First National · 5-Year VariableFirst National 5-year variable mortgage rate.
As of May 13, 2026, the best 5-year variable from First National was 3.55% — about $2,811/month on a $700,000 home with 20% down. First National prices through brokers only. We compare its sheet against 100+ lenders.
How does First National’s 5-year variable compare?
First National publishes a broker-channel 5-year variable on our rate board, so the 3.55% shown here is First National's own best 5-year variable pricing — not a network average.
The trade-off, and what drives the rate
The trade-off. You accept payment uncertainty in exchange for a cheaper exit and upside if rates fall.
What drives the rate. A 5-year variable moves with your lender's prime rate, which tracks the Bank of Canada's overnight policy rate. When the Bank cuts, your rate (and often your payment) falls within weeks; when it hikes, it rises. The variable-versus-fixed gap (the 'spread') widens and narrows with the market's rate outlook.
What would my payment be with First National?
About $2,811/month. On a $700,000 home with 20% down, the mortgage is $560,000. That’s at First National’s best 5-year variable rate of 3.55% over a 25-year amortization. First National does not lend direct to the public, so this rate only exists through a licensed brokerage — and on the same application we price it against the rest of the network rather than taking it on its own. Model your numbers in the payment calculator.
| Term | Best rate | Est. monthly payment* |
|---|---|---|
| 5-Year Fixed | 3.94% | $2,928/mo |
| 5-Year VariableLowest | 3.55% | $2,811/mo |
| 3-Year Fixed | 3.84% | $2,897/mo |
| 3-Year Variable | — | — |
| 2-Year Fixed | 4.79% | $3,190/mo |
| 1-Year Fixed | 5.39% | $3,382/mo |
| 4-Year Fixed | — | — |
| 7-Year Fixed | — | — |
| 10-Year Fixed | 5.69% | $3,480/mo |
What a 5-year variable with First National means in practice
First National is a broker-channel monoline that lends through brokers only. Breaking a variable typically costs three months' interest at almost any lender, so on a 5-year variable the comparison with First National runs on rate, prepayment room and how the mortgage is registered rather than on penalty method.
More on First National's 5-year variable: penalties, privileges and programs
First National's prepayment privilege on our table: a 15/15 privilege — a 15% annual lump sum and a 15% payment increase (15/15 across MERIX and First National Excalibur). On a $560,000 mortgage that is up to $84,000 a year.
Against the Big-6. For contrast, on a Big-6 variable the break is typically also three months' interest; the banks differ on prepayment — TD and National Bank (15% lump sum plus double-up), RBC and CIBC (10% lump sum plus double-up), Scotiabank (15/15), BMO (20/20) — and on registration: most TD mortgages are collateral-charged, as are Scotiabank's STEP, BMO's ReadiLine, CIBC's Home Power Plan and National Bank's All-in-One.
How does First National price the broker channel?
Largest broker-channel monoline by volume. Excellent on prime insured + insurable files, with consistent execution and predictable underwriting. The Excalibur program is one of the best uninsured alt-prime offerings.
First National's rate sheets and strengths
First National has a single 5-year variable rate sheet and it is wholesale — published to licensed brokers, with no retail counterpart, because origination is the broker’s job rather than a branch network’s. That is why their pricing is often sharp: the cost the Big-6 carry in branches is not in it. On a $700,000 mortgage, 20 bps is roughly $1,400 a year, which is the size of the gap worth shopping for.
- Prime insured pricing
- Excalibur uninsured alt-prime
- Commercial lending desk
- Fair-IRD penalties
Why get First National’s 5-year variable through a broker?
Because First National lends through brokers only. We can help you save money.
Access the broker channel
First National funds exclusively through the broker channel — there is no branch or website that will sell you this 5-year variable directly, so a licensed brokerage is the only route to it.
Switch or renew without overpaying
At maturity we benchmark First National's renewal/switch offer against the whole market so you never auto-renew high.
Bring us a written offer from a big bank. We’ll try to beat it. If we can’t, we pay you $500. Conditions apply. See the conditions
Whatever your situation with First National
We submit to First National’s broker desk and 100+ other lenders on one application — whichever prices your file lowest wins.
First-time buyers
5% down with FHSA + RRSP HBP optimization — First National or whichever lender prices you lowest.
Refinancing
Tap your home equity for renovations, debt consolidation or investing.
Renewing
Don't auto-renew with First National — compare the offer against the market.
Self-employed
Business-for-self files priced right across A-lender, alt-A and private.
Bruised credit
B-lender and private paths now, with a mapped exit back to A-pricing.
Breaking a First mortgage
Estimate the IRD or three-months-interest penalty before you switch out of First National.
First National 5-year variable rate — FAQ
What is First National's 5-year variable mortgage rate today?
First National's best 5-year variable in our network is approximately 3.55% as of May 13, 2026 — about $2,811/month on a $700,000 home with 20% down over 25 years. First National publishes to the broker channel only, so as an FSRA-licensed brokerage we access their 5-year variable sheet directly — there is no consumer rate you could get instead. Your exact rate depends on your file.
How do I get First National's broker-channel 5-year variable rate?
First National has no retail channel at all: their rate sheet is wholesale, published to licensed brokers only. We submit your file directly to First National's broker desk and, on the same application, compare it against the rest of the network so you see First National's best 5-year variable and the market's best side by side.
What prepayment privileges come with a First National 5-year variable?
For First National, our privilege table records a 15/15 privilege — a 15% annual lump sum and a 15% payment increase (15/15 across MERIX and First National Excalibur). On a $560,000 mortgage that allows up to $84,000 a year in lump sums. On a variable the penalty is typically only three months' interest, so the privilege is mainly a paydown tool. The exact privilege is set in your commitment letter.
How does breaking a First National 5-year variable work?
The break penalty is only three months' interest, typically a fraction of a fixed mortgage's IRD, which is the single biggest reason mobile or uncertain borrowers choose variable. The method matters as much as the term: the Big-6 banks compare your contract rate against today's posted rate minus the discount you received at signing, while lenders off the bank shelf more often use fair contract-rate IRD, which is typically far cheaper for the same break. First National's written payout statement is the only binding number — estimate it first with our mortgage penalty calculator.
Can I get a lower 5-year variable rate than First National's?
Sometimes. Another of our 100+ lenders may price your specific 5-year variable better — we put First National and the rest of the network on one application, then you choose.
Get First National’s best 5-year variable — and 100+ others.
One application, no credit pull to begin. We submit to First National and shop the whole network for your file.