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Haventree Bank Review

There are several financial institutions that provide unique services and offer exclusive banking products and services in Canada. Haventree Bank is one of Canada’s federally regulated banks providing specialty financial services to brokers and borrowers by providing flexible mortgage solutions.

The bank offers deposit and investment services, with a dedicated team of experts to offer personalized options tailored to meet each customer’s needs.

As a financial service provider, Haventree Bank is known for its mortgage and investment services at competitive rates. Here’s how the bank’s operation works and how Canadians can benefit from its services.

About Haventree Bank

Haventree Bank is a federally regulated financial institution in Canada, providing exceptional banking services. Unlike most of Canada’s financial institutions that provide traditional banking services, Haventree Bank offers residential mortgage solutions and deposit (GIC) services.

Equity Financial Trust (now Haventree Bank) became a federally registered Trust company in 2006, as a subsidiary of Equity Financial Holdings Inc. As one of Canada’s top residential lenders, Equity Financial Trust serves the Canadian mortgage market through its residential mortgage loans.

In 2018, by approval of the Minister of Finance and the Office of the Superintendent of Financial Institutions (OSFI), Equity Financial Trust continued its operations as a federally regulated Schedule 1 bank (domestic owned).

As an alternative mortgage provider, Haventree Bank provides a competitive advantage to individual borrowers, deposit brokers, and mortgage brokerage platforms.

Haventree Bank Products and Services

Haventree Bank provides specialized products and services, such as alternative mortgage solutions and GIC investment services.

Haventree Bank Client Centre (Mortgage Solutions)

With tailored residential mortgage solutions for individual situations, Haventree Bank helps its customers meet their financial obligations.

The bank offers mortgages through its network of licensed mortgage brokers, thereby enabling clients to find a trusted mortgage professional and get the right mortgage solutions.

These licensed and experienced brokers have the knowledge and expertise to ensure that customers enjoy the best personal and professional mortgage requirements.

Haventree Bank mortgage solutions are ideal for all categories of individuals, including business owners (sole proprietorship, partnership, or incorporated), people with bad credit ratings, and newcomers to Canada with no credit history.

Mortgage Types

Haventree Bank alternative mortgage solutions include:

1.     Fixed vs. Variable Rate Mortgages

Fixed interest rate mortgages have guaranteed and fixed rates throughout the loan term. Clients can know how much they owe on the mortgage and how much they’ll pay at the loan term’s expiration.

The variable interest rate mortgage, on the other hand, fluctuates with the prime rate changes. Haventree Bank does not offer Variable interest rate mortgages to its customers.

2.     Long Term and Short Term Mortgages

Haventree Bank also offers long-term and short-term mortgage solutions. Long-term mortgages usually last up to three (3) or more years, while short-term mortgages are generally between one or two years.

3.     Open Term and Closed Term Mortgages

With the open term mortgage, you can make a loan prepayment or a portion of the loan at any given time without penalty. In contrast, with the closed term mortgage, you can make a loan prepayment once each year without charges.

Home Systems Warranty Program

As important as having a home is, it’s also essential to protect your home and other valuables against loss, theft, or damages. In any peril, repair or replacement costs can sometimes be a financial burden on the homeowner.

Haventree Bank’s Home System Warranty Program provides complementary coverage to homeowners. The program is included with every eligible mortgage upon client acceptance and is available to Canadians in all provinces.

Features

  • Home System Warranty Program is included on every mortgage, excluding commercial properties and multi-units.
  • It comes with fast and easy repairs of damaged properties.
  • Clients can claim up to $10,000 per annum in system repairs.
  • No program fees applicable.
  • 24/7 claim service
  • $50 consultation fee applies.
  • Encompass Home Service Corp administers the home system warranty program.

Services Included In the Home System Warranty Program

  • Electrical systems including circuits, switches, fuse boxes, etc.
  • Plumbing systems including drain, gas, water, blocked waste pipe, etc.
  • Central heating and air conditioning, such as electrical and mechanical parts, space heaters, oil and central electric heating systems, heat and circulating pumps, etc.
  • Water heater and water softener including water heater tank, burner, valves, electrical and mechanical fittings, etc.

NextJob Program

The Haventree Bank’s NextJob Program is designed to help eligible homeowners struggling with mortgage payments due to unexpected job loss. This unique bank allows clients to get through life changes quickly by having access to tools, support, and professional employment services.

Eligible homeowners in the NextJob Program enjoy access to:

  • A personal employment coach to provide step-by-step guidance.
  • Tips, tricks, and techniques for conducting targeted job searches based on their skills, strength, and interests.
  • Weekly workshop on job search-related topics.
  • A customized job search template.
  • Resume and cover letter tips
  • Expert interview training.

Client Portal

The Haventree Bank client portal provides detailed information about each customer’s mortgage. Clients of the bank can access their mortgage information with a few clicks by logging into the Client Portal. With the client portal, you can:

  • View and change your banking information and payment preferences.
  • Access your payment details and mortgage balance.
  • Review your property tax information.
  • Access your amortization schedule.
  • Access, download, and print bank statements.
  • Get access to mortgage specialists.

