- Closing costs in Newfoundland and Labrador: Newfoundland and Labrador has no land transfer tax.
- The federal stress test and down payment rules apply in every province.
- Mortgage brokers are licensed by Digital Government and Service NL.
What are today's best mortgage rates in Newfoundland and Labrador?
| Term | Rate | Lender type | Shelf / note | Payment on $400,000 |
|---|---|---|---|---|
| 5-year fixed | 4.04% | Credit union | uninsured | $2,113/mo |
| 5-year variable | 3.70% | Brokerage | prime − 0.75% | $2,046/mo |
| 3-year fixed | 4.19% | Monoline | uninsured | $2,145/mo |
| HELOC | 4.95% | Bank | prime + 0.50% | — |
Payments on a $400,000 mortgage, 25-year amortization, fixed rates compounded semi-annually. Prime 4.45% (Bank of Canada policy rate 2.25%), October 7, 2026.
Who lends in Newfoundland and Labrador?
What does it cost to close in Newfoundland and Labrador?
Newfoundland and Labrador has no land transfer tax. Registration fees are $100 plus 0.4% of the value over $500 for the deed, and the same on the mortgage.
| Item | Amount |
|---|---|
| Transfer tax / registration fees (incl. mortgage fee where charged) | $2,716 |
| Effective rate | 0.78% |
Mortgage registration estimated at 80% of price where charged. Rules checked October 7, 2026.
Mortgage rules in Newfoundland and Labrador
Mortgage brokers are licensed by Digital Government and Service NL. National rules apply everywhere: minimum down payment of 5% to 20%, the stress test (the greater of your rate + 2% or 5.25%), and insured mortgages only on homes under $1.5 million.
HELOC in Newfoundland and Labrador
Newfoundland and Labrador homeowners can get a HELOC up to 65% of value, or 80% combined with a mortgage. Bids show the rate as prime plus a margin. See HELOC.
First-time home buyer programs in Newfoundland and Labrador
Federal FHSA, Home Buyers' Plan and new-home GST rebate. First-time home buyer programs in Newfoundland and Labrador
Mortgage rates by city in Newfoundland and Labrador
Frequently asked questions
Are mortgage rates different in Newfoundland and Labrador?
Most national lenders price provinces similarly; differences come from which lenders serve the area, property type and local closing costs.
Do I need a mortgage broker in Newfoundland and Labrador?
Not to get bids. Licensed brokerages bid alongside lenders on MortgageBids.ca.
Can I renew with a different lender in Newfoundland and Labrador?
Yes, at maturity with no prepayment penalty.
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