The following definitions apply to these Terms and Conditions:
“Eligible Client” refers to any Client qualified to participate in this Promotion.
“Client” refers to any Scotiabank retail banking client who has or has opened a Deposit Account during the Promotional Period and has applied for and is approved for a residential mortgage during the Promotional Period.
“Promotional Period” means the period from May 26th, 2025, to October 31st, 2025, inclusive of start and end dates.
“Promotion” refers to this Scotiabank Mortgage Campaign 2025 and not to any of the Bank’s other promotions or programs.
“Deposit Account” refers to any or the combination of a client’s Deposit Account, and the respective account(s) associated with their Eligible Credit Facility/Facilities and any other account(s) which the Client may hold with Scotiabank.
“Eligible Credit Facility” refers to any new or refinanced residential mortgage loan for BBD$200,000 or more.
“Bank” or “Scotiabank” means Scotiabank (Barbados) Limited only.
“Promotional Interest Rate” means the 3.60% special mortgage interest rate applicable to successful applications for an Eligible Credit Facility made during the Promotional Period and is a Variable Interest Rate.
“Variable Interest Rate” refers to a fluctuating interest rate that will apply for a determined period but may be subject to change thereafter based on market forces or economic conditions. Scotiabank will provide Clients with notice of any change in the Promotional Interest Rate according to the terms and conditions set out in the Personal Financial Services Agreement and the Personal Credit Agreement between the Bank and the Client.
“Fee Discount” means a reduction of up to fifty percent (50%) of the service fees charged by Scotiabank in relation to the application for the Eligible Credit Facility but does not apply to any fees or charges for services provided by any legal professionals or any applicable government fees which are required to complete the transaction.
“Mortgage Money Back” is a cash bonus which a Client may be eligible to receive based on the type of their Eligible Credit Facility of up to 5% of the mortgage amount but not exceeding BBD$30,000. The Mortgage Money Back bonus may be used to cover the costs of the loan application.
ELIGIBLITY
1. This Promotion is open to legal residents of Barbados, 18 years of age or older, (a) who are Clients of Scotiabank and have or have opened a Deposit Account within the Promotional Period, and (b) who have applied for and have been approved for an Eligible Credit Facility during the Promotional Period. This Promotion is not open to Scotiabank employees and/or those living in the same household as Scotiabank employees, their immediate families including (spouses, parents, children, siblings, and their respective spouses), or any employees or agents of Scotiabank’s partner companies, subsidiaries and/or its advertising agency Valdez and Torry International or their immediate families including (spouses, parents, children, siblings, and their respective spouses).
2. Eligible Clients will receive the Promotional Interest Rate on their Eligible Credit Facility provided that the following conditions are met:
Terms & Conditions
The Eligible Client mustapply for, and be successfully approved for a new residential mortgage loan for a minimum of BBD$200,000 including loan instalment payments being made by way of an auto-payment from a Scotiabank Deposit Account, OR
The Eligible Client must apply and be approved to refinance an existing residential mortgage loan with new funds of at least BBD$200,000 being disbursed after the refinancing and including loan instalment payments being made by way of an auto-payment from the Client’s Scotiabank Deposit Account.
Clients accept that the Promotional Interest Rate of 3.60% is a Variable Interest Rate and understand and acknowledge that
a. Scotiabank may increase the interest rate on the residential mortgage loan at the end of the interest rate period noted in the Personal Credit Agreement if market forces or economic conditions dictate; and
b. Scotiabank will give Clients a minimum of thirty 30 days advanced notification of any change in the mortgage interest rate.
Clients agree to accept a 50% maximum fee discount on any Scotiabank fees associated with the loan application and acknowledge that this fee discount does not apply to any of the associated or related government or professional fees applicable to complete the transaction.
