Rates

Promotional Rates

High Ratio Promo*

Fixed Rate Mortgages – Closed (Rates effective 2021-05-26) Rates
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2-Year Fixed Closed - High Ratio Only 1.54%
5-Year Fixed Closed - High Ratio Only 1.84%
Variable Rate Mortgages – Closed (Rates effective 2021-05-26) Rates
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5-Year Variable Closed - High Ratio Only 1.65%
*Fixed high ratio promo and fixed special rates are discounted rates from the posted rates. If a mortgage product is not listed with high ratio promo or special rates, the posted rate will apply.

Special Rates

Special*

Fixed Rate Mortgages – Closed (Rates effective 2021-05-26) Rates
1-Year Fixed Closed 2.09%
2-Year Fixed Closed 2.09%
3-Year Fixed Closed 2.09%
4-Year Fixed Closed 2.14%
5-Year Fixed Closed 2.24%
*Fixed high ratio promo and fixed special rates are discounted rates from the posted rates. If a mortgage product is not listed with high ratio promo or special rates, the posted rate will apply.
Fixed Rate Mortgages – ClosedSpecial promotional rate may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the interest rate posted. Rates calculated semi-annually not in advance. Funds must be advanced within 120 days of application. Applies to owner-occupied residential properties only. Some conditions apply. Subject to credit approval.
2 Year Fixed Rate Closed Mortgage - High Ratio Only - 1.54%
Special promotional rate may be changed or withdrawn at any time without notice. Applicable for a High Ratio Mortgages with 25 year amortization period for members with less than 20% down payment, purchasing a residential property valued at under $1,000,000 or subsequent renewing of such a loan, who are eligible for and purchase mortgage default insurance and meet other conditions. This promotional rate is also available for members switching their existing High-Ratio Mortgage with 25 year amortization period with less than 20% down payment from another financial institution with a mortgage default insurance to Alterna, for a residential property valued at under $1,000,000  who also meet other conditions. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the interest rate 1.54%. Rates calculated semi-annually not in advance. Subject to credit approval. Mortgage Incentives of up to $1,000.


5 Year Fixed Rate Closed Mortgage - High Ratio Only – 1.84%
Applicable for a High Ratio Mortgage where a borrower places a down payment of less than 20% of the purchase price on a home. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000 and under $1,000,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. Maximum property value of $1,000,000. To be eligible, applicants must purchase and qualify for mortgage default insurance. Special promotional rate may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the Interest rate 1.84%. Rates calculated semi-annually not in advance. Funds must be advanced within 120 days of application. Applies to owner-occupied residential properties only. Blend & Extends as well as Refinances are not eligible. GDS & TDS at time of approval based on the Bank of Canada conventional 5 year posted rate. GDS & TDS rules as per OCP: Beacon >/= 680, max TDS of 44% & max GDS of 39%; Beacon<680, max TDS of 42% & max GDS of 35%. Must be a mortgage whose purpose includes the purchase of a property or subsequent renewal of such a loan. Other conditions the same as our regular mortgage terms including; Regular pre-payment privileges: 20% annual lump sum; Payment increase up to double (aggregate prepayment can’t exceed 20% in one year). Mortgage Incentive Fees: Up to $1,000.

5 Year Variable Rate Closed Mortgage High Ratio Only - 1.65% (Prime-0.80%)
Applicable for a High Ratio Mortgage where a borrower places a down payment of less than 20% of the purchase price on a home. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000 and under $1,000,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. Maximum property value of $1,000,000. To be eligible, applicants must purchase and qualify for mortgage default insurance. Special promotional rate may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the Interest rate 1.65% (Prime – 0.80%). Prime refers to the Alterna Prime Rate. Alterna Prime Rate is 2.45% as of March 31, 2020. Your interest rate will change whenever the Alterna Prime rate changes. Rates calculated semi-annually not in advance. Funds must be advanced within 120 days of application. Applies to owner-occupied residential properties only. Blend & Extends as well as Refinances are not eligible. Gross Debt Service (GDS) & Total Debt Service (TDS) at time of approval based on the Bank of Canada conventional 5 year posted rate. GDS & TDS rules as per Alterna’s Operational Credit Policy: Beacon >/= 680, max TDS of 44% & max GDS of 39%; Beacon<680, max TDS of 42% & max GDS of 35%. Maximum amortization of 25 years. Must be a mortgage whose purpose includes the purchase of a property or subsequent renewal of such a loan. Other conditions the same as our regular mortgage terms including; Regular pre-payment privileges: 20% annual lump sum; Payment increase up to double (aggregate prepayment can’t exceed 20% in one year). Alterna may cover mortgage-related fees up to $1,000. Subject to credit approval.
Term Deposit Promo (Rates effective 2021-03-23) Rates
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60 Day Term Deposit 0.20%
14 Month Term Deposit 0.75%
30 Month Term Deposit 0.85%
60 Day Term Deposit
Special promotional rate may be changed or withdrawn at any time without notice. Available for new deposits only or new registered contributions which can include existing funds on deposit. Existing term deposits cannot be broken to receive this offer. Simple interest calculated on the principal amount for the number of days in the term deposit and paid at maturity (principal x rate x number of days / 365 days). Rate shown for annual interest. Minimum investment $500; Maximum investment $500,000. Cashable upon maturity only. Available to personal accounts only.

14 Month Term Deposit, 30 Month Term Deposit
Special promotional rate may be changed or withdrawn at any time without notice. Existing term deposits cannot be broken to receive this offer. Rate shown for annual interest. Annual compound interest paid monthly or annually. Minimum investment $500; Maximum investment $500,000. Cashable upon maturity only. Available to personal and non-personal accounts.