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Posted by: Dave Currie is one of only a few mortgage brokerages across Canada to be able to offer you access to the new “Smart Savers Mortgage”. A similar new product has been offered successfully already to consumers in the United Kingdom, Taiwan, and Australia…it is now available to Canadians through

How the Smart Saver Mortgage Works

It’s like your money is multi-tasking.

Let’s say you have Smart Savers Mortgage of $300,000 at 4.59% for a 5-year fixed term, amortized over 25 years. If you link $45,000 in savings, representing 15% of your mortgage amount, your interest rate is reduced by the same 15%.

  • You pay a lower interest rate.
  • You still have instant access to your $45,000, whenever you need it.

By linking those accounts to your mortgage, using this example, you:

  • Save more than $60,000 in interest over the life of your mortgage.
  • Pay off your mortgage almost 4 years sooner.

So that emergency fund you have socked away could be reducing the amount of interest you pay on your mortgage, while it’s still available for you to use in an emergency, and it continues to earn you interest.

Is this the best mortgage for you?

The Smart Savers Mortgage is a viable option, if you:

  • Already are a saver.

  • Have been wondering if it would be better to keep your savings accessible or put down a larger down payment.

  • Are comfortable with having the amount of interest you pay each month vary, since it depends on the fluctuating balance in your linked accounts.
  • Have a certain amount of funds in your linked accounts for it.
  • Have parents or grandparents that want to help out on the purchase of your fist home but don’t necessarily want to provide you with a lump sum down payment at this particular point in time i.e., they want to maintain it as an emergency fund.

As always there are terms and conditions that apply to any mortgage so make sure you speak to an expert about the best options available to you.

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