Best 5-year variable mortgage rates in Newfoundland and Labrador.
Today’s best 5-year variable rate in Newfoundland and Labrador is 3.50%. We compare 5-year variable rates across 100+ Canadian lenders for Newfoundland and Labrador and lock your best on one application, with no bureau pull to start.
The best 5-year variable rate in Newfoundland and Labrador today is approximately 3.50% — about $1,464/month on Newfoundland and Labrador’s average price of $366,413 with 20% down over a 25-year amortization. A 5-year variable is the term for borrowers who expect rates flat-to-lower and want the cheapest exit. NL has thinner lender competition than larger provinces — Big-6 + monolines plus NL Credit Union dominate.
Insured vs uninsured: the lowest 5-year variable rates are usually insured pricing: a purchase with less than 20% down, backed by CMHC, Sagen or Canada Guaranty. Uninsured files (20%+ down, homes over $1.5M, refinances) typically price higher. APR is shown only where the lender publishes one that differs from the rate.
Rates illustrative; your file (credit, income, LTV) sets your personalized rate. See all Newfoundland and Labrador rates →
Newfoundland and Labrador mortgage payments by term
| Term | Best rate | Est. monthly payment* |
|---|---|---|
| 5-Year Fixed | 4.19% | $1,572/mo |
| 5-Year VariableLowest | 3.50% | $1,464/mo |
| 3-Year Fixed | 4.04% | $1,548/mo |
| 3-Year Variable | 3.55% | $1,471/mo |
| 2-Year Fixed | 3.99% | $1,540/mo |
| 1-Year Fixed | 4.19% | $1,572/mo |
| 4-Year Fixed | 4.24% | $1,580/mo |
| 7-Year Fixed | 5.00% | $1,705/mo |
| 10-Year Fixed | 5.34% | $1,762/mo |
What a 5-year variable costs on a typical Newfoundland and Labrador home
Worked on Newfoundland and Labrador’s average price of $366,413 (Newfoundland and Labrador province-wide average residential price, NL Association of REALTORS® (via CREA)) at today’s best 5-year variable rate of 3.50%, a 25-year amortization and Canadian semi-annual compounding. The term figures cover the 5-year term only, and assume the rate stays at 3.50% throughout: a variable rate moves with prime.
| Minimum down (insured) | 20% down (uninsured) | |
|---|---|---|
| Down payment | $18,321 (5.0%) | $73,283 (20.0%) |
| Default insurance premium (added to the mortgage) | $13,924 | None |
| Mortgage amount | $362,016 | $293,130 |
| Monthly payment | $1,807/mo | $1,464/mo |
| Interest paid over the 5-year term | $58,778 | $47,593 |
| Principal repaid over the term | $49,669 | $40,217 |
| Balance owing at renewal (year 5) | $312,347 | $252,913 |
| Payment you must qualify at (5.50% stress-test rate) | $2,210/mo | $1,789/mo |
NL Registration Fees (no LTT) on this price: $1,564. Paid in cash at closing, on top of the down payment.
Qualifying: lenders test your income at 5.50% (the higher of your rate + 2% or 5.25%), not at 3.50%, so the qualifying payment above is the one your income must support, together with property tax, heating and other debts. Run your own numbers in the affordability calculator.
Is a 5-year variable right for you in Newfoundland and Labrador?
Who it suits. Borrowers comfortable with some payment movement in exchange for a usually-lower starting rate and a far cheaper break cost. It suits people who might move, refinance, or sell within the term, and those who believe the Bank of Canada's next moves are cuts rather than hikes.
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.
Breaking it early. 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 most popular variable term; its share swings with the rate cycle. You accept payment uncertainty in exchange for a cheaper exit and upside if rates fall.
What’s specific to Newfoundland and Labrador
The Newfoundland and Labrador rate market. NL has thinner lender competition than larger provinces — Big-6 + monolines plus NL Credit Union dominate. Offshore-worker income files (oil platform workers, marine sector) are common and require lenders that handle rotational schedules and overseas income properly.
