Manulife One is not a traditional mortgage. It is a flexible
mortgage account that works by combining your mortgage –
and any other debts – with day-to-day finances (including
your income!) in a single personal borrowing and chequing
account. And if you don’t have a mortgage? Then, set
it up with no balance owing as a super line of credit for
future use!
Manulife One can replace a traditional mortgage, personal
loans, lines of credit, checking account and short-term
savings. With a borrowing limit based on the value of the
home, Manulife One works by combining your mortgage –
and any other debts – with their day-to-day finances
in a single personal borrowing and chequing account.
This is a fairly new concept in Canada – in fact,
to date no other bank or insurance company is offering this
product.
While Manulife One is new to Canada, the concept is a proven
success in other countries. In Australia, more than one
third of all new mortgages are being paid off sooner with
plans similar to Manulife One and the concept is taking
off in the United Kingdom.
