Scotiabank Adds $600 Closing Credit for Newcomer Mortgages Until August 15

Toronto, ON — July 16, 2025 — In a move aimed at supporting new Canadians, Scotiabank has announced a limited-time offer: a $600 closing cost credit for newcomers who apply for a mortgage by August 15, 2025.
The promotion is available to those with permanent resident status or valid Canadian work permits, and is part of the bank’s ongoing effort to improve housing access for recent immigrants.

“We know how challenging it can be to buy your first home in a new country,” said Amanda Roth, VP of Retail Lending at Scotiabank. “This incentive is our way of helping newcomers cover essential closing expenses.”

To qualify, applicants must be new to Canada within the past five years and submit all documents by the August 15 deadline. The $600 credit will be applied toward legal fees, land transfer tax, or other eligible closing costs upon successful mortgage funding.
Scotiabank continues to lead the big banks in targeting newcomer-friendly lending programs — including flexible income verification, special advisor support, and language-specific assistance for key demographics.

Wondering if now’s the time to lock in your rate? Scotiabank just made its 5-year fixed even more attractive — see the rate drop and expert take.
And before you apply, try their newly updated calculator — here’s what’s changed and how it works.