Top Newfoundland and Labrador lenders to compare. Newfoundland and Labrador’s 5-year variable pricing is shaped by a distinct lender mix: RBC, Scotiabank, TD, Newfoundland and Labrador Credit Union, MCAP and others all bid for files here, and we shop the whole panel on one application.
Closing costs. On top of the rate, budget for nl registration fees (no ltt) — newfoundland and Labrador charges no Land Transfer Tax at all. You pay a Registration of Deeds fee instead: $100 where the value is $500 or less, and above that $100 plus $0.40 for each additional $100 or part of it. Note that the $5,000 maximum quoted by many calculators applies to MORTGAGES and charges, not to a conveyance — there is no cap on the deed side. Run the full number in our Newfoundland and Labrador land transfer tax calculator.
A worked example for Newfoundland and Labrador
On Newfoundland and Labrador’s average price of $366,413 with 20% down ($73,283), the mortgage is $293,130. At today’s best 5-year variable rate of 3.50% over a 25-year amortization, that’s about $1,464/month using Canadian semi-annual compounding. That payment moves with prime over the term. Model your own price in the payment calculator.
Whatever your situation in Newfoundland and Labrador
First home, renewal, refinance, self-employed or bruised credit: there's a 5-year variable path for your file, with the same 100+ lender network.
First-time buyers
5% down to your first Newfoundland and Labrador home, with FHSA + RRSP HBP optimization.
Refinancing
Tap your Newfoundland and Labrador home equity for renovations, debt consolidation, or investing.
Renewing
Don't auto-renew. Compare your bank's offer against the market.
Self-employed
Business-for-self files priced right, with A-lender, alt-A and private compared.
Bruised credit
B-lender and private paths now, with a mapped exit back to A-pricing.
New to Canada
Newcomer programs at the big banks; international credit accepted.
6 reasons to lock your Newfoundland and Labrador 5-year variable rate through a broker
Why Newfoundland and Labrador borrowers shop the whole market instead of signing their bank's first 5-year variable offer.
100+ lenders compete, not one
A Newfoundland and Labrador bank shows you a single 5-year variable rate sheet. We put your file in front of 100+ lenders who bid for it, then pass on the volume pricing we hold as a brokerage.
Broker-channel pricing
The wholesale rate brokers access is typically 15-30 bps below a bank's posted rate. You can't get it by walking into a branch.
Built for the Newfoundland and Labrador market
NL has thinner lender competition than larger provinces — Big-6 + monolines plus NL Credit Union dominate.
Your rate held 90-120 days
A pre-approval locks today's 5-year variable rate while you shop, and many lenders honour a drop if rates fall before you close.
No bureau pull to start
We can shop your Newfoundland and Labrador 5-year variable rate and pre-qualify you without a hard credit check, so comparing costs you nothing.
Rate Beat offer (conditions apply)
Rate-beat offer: if you bring a written, current 5-year variable offer from one of the six largest banks for the same product, term and amount, we will try to beat it or pay you $500 (keep it, or we'll donate it to your favourite charity). Conditions apply; see mortgagesquad.ca/rate-beat-guarantee. Our advice is free, because the lender pays our commission on funding.
Why shop your Newfoundland and Labrador 5-year variable rate with us
- 100+ lenders on one application: banks, monolines, and Newfoundland and Labrador credit unions like RBC and Scotiabank.
- Broker-channel rates 15-30 bps below posted, only a brokerage can access.
- Newfoundland and Labrador-specific guidance: land transfer tax, rebates, and local lender fit built in.
- FSRA-licensed advice in 15+ languages.
Newfoundland and Labrador 5-year variable rates — FAQ
What is the best 5-year variable mortgage rate in Newfoundland and Labrador right now?
Are Newfoundland and Labrador 5-year variable rates different from the rest of Canada?
Is a 5-year variable a good idea in Newfoundland and Labrador?
How does breaking a 5-year variable mortgage work?
What land transfer tax will I pay in Newfoundland and Labrador?
Can I lock this Newfoundland and Labrador rate before I buy?
Lock your best Newfoundland and Labrador 5-year variable rate.
Free, no bureau pull to begin. We shop 100+ lenders and hold your rate while you shop for the home.