National Bank All-In-One BankingTM1 is a financing solution named twice "Mortgage of the Year" by Canadian Mortgage Trends. As you gradually pay off the loan balance, the repaid principal is made available to finance other projects2 without having to submit another credit application.
All-In-One is designed for customers who:
- Can use their home equity to finance projects;
- Seek the most competitive financing rate;
- Want a solution of comprehensive and flexible funding;
- Want to claim a financial management tool leading;
Do not hesitate to offer it. Your customers will feel privileged to have access to a renowned solution.
According to the agreement the Bank has with your firm, this product might not be available.
A home equity line of credit
1. Finance a home purchase
The All-In-One Banking solution can help buy a first home or a new property.
- Minimum down payment is to 20% of the home's value2
- Eligible for the Home Buyers' Plan (HBP)4
- Most competitive rates on the market
All-In-One Banking provides your clients with the flexibility of a line of credit and the lower interest rate associated with a mortgage loan.
2. Finance projects
As you gradually pay off your mortgage, the repaid capital becomes new money that you can use for other projects3.
Here are the main advantages:
- Single and advantageous rate
- Possibility to have multiple accounts and to manage each one separately
- Possibility to integrate other National Bank accounts
- Monthly consolidated account statement
1Subject to National Bank credit approval. Certain conditions apply.
2A maximum amount equivalent to 65% of the value of the property may be in the form of a line of credit, and the rest of the funding has to be in the form of a mortgage loan. For example, if the value of the property is $ 100,000 and you have an amount of $ 20,000 available for down payment (20% of the value of the property, which is the minimum required), the authorized credit limit of the All-In-One will be $ 80,000. However, of this $ 80,000, up to $ 65,000 will be in the form of a line of credit and the rest will be in the form of a mortgage loan.
3Not to exceed the maximum amount available as a line of credit, i.e. an amount equal to 65% of the property value.
4 To be eligible for the Home Buyers' Plan, the selected home must be located in Canada, purchased or built before October 1 of the calendar year following the RRSP withdrawal and serve as the buyer's principal residence within a year of being purchased or built. You and your spouse can each withdraw up to $25,000 from your RRSP. You have 15 years, as of the second calendar year after withdrawal, to repay your RRSP. Your annual repayment must be equal to 1/15 of the total amounts withdrawn.
MDNational Bank All-In-One is a trademark of National Bank of Canada.
Why choose the All-In-One Banking?
Here are the main features and how they could be beneficial for your clients:
Attractive interest rate
One of the lowest rates on the market.
- Advantages: You can save on interest
- Concerns: You don't want the interest rate on your mortgage to fluctuate and you protection against higher rates.
Benefit from greater stability by integrating a fixed-rate mortgage loan* into your All-In-One Banking. That way, your mortgage will be diversified and you'll be protected against mortgage rate fluctuations and uncertainty.
* Subject to credit approval by National Bank in cases where linking a loan to the line of credit results in an increase in the authorized credit limit.
The minimum monthly payment includes only the interest and any insurance premium.
- Advantages: Ideal in case of unforeseen expenses or if you have irregular income because you can adjust your payment amount accordingly.
When you earn more income, you can increase your monthly payments in order to pay back the borrowed amount sooner and therefore reduce the interest payable.
- Concerns: You're worried about not being disciplined enough with your budget and having to pay off your home over a longer period than would like.
It's possible to decide on a pre-set amount for your payments (i.e. make regular payments).
Additional payments without penalty
No penalty or limits if you want to pay off the balance sooner.
- Advantages: Make payments based on your income and save on interest by paying off the balance sooner.
- Concerns: You like to keep funds on hand instead of using them to make payments on your All-In-One Banking.
You have access to the repaid funds whenever you want, without having to submit another credit application.
Access to repaid funds
The repaid principal can be reborrowed.1
- Advantages: Within your authorized credit limit, you can easily access additional financing without having to submit another credit application to the Bank.
- Concerns: Since you have easy access to the principal repaid on your home, you may find it easier to spend and extend the total repayment period.
You have the option of setting a limit so that the repaid funds are not accessible.
Free banking services
- Advantages: It's no longer necessary to enroll in a banking package to benefit from unlimited electronic transactions.
Easy to manage
Consolidated overview of your debts.
- Advantages: You can access your financial overview at any time through our online services (Internet Banking Solutions). One account statement that covers all your borrowing.
- Concerns: You're worried about keeping track of payments on each of your financed projects.
You can open a separate account for each of the projects you want to finance and then determine specific payment terms for each.
- 1st rank mortgage only
- Minimum amount: $25,000
- Maximum amount:
- Primary residence: Financing up to 80% (a maximum of 65% of the financing will be granted as revolving credit) of the purchase price or of the certified appraisal (the lesser of the two)
- Secondary residence: Financing up to 65% (if 4 season) of the financing will be granted as revolving credit) or 55% (if seasonal) of the purchase price or of the certified appraisal (the lesser of the two)
- Payment frequency: Monthly
- Single favorable rate for all your projects
- Flexible payments
- Additional repayments without penalty
- Access to reimbursed funds
- Possibility of having multiple accounts and manage them separately
- Consolidated account statement including all transactions
- Client card available
- Cheque availability (5 free cheques at the opening of each sub-account)
- Repayment by Electronic Transfer of Funds (ETF) from the client's personal bank account
- No fees1
- Insurance available
- Legal and apraisal fees may be covered2
Type of account
The All-In-One offers the possibility to open sub-accounts in two ways:
- As a bank account: Chequing account (fixed or variable limit, between $500 and $5,000)
- As a line of credit: Personal Flex line (Fixed or variable limit, minimum of $5,000)
This approach, known as the Multi-account concept, gives your clients an overview of their entire financial situation and lets them manage projects separately. It allows:
- Aggregate credit limit and available balance can be divided among several sub-accounts (except for fixed-limit sub-accounts)
- Repayment of each sub-account can be managed separately
- Existing accounts can be grouped together so as to keep the same cheques and automatic withdrawals
- Repayment of each sub-account can be managed separately
- Portion of credit limit can be accessed by third party
1. Certain transactions could result in fees, please refer to the Personal Banking Solutions guide.
2. For more details, please contact the Advisory Distribution Banking Center.