Mortgages
O.A.C Rates are subject to change without notice. Quoted rates are based on blended payments of principal and interest and is the regulatory Annual Percentage Rate if there is no cost of borrowing other than interest. Interest is calculated half-yearly, not in advance. Additional premiums may apply in cases of a refinance, amortizations greater than 25 years, non-owner occupied, or other instances where application details may warrant it. The interest rate with variable rate mortgages will fluctuate with Meridian Prime Rate, which is currently 6.95%. Where applicable, the Bank of Canada qualifying rate is 5.25%. Builder's pricing applies to posted rates, not to promotional or special rates. For commercial mortgage rates, please speak to your Commercial Relationship Manager.
A High Ratio mortgage is applicable in cases where a borrower places a down payment of less than 20% of the purchase price on a home. Refinances, renewals and amortization periods of greater than 25 years are ineligible.
For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000 and under $1,000,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion.
Mortgage Rates are applicable to Retail Members Only.
Non-Redeemable GIC:
GIC interest rates expressed are annual interest rates and current as of today’s date. Rates are subject to change without notice. Interest is calculated and accrued daily. Interest is paid at maturity unless otherwise specified. The minimum required investment is $100. Applicable to Retail and Business Banking Members.
(1) Escalator GIC:
Rates subject to change without notice. Available for Registered Plans only. Not available to Business Members.
3 Year Escalator: Cashable in whole or in part on its anniversary date and 30 days thereafter. At all other times this product is non-redeemable.
5 Year Escalator: Transferrable to a non-redeemable term that is at least one year in length on its anniversary date, or 30 days thereafter. At all other times this product is non-redeemable.
(2) Raise the Rate GIC:
A minimum investment of $100 is required for both the 3-year and 5-year Raise the Rate GICs.
Both the 3-year Raise the Rate GIC and the 5-year Raise the Rate GIC are non-redeemable over the life of the product.
The initial investment is made at the prevailing rate for the Raise the Rate GIC. Members are eligible to increase the rate once over the life of the 3-year Raise the Rate GIC and twice over the life of the 5-year Raise the Rate GIC.
Rate matching is only available against the comparable GICs offered by Meridian (See FAQ "How do I rate match my rate?"). In order to implement a rate increase, the Member must initiate the request. The rate increase will not be automatically implemented.
After a rate increase has been exercised, the term and maturity date of the GIC remain the same. The effective date of the rate change will be the date on which the Member requested the change. The exception to this is if a Member requests a rate change on December 30 or December 31, the effective date of the rate change will be no later than January 2 of the following year.
Interest is calculated/compounded annually and will be paid annually and at maturity. During the course of the term, if a Member has elected to increase their rate, the annual amount of interest paid for that year will be pro-rated based on the two rates used for that year and the length of the time each rate held. The actual overall yield will be an amount produced by a rate of interest between the two rates.
Interest rates shown are subject to change without notice.
RESP Savings Account:
Interest on the RESP account is calculated on the minimum monthly balance and paid semi-annually (June and December).
