Manulife Bank of Canada is a federally chartered Schedule I bank and a leading monoline lender. With over 30 billion in assets, Manulife is known for innovation in mortgage banking solutions like their signature Manulife One and Manulife Bank Select products. Available exclusively via brokers, they offer flexible lending and high‑interest banking tools .
Mortgage Products Available
- Manulife One – an all-in-one mortgage linked to a high‑interest chequing account, allowing flexible payments, consolidation of debts, and home equity access.
- Manulife Bank Select – traditional mortgage that can be divided into multiple portions (fixed/variable, open/closed terms), plus a bundled high-interest chequing account.
Ideal Clients & Use Cases
- You have 20%+ down payment or equity, and want flexibility to manage debts or savings in one account.
- You’d like to combine banking and mortgage for streamlined finances.
- You want to mix fixed and variable portions in your mortgage.
- You seek prepayment flexibility and equity access without reapplying.
Why Clients Choose Manulife Bank
- All-in-one flexibility—pay down mortgage faster using deposited income and savings.
- High-interest chequing account included, with unlimited transactions and no monthly fee.
- Custom mortgage portions—select up to five sub-accounts with your own terms and rates.
- Access to equity anytime, without reapplying for a new loan.
- Broker-only access, ensuring expert guidance tailored to your needs.
Things to Watch
- Requires strong financial discipline—a combined account works best when you manage savings and debt responsibly.
- Open vs closed portions come with varying prepayment privileges; closed terms limit lump-sum paydowns.
- No alternative lending options—only prime lending.
- All mortgage options are via brokers only, with no branch network.
Is Manulife Bank Right for You?
If you want a flexible, integrated mortgage and banking solution, with the ability to reduce interest costs and access home equity, Manulife’s innovative approach may be a strong fit. It’s particularly suited to disciplined borrowers who can manage one central account effectively.
How We Can Help
We can help determine if Manulife One or Bank Select matches your goals. As your mortgage broker, we’ll compare these solutions against other lenders to ensure you get the best fit.
- Start your application now
- Contact us to discuss your options
