Assumed monthly payment will be the greater of 3% of the balance owing, or $50, subject to the minimum payment being no more than the outstanding balance on the statement. Calculations assume that all payments are made on the statement date.
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*The borrowing availability under STEP