Save money
When you borrow to buy a house, the amount of interest you pay
on that loan can be as much as the actual cost of the house itself.
It doesn’t have to be that way.
Manulife One is a revolutionary approach to managing your money that could save you significant time and money over traditional financing. It can simplify your finances by combining your debts, savings and income into a single personal borrowing and chequing account.
How it works
First, Manulife One is a secured line of credit based on up to 80% of the appraised value of your home that you use to consolidate other higher interest debt. In this respect, it is similar to a traditional line of credit or home equity line of credit. Now, you’ll be saving interest costs by paying one low rate on your debt.
Next, add your chequing account balance and your short-term savings
into that same account. This immediately reduces your total debt
and saves you interest costs. After all, you’ll likely
be saving more in interest costs by paying down your debt than
you would earn in a savings account – even a high-interest
savings account.
What is different from a traditional line of credit or home equity line of credit is that you have your income automatically deposited into your Manulife
One account. Every time you get paid or make a deposit,
it immediately reduces your debt. Throughout the month, the
Manulife One account acts as your daily chequing account where
you have access to your income as well as a line of credit to
pay for expenses.
The result: every dollar you have works for you to keep
your borrowings – and your interest costs – lower.
You could save thousands in interest and be debt-free
years sooner.
 The savings can start from day one
Appraisal cost may be covered. Your Banking Consultant can help assess your current home value quickly and at no cost to you using an online appraisal system. It's part of our convenient online application process. Note that you may be responsible for the appraisal cost if an in-person appraisal is needed.
No-charge switching. Manulife Bank covers the standard legal fees involved in switching to a Manulife One account when you use our title insurance program. Ask your Banking Consultant for details (excludes any penalties or discharge fees).
Up to $300 of the legal fees on home purchases are covered by Manulife Bank. Actual legal fees relating to home purchases may vary by transaction and by individual lawyer used.
Next steps
Try our calculator to see what Manulife One could do for you.
Find out how to apply or learn more.
Is your bank telling you they offer “the same thing”? Try our Ten questions to ask your banker.
What’s your Manulife One Number?
Discover your Manulife One Number – it’s the amount of interest you could save over the life of your mortgage, simply by switching to Manulife One. This all-in-one account can help save you money, reduce your debt faster and simplify your finances. Because your chequing account, savings account, line of credit and mortgage don’t need to be separate.
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