Haventree Bank Broker Center

Haventree Bank provides mortgage services to brokers and mortgage agents. As a broker, you can take advantage of the information and documentation to assist your clients’ mortgage requirements and get your deal approved with ease.

The bank has a team of Business Development Managers that provide mortgage brokers with expert and professional service for you and your clients.

Features

  • Mortgage loans are applicable for home purchase and refinancing.
  • Loans are available in 1, 2, 3, and 5 years fixed terms.
  • Title insurance is required.
  • Up to 30 years amortization.
  • Dedicated business development managers.
  • Flexible mortgage terms and underwriting.

Haventree Bank Broker Packages

1.     Property Auto Valuation Program

The property auto valuation program comes with a maximum of 80% loan value for a loan refinance and purchases. It has a maximum loan amount of $1 million on a property value of property auto valuation program $1,500,000.00

2.     Business for Self Image

The business for self-image package comes with no income requirement for home purchase and refinance. The loan has a 30 years amortization and fixed terms of 1, 2, 3, and 5 years.

3.     Rental Property Mortgage

The rental property mortgage is an exclusive product offer for Haventree Bank’s silver, Gold, Platinum, and Diamond brokers. With 30 years amortization and fixed terms of 1, 2, 3, and 5 years, qualifying borrowers can get the loan at a contract interest rate and 2%

4.     Seconds+ Mortgage

Haventree Bank seconds+ mortgage offer open and closed term loans for refinancing, and Equity Take Out. It enables homeowners to consolidate high-interest debts and improve household cash flow.

5.     Home Systems Warranty

The home system warranty is included at no cost and up to $10,000 yearly claims on eligible system repairs. This program is free for the term of the mortgage and available to residents in all Canadian provinces. Eligible systems for repair include:

  • Plumbing
  • Water heater or water softener
  • Central heating and air conditioning
  • Electrical systems

6.     NextJob Program

This program is designed to lighten the burdens on your clients by helping to simplify their mortgage payments due to unexpected job loss.

Haventree Bank Deposit Service

Haventree Bank is a member of the Canada Deposit Insurance Corporation (CDIC) and provides Guaranteed Investment Certificates (GICs) for clients’ investment portfolios.

The bank offers competitive rates on GICs to customers through regulated securities dealers in Canada, including investment and mutual fund advisors. Haventree Bank GICs come with variable duration of monthly, semi-annual, and annual terms.

Haventree Bank Guaranteed Investment Certificates (GICs)

TermMinimum Investment
30 Days - 364 Days$10,000
1 Year Term $5,000
2 - 5 Years Term $5,000

Haventree Bank GIC Rates

Term Minimum Deposit Interest Paid on Maturity
30 - 59 Days$10,0000.05%
60 - 89 Days$10,0000.1%
90 - 179 Days$10,0000.25%
180 - 269 Days $10,0000.55%
270 - 364 Days $10,0000.55%
Term Minimum Deposit Interest Paid on Maturity or Annually Interest Paid Semi-annuallyInterest Paid monthly
12 months (1 year) $5,0000.56%0.46%0.36%
24 months (2 years) $5,0000.66%0.56%0.46%
36 months (3 years) $5,0000.75%0.65%0.55%
48 months (4 years) $5,0000.7%0.6%0.5%
60 months (5 years) $5,0000.8%0.7%0.6%

Note: Rates are subject to periodic change at the discretion of the issuing bank. Check with the provider for current GIC rates.

Haventree Bank Safety and Regulations

Haventree Bank is a federally regulated Schedule 1 bank in Canada. The bank’s operations and services are supervised by the Superintendent of Financial Institutions (OSFI). Besides, the bank is a member of the Canada Deposit Insurance Corporation (CDIC), ensuring that eligible deposits are protected up to $100,000.

Customer Service

As a client-oriented financial institution, Haventree Bank provides the following channels for its clients to interact with the customer service unit:

Contact Us On-Screen Form

Phone: 1-855-272-0051

Email: clientaccounts@haventreebank.com

Mail:

Haventree Bank

P. O. Box 1160,

STN TD Toronto, ON

M5K 1P2

Editor’s Review

Haventree Bank’s products and services are straightforward – alternative residential mortgage and investment deposits. Unlike other traditional financial institutions, Haventree Bank does not accept deposit accounts, including chequing or savings accounts.

FAQs

Does deferring a payment affect my credit score?

No, deferring payment(s) will not affect your credit score.

What happens if I need financial relief for my mortgage payments?

Haventree Bank has a suite of payment relief options that extend beyond payment deferrals. Contact the customer service via email to find a solution that will best help you get back on track.

Can I open a chequing or savings account with Haventree Bank?

No. Haventree Bank does not offer deposit accounts to its customers, including chequing and savings accounts.

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