Life changes fast: How to make your mortgage work harder to fit your life

Life changes fast: How to make your mortgage work harder to fit your life

Don’t let your mortgage stop you from living. The Scotia Total Equity® Plan offers the flexibility you need to help you achieve your goals.

When most of your income is going towards paying your mortgage, it’s hard to imagine how you’ll ever get ahead, especially with the changes life throws at us, like making room for a new baby or going back to school for a career change. But with the power of equity, your home is more than just shelter, it’s your biggest financial asset. The Scotia Total Equity® Plan (STEP) allows you to unlock the home equity* you’ve built over time giving you the flexibility to keep up with life’s unexpected twists and turns. 

What is the Scotia Total Equity Plan and why is it unique?

STEP is a total borrowing plan that offers you more than that of a standard mortgage. Once homeowners are approved for their STEP in one easy application, they can mix and match different kinds of credit products (like mortgages, lines of credit, credit cards, and more) based on their needs.* As a customer pays down their mortgage principal—their equity and borrowing power grow. 

How does this plan offer more financial flexibility?

What homeowners especially enjoy about this plan is the ability to customize their mortgage solution to meet their specific needs. For example, you can choose up to three mortgages to meet goals, including fixed or variable rates, short- or long-term. Adding a ScotiaLine® Personal Line of Credit allows you to gain access to your equity and could support large expenses like renovating your home, in turn likely increasing your property value. This plan’s flexibility can be particularly attractive to first-time buyers or growing families who expect their needs to be evolving as their lives progress—such as desiring to expand their current home, buy a cottage, or go back to school.

STEP makes it crystal clear how accumulating equity can be one of the most significant upsides to investing in homeownership by providing the ability to borrow up to 80 per cent of the value of your home.* It allows you the flexibility to adjust your borrowing solution as your life changes. 

How can a STEP Mortgage help you simplify your financial life?

Unlike a standard mortgage, STEP allows you to access a line of credit or other lending products without having to reapply as your borrowing needs change. It’s common for many Canadians, especially first-time buyers, to try and pay off their mortgage as quickly as possible, which can leave them feeling house poor. STEP users are rewarded with access to their funds as they pay down their mortgage. 

 Curious about how this product fits in your financial planning? Scotiabank’s STEP Calculator makes it easy to map out your goals and see a timeline of your equity growth as you pay down your mortgage. 

 Learn more about the Scotia Total Equity® Plan (STEP) by visiting


®Registered trademark of The Bank of Nova Scotia.

*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. The borrowing limit for revolving credit products is 65% of the value of the property. Not all mortgage solutions may be eligible to be included as part of STEP. Additional restrictions and conditions may apply.