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Scotia STEP Now Automatically Readvanceable

Scotiabank Scotia has always had a solid readvanceable mortgage (the STEP), but it’s been plagued by one nagging problem.  Up until recently, you had to manually request a re-advance of credit when you made a principal payment.

No more.

The Scotia STEP is now automatically readvanceable.  If you pay down $100 in principal (the minimum increment), then Scotia automatically increases your authorized available line of credit by that amount.

This change has been a long time coming and it corrects the biggest fault of the STEP.  Mortgage planners and those considering the Smith Manoeuvre should be quite pleased by this new option.