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.
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.