Our support measures for personal banking

This support measure allows you to postpone your payments (principal and interest) to give you a financial break. You can apply online for a period of up to 3 months.

Since you don’t make mortgage payments during the deferral period, your loan balance is paid more slowly than expected, which will result in additional interest charges. Additionally, the balance of your loan will be higher than expected at the end of your term. 

In other words, if you choose to defer your mortgage payments:

• The deferral applies to the principal and interest only. You must continue paying the other costs included in your regular payments, municipal and school taxes, and life, critical illness and disability insurance, if applicable. There may be a delay before these amounts are withdrawn from your bank account. Make sure you have enough money in your account to make these payments.
  
• Interest continues to accrue during the deferral period and is added to the balance of your loan on each deferred payment date. National Bank will reimburse the interest on the interest accumulated on the deferred payments for the entire deferral period. (For details, see the question How can I take advantage of the reimbursement of interest on the interest during the deferral period?).
• The amount of your payments will not change after the deferral period.
• Upon renewing your payments, the balance of your loan will be higher due to the outstanding principal and unpaid interest generated by the deferral. This could result in a higher payment amount.

The request to defer a payment or extend a deferral must be made no later than September 30, 2020.

Important: Did you receive an email indicating that the payment deferral is coming to an end and you have already requested an extension for a deferral with the online form made available on June 11? Please disregard it. It’s an email sent automatically by our system.

You don't have to do anything. We'll take care of everything. The Bank will assume the interest on the interest accumulated on the deferred payments for the entire deferral period. The amount varies based on the mortgage balance and interest rate.

For example: for a mortgage of $200,000, at an interest rate of 3%, for a 6-month deferral period, the repayment could be $35.39.  

The refund will be issued once your deferral period is over. You will receive your refund no later than 3 months after your last deferred payment.

The repayment amount will be deposited in the National Bank account from which your withdrawals are made, or it will be applied to your balance loan if your withdrawals are made from an account at another financial institution.

You will receive a notice by email or mail confirming the refund amount.  

Note that interest refunds on interest only apply to personal mortgage loans (commercial loans are not eligible). 

Administration fees

Certain fees for the management of your loan cannot be waived. 

Life, critical illness or disability insurance 

Continuing to pay your mortgage insurance premiums ensures that you’re always covered. To learn more about eligible claims, consult our Frequently Asked Questions: Loan insurance.

Property taxes

Since the payment of  municipal and school taxes (Quebec) is unavoidable, it is preferable to continue to set these amounts aside.

You must complete the online form. Processing time for new requests can take between 10 to 20 business days. You have until September 30, 2020 to submit your request.

Note that your payments will not be debited while your application is being processed. If your request is accepted, we will send you a confirmation by email. If it is refused, we will contact you to resume your payments.

If your next payment is due within the next 5 business days, it may be debited from your account.

You didn't have the money in your account and the payment failed? We will reimburse you for any NSF charges, if applicable, and apply the deferral granted to you. 

If your loan is already in arrears, contact us at 1-888-286-8799. The processing time is between 10 to 20 business days.

Your request cannot be cancelled. However, you can reduce the impact of a mortgage deferral in three ways:

1. Increase your payments after the deferral (additional payment)
You can increase your payments (principal and interest) at any time. It is possible to add up to one time the amount of your payment to accelerate the repayment of your mortgage loan. 
 
2. Make a prepayment
You can repay up to 10% of the original principal amount of the loan during each calendar year. 
 
3. Increase your payment frequency
By choosing a weekly or bi-weekly payment frequency, your loan will be repaid faster. The equivalent of a monthly payment is then repaid each year (accelerated payment). 
This option can be advantageous because you pay less interest.  
 
To see how you can take advantage of one of these three options, consult the question "How can I reduce the impact of my deferred mortgage payments?”

You can make an early repayment or an additional payment from your online bank. The steps are as follows:

1. Sign in to your online bank.
2. Click Overview in the menu.
3. Click on your mortgage.
4. Click on the mortgage tier for which you want to make an early repayment.
5. Click Accelerated repayment.
6. Click Mortgage prepayment.
7. Follow the instructions. 

Click here to be redirected to make your mortgage prepayment.
 
Wait for confirmation that your deferred payment has been processed before making the transaction. 
 
To make these transactions with the help of an advisor or to increase the frequency of your payments, call us at 1-888-286-8799. 

Deferred payments are not noted as missed payments on your credit report. They may, however, affect your credit rating slightly downward with credit-reporting agencies. Because your mortgage balance will increase with payment deferrals, and it partly determines your credit rating, your rating may change. You must make sure to resume your payments after the deferral. Note that interest on your loan balance continues to accumulate. 

You can defer the minimum payment of your All-In-One^TM line of credit.

The terms of the deferral are as follows:

• A deferral has a duration of 3 months and you can make a maximum of 2 deferrals. The request for a deferral must be submitted no later than September 30, 2020.
  
• Interest continues to accrue during the deferral.
  
• The deferred minimum payment will be added to your line of credit on the usual date. However, we will not withdraw the amount from your bank account. At the end of the deferral period, withdrawals will automatically resume from your bank account. You won't have to do anything. 

If you're concerned about the impact on your credit rating, read the answer to the question How does deferring payments affect my credit rating? 

Contact your advisor or call us at 1-888-286-8799 to request a minimum payment deferral. 

Yes, you can apply online to extend your payment deferral by 3 months for a maximum of 6 months. The deadline is September 30, 2020.

Important: Did you receive an email indicating that the payment deferral is coming to an end and you have already requested an extension for a deferral with the online form made available on June 11? Please disregard it. It’s an email sent automatically by our system.