Scotiabank · Big-6 BankScotiabank mortgage rates — and how to beat the posted rate.
Scotiabank’s broker rate is typically 15-30 bps below the rate you’d see walking into a branch. We compare it against 100+ lenders so you get the best fit, not one bank’s sheet.
What are Scotiabank’s mortgage rates?
Scotiabank isn’t posting every term on our board. Where it isn’t, the card shows the best in our network.
- Lender type
- Big-6 Bank
- Headquarters
- Toronto, ON
- Established
- 1832
- Products
- 6+ types
- Fixed3.99%—
Scotiabank rates by term
How does Scotiabank’s broker pricing work?
Scotiabank has two rate sheets: a posted rate for branch customers and a lower broker rate, usually 15-30 bps lower. Only a licensed brokerage can get the broker rate. On a $600,000 mortgage, 20 bps is about $1,200 a year.
Why Scotiabank's broker rate is lower, and what Scotiabank does well
Most Canadian lenders, Scotiabank included, run two rate sheets: a posted/branch rate quoted to walk-in customers, and a wholesale broker-channel rate offered through licensed mortgage brokers. The broker rate is usually 15-30 bps lower because the broker handles origination, document collection and file packaging — work the lender would otherwise pay branch staff to do.
You can’t access the broker rate by walking into a Scotiabank branch — only a licensed brokerage can submit to their broker desk. We do exactly that, then put the same file in front of 100+ other lenders so Scotiabank’s offer is benchmarked against the whole market. On a $600,000 mortgage, 20 bps is roughly $1,200 a year in interest — real money over a 5-year term.
- Scotia StartRight newcomer program
- Investment property mortgages
- Scotia STEP readvanceable
- International credit acceptance
Scotiabank mortgage rates — FAQ
What are Scotiabank's mortgage rates today?
Lenders run two rate sheets — the posted/branch rate and the broker-channel rate. As an FSRA-licensed brokerage we access Scotiabank's broker-channel pricing, typically 15-30 bps below their posted rate. Your exact rate depends on your file (income, credit, LTV, property).
What's the difference between Scotiabank's posted rate and the broker rate?
The posted (or "special offer") rate is what you see advertised or quoted in a branch. The broker-channel rate is the wholesale pricing Scotiabank offers through licensed brokers — usually 15-30 bps lower because the broker does the origination work. You can only access it through a broker; we submit your file directly to Scotiabank's broker desk.
Is Scotiabank a good mortgage lender?
Industry leader on newcomer mortgages via Scotia StartRight — among the most flexible major banks for permanent residents and work-permit holders. Strong investment-property lender with the Scotia STEP readvanceable program.
Can I get a lower rate than Scotiabank's rate?
Sometimes. Scotiabank is strong for certain files, but another of our 100+ lenders may price your specific situation better. We compare Scotiabank against the whole network on one application — you get Scotiabank's best and the market's best, then choose.
Can I switch to Scotiabank at renewal?
Yes — switching to Scotiabank at maturity is usually penalty-free, and a straight transfer (same balance, same amortization) skips the stress test. We handle the paperwork and confirm Scotiabank's renewal/switch pricing against the rest of the market so you don't auto-renew at a higher rate.
Does Scotiabank offer rate holds?
Yes — like all major Canadian lenders, Scotiabank offers rate holds (typically 90-120 days) for pre-approved borrowers. We can submit your file to Scotiabank for a real underwritten pre-approval.
How do I apply for a Scotiabank mortgage?
Through a licensed broker you reach Scotiabank's broker channel directly. Start a no-obligation application with Mortgage Squad Advisors (FSRA #13737) and we'll submit to Scotiabank — and compare it against the rest of the network — with no bureau pull to begin.
Get Scotiabank’s best rate — and 100+ others.
One application, no credit pull to begin. We submit to Scotiabank and shop the whole network for your file.
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