The Scotia Total Equity Plan (STEP) is a flexible borrowing plan tied to the equity in your home.
STEP lets you choose from different kinds of Scotiabank credit products (like mortgages, a line of credit, credit cards and more) based on your needs, all with one easy application. 1 With STEP, you’re in control.
Get your STEP when you get your mortgage Sign up for STEP as part of your mortgage process and unlock future borrowing power with one easy application. 1
As your equity grows, so does your borrowing power. We can help.
Get in touch with a Home Financing Advisor to learn more about how STEP can help you achieve your future plans.
All it takes is one application 1 to access all the benefits of STEP. You can borrow up to 80% of the value of your home, including up to 65% under lines of credit and other secured borrowing solutions.
Personalize your mortgage Choose up to 3 mortgages to create a solution for your short- or long-term goals. Pick from fixed or variable rates with long or short terms. Fixed Rate Mortgages
Variable Rate Mortgages
Long and Short® Mortgage
Buy a new property Use the equity in your existing home to help you buy a vacation home or an investment property.
Renovate your home Our ScotiaLine with an access card can provide financing for renovations that can increase your property value and the enjoyment of your home
Funds for education Help pay for your own educational costs or assist with your child’s educational expenses.
Mortgage
Protect against interest rate changes with fixed rate mortgages and take advantage of potential savings with variable rate mortgages.
ScotiaLine Personal Line of Credit
Gain access to a higher credit limit to make those larger purchases (and only pay interest on what you use).
ScotiaLine Personal Line of Credit with access card
Use your access card to make in-store and online purchases at a low interest rate.
Get access to more credit and reduce your annual fee with select credit cards.
Scotia Plan Personal Loan
Use your funds any way you choose and split between fixed and variable rates.
Plan for unexpected expenses and avoid a monthly overdraft fee by linking it to your STEP.
Automatic Limit Increase
If you select this option, as you pay down your mortgage, the credit limit on your ScotiaLine Personal Line of Credit or your STEP-Linked credit card will automatically increase. 2
Scotia Mortgage Protection
Protect your biggest financial investment by adding optional Scotia Mortgage Protection insurance on your new mortgage. Scotia Mortgage Protection offers three types of coverage to choose from which can help pay off your outstanding balance if you become critically ill or suddenly pass away, giving your family financial support. Or it can help to cover your regular mortgage payments, including property tax and interest if you’re unable to work due to a disability, so you can focus on getting better 3 . Calculate your coverage costs in a few steps with our Mortgage Insurance Premium Calculator.
Make an appointment with a Home Financing Advisor
Talk to a Home Financing Advisor on the phone or at a or at a location of your choice.
Apply online with eHome
You can be pre-approved, search for a home, and get a mortgage all in one place with Scotiabank’s online mortgage application process.
Visit an advisor at your branch
Talk to a Scotiabank Financial Advisor at one of our branches to learn more about STEP and Scotia Mortgage Protection.
Your home will always be more than just shelter, it’s an investment. With a STEP, we can show you how to unlock equity in your home to achieve the goals that you have, now and in the future.
The STEP calculator
See how you can unlock your borrowing potential with the STEP Calculator.
Subject to meeting Scotiabank's standard credit criteria residential mortgage standards and maximum permitted loan amounts. A new application may be required to add or change products under the STEP in some circumstances and if you request a change to the credit limits of your products, you may be asked to provide updated information and/or submit a new application. In some cases, a new mortgage registration may be required. Not all mortgage solutions may be eligible to be included as part of STEP. Additional restrictions and conditions may apply.
The credit limit increase will be applied as long as the designated ScotiaLine account or credit card has not reached its maximum borrowing limit and the total of all revolving credit accounts under the STEP has not reached 65% of the property’s lending value. Other terms and conditions apply.
The maximum coverage amount for Critical Illness insurance is $500,000 per Mortgage or for all Mortgages combined. For Life insurance, the maximum coverage amount is $1,000,000 per Mortgage or $1,000,000 for all Mortgages combined. The maximum monthly benefit amount for Disability coverage is $3,500 plus your Mortgage Disability premium (including applicable taxes), for up to a maximum of 24 months. The maximum monthly benefit amount for Job Loss coverage is $3,500 plus your Mortgage Disability and Job Loss premium (including applicable taxes), for up to a maximum of 6 months. To qualify for Job Loss coverage you must have Disability coverage.
Subject to meeting Scotiabank's standard credit criteria, residential mortgage standards and maximum permitted loan amounts. A new application may be required to add or change products under the STEP in some circumstances and, if you request a change to the credit limits of your products, you may be asked to provide updated information and/or submit a new application. In some cases, a new mortgage registration may be required. Not all mortgage solutions may be eligible to be included as part of the STEP. Additional restrictions and conditions may apply.
Standard product terms and conditions will apply.The credit limit increase will be applied as long as the designated ScotiaLine account has not reached the STEP maximum borrowing limit or the maximum allowable credit limit for that account and the total of all revolving credit accounts under the STEP has not reached 65% of the home’s value. Other terms and conditions apply.
The Bank of Nova Scotia is not an insurer. All insurance plans are underwritten by independent licensed insurers.
Scotia Mortgage Protection, is underwritten by The Canada Life Assurance Company.