The Eligible Credit Facility must fall within one of the following mortgage loan types with a minimum disbursement amount of BBD$200,000
a. new residential mortgage facility
b. Equity take-out or refinancing of an existing residential mortgage facility with or without a change to the amount secured (an “ETO”)
c. A residential mortgage facility switched from another financial institution with no few funds disbursed (a “Straight Switch”)
d. A residential mortgage facility switched from another financial institution with no few funds disbursed (a “Switch + New Funds”)
The Eligible Credit Facility must be secured by any of the following real estate property types:
a. Owner-occupied single-family dwelling,
b. Detached dwelling,
c. Semi-detached dwelling,
d. Townhouse or Condominium
e. Multi-unit residence (duplex, triplex, and fourplex).
For all Eligible Credit Facilities that are defined as a Straight Switch or a Switch + New Funds that require funds to be disbursed to satisfy a facility from the previous financial institution, approval will require confirmation of "current" status, and a satisfactory payment record as follows:
a. no more than one instance of being ‘30 days past due’ in the last 12 months prior to the application, and
b. no more than three instances of being ‘30 days past due’ in the last 24 months prior to the application.
This Promotion excludes the following mortgage loan application types or purposes:
a. Second mortgages (Second liens), that is, loans where Scotiabank is not the primary or first ranking mortgagee against the mortgaged property;
b. Residential mortgage loans where the property secured is leased by the Client to third-parties under a tenancy or other rental agreement for residential purposes;
c. Residential mortgage loan applications made by persons who are not legally resident in Barbados; and
d. Mortgage loans where the secured property is not used for residential purposes but rather for commercial purposes.
Some Clients may be eligible to receive a Mortgage Money Back cash bonus for their Eligible Credit Facility approved during the Promotional Period if the facility is a Straight Switch or Switch + New Funds. Per the terms of the Personal Credit Agreement entered into between the Client and Scotiabank, an Eligible Client may receive a Mortgage Money Back cash bonus from the Bank to cover certain costs, up to a maximum amount, associated with the transfer of the Client’s mortgage loan from another financial institution. Clients who are eligible to receive the Mortgage Money Back offer during the Promotional Period acknowledge and agree that if the Client repays the Eligible Credit Facility in full within the first 5 years of the mortgage loan term, the Client will be required to repay all or part of the cash bonus paid by the Bank as follows:
Where the Eligible Credit Facility with a Mortgage Money Back or Cash Back bonus is repaid in full prior to the fifth year anniversary of the loan start date, the required repayment amount will be added to the final outstanding principal balance (plus accrued interest, fees and interest penalty as applicable) and reflected in the total amount owed by the Client(s) at payout.
ADDITIONAL TERMS AND CONDITIONS
This Promotion will run from May 26th, 2025, to October 31st, 2025, inclusive of start and end dates and is available to all new and existing Clients of Scotiabank (as defined above).
December 31st, 2025 is the final day for the fulfillment of all conditions associated with a new or refinanced Eligible Credit Facility approved under this Promotion.
Applications for new or refinanced Auto Loans, Unsecured Personal Loans, Land Loans or Credit Cards DO NOT QUALIFY for the Promotional Interest Rate offered in this Promotion.
To unsubscribe from receiving communications about, and/or to opt out of this Promotion, please call the Scotiabank Contact Centre by dialing the number on the back of your Scotiabank credit or debit card or by calling (246) 426-7000 or by emailing ClientCareBB@scotiabank.com.
Scotiabank has the right to exclude any Client from any offers under this Promotion in its absolute discretion without any obligation to provide notice or reason. Scotiabank also reserves the right in its absolute discretion to vary the terms and conditions of this Promotion or change or withdraw this Promotion at any time without giving any reason. In the event of a dispute arising from this Promotion, the Bank’s decision is final.
These terms and conditions apply only to this Promotion, and do not apply to any of the Bank’s other promotions, campaigns or programs or any other promotion or program in conjunction with the Bank and any other entity or brand.
For further details please visit the following website:
Country
Websites
Barbados
bb.scotiabank.com
* Trademark of The Bank of Nova Scotia used under licence.
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