This section gives you quick and easy access to the answers to the questions we're asked most frequently. If you don't find your question here please use the Ask the Banker or the email form on the Contact Us page and we will be happy to answer your question.
How can I monitor the transactions on my LEAF Visa Credit Card?
You can register and monitor your card via the Credit Card Portal. We automatically send you transaction alerts for your card which you will receive either email every time your card is used.
Can I make just the minimum payment each month?
Yes, you can make the minimum each month by the due date as late fees would be avoided, however you are free to apply credits to your account and have the funds available immediately by using our Mobile Banking platform at no cost.
What is Home Flex?
A Home Flex is a revolving credit facility that allows you to access cash based on the STC value on all existing Hypothecs (original mortgage amount) and your mortgage balance. It is similar to having a credit card where you can borrow, repay, and borrow again as needed.
What is the Interest rate?
The interest rate is 5.75%.
How does it work?
You'll get a Home Flex chequing account with an approved limit. Funds can be transferred 24/7 from the Home Flex account to your regular operating account via online banking.
What are the key features of Home Flex?
- Flexibility to borrow against your home equity, repay, and repeat.
- Access funds anytime through online banking transfers.
- Ability to make ongoing withdrawals up to the account limit until the 3-year period ends (then renewal or conversion to loan options).
- Minimum monthly payments of at least 3% of the balance via standing order are required.
Can I make additional payments towards my Home Flex?
Yes, extra lump-sum principal payments during the Home Flex account life is advised. This can help reduce your balance and give you continued access to funds if needed.
What happens when Home Flex matures or is converted to a loan?
If converted to a loan, the maturity date cannot extend past your existing mortgage maturity date or age 65 (unless you have enduring earnings beyond age 65). Converted loans will have principal and interest repayments at the same rate as Home Flex.
How do I renew or convert my Home Flex account after the 3-year period?
Renewal or conversion options are available pending approval after assessment. Contact your Loans Officer for more details on this process.
How do I qualify for Home Flex?
To qualify for a Home Flex, you typically need:
- Sufficient equity in your home, calculated as the STC value minus your mortgage balance.
- Stable income and employment history.
- A debt-to-income ratio within acceptable bank’s limits.
- Compliance with other underwriting criteria specified by the bank.