Is STEP required to get a Scotia mortgage?

No. You can take a Scotia mortgage without STEP, but you lose automatic re-borrowing of principal. Ask explicitly for a 'non-STEP mortgage' if you prefer standard-charge registration.

How much does it cost to leave Scotia for another lender at renewal?

With STEP registered as collateral charge, the new lender must cover full legal fees ($600–$1,200) to register a new mortgage. Many lenders absorb that cost as an acquisition offer.

Is the STEP rate the same as a traditional Scotia mortgage rate?

Yes. STEP doesn't change the mortgage rate itself — only how the security is registered and which products can plug into the same umbrella.

Updated November 2026 · Estima.ca research

Scotiabank Mortgage Rates — Guide to the STEP Program

Scotiabank stands apart from the other Big Six through its STEP (Scotia Total Equity Plan) program, which registers your mortgage as a collateral charge and lets you tap up to 80% of your home's value without refinancing. Great if you plan to use a HELOC or second mortgage; costly if you want to switch banks later.

What STEP is and why it matters

STEP is a container: mortgage, home-equity line, credit cards and personal loans can all live under one registered charge. Every dollar of principal you pay becomes room to re-borrow — no refinance, no legal fees.

The price of that flexibility: the mortgage is registered as a collateral charge for up to 125% of the home's value, which makes switching lenders more expensive and paperwork-heavy.

Typical rates and discounts

Scotia offers fixed terms from 1 to 10 years and a 5-year variable. Negotiated discounts run 1.5 to 2.0 percentage points below posted on fixed and prime minus 0.90 to 1.10 on variable, in line with the rest of the Big Six.

When Scotia STEP is worth it

If you plan to use equity for renovations, investing or business in the next few years, STEP saves thousands in future legal fees. If you want the lowest rate and the freedom to switch banks, a lender using standard-charge registration may fit better.

FAQ

Is STEP required to get a Scotia mortgage?: No. You can take a Scotia mortgage without STEP, but you lose automatic re-borrowing of principal. Ask explicitly for a 'non-STEP mortgage' if you prefer standard-charge registration.
How much does it cost to leave Scotia for another lender at renewal?: With STEP registered as collateral charge, the new lender must cover full legal fees ($600–$1,200) to register a new mortgage. Many lenders absorb that cost as an acquisition offer.
Is the STEP rate the same as a traditional Scotia mortgage rate?: Yes. STEP doesn't change the mortgage rate itself — only how the security is registered and which products can plug into the same umbrella.

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