Overview
Steinbach Credit Union (SCU) is one of Manitoba’s largest credit unions, offering competitive mortgage rates and flexible lending options primarily to residents of Manitoba. SCU’s mortgage products are tailored for a variety of needs, including first-time homebuyers, new-to-Canada applicants, and those looking to build, buy, or renovate a home.
Current Steinbach Credit Union Mortgage Rates (as of July 2025)
The following table summarizes SCU’s posted rates for both conventional (20% or more down payment) and high-ratio (less than 20% down payment, requires mortgage default insurance) mortgages:
| Mortgage Type | 1-Year | 2-Year | 3-Year | 4-Year | 5-Year | Variable Closed | Variable Open |
|---|
| Conventional Fixed | 5.09% | 4.69% | 4.19% | 3.99% | 3.99% | 4.05% | 4.95% |
| High-Ratio Fixed | 4.99% | 4.59% | 4.09% | 3.89% | 3.89% | 4.05% | - |
- High-Ratio rates are slightly lower than conventional, reflecting the added security for lenders when mortgage insurance is in place.
- Variable rates are also available, with the closed product currently at 4.05%.
Rates are subject to change and may vary depending on the applicant’s profile and loan details. Always confirm the latest rates and eligibility with SCU directly.
Key Features of SCU Mortgages
- Minimal down payment: As low as 5% for qualified borrowers
- Flexible amortization: Up to 30 years
- Prepayment privilege: Pay up to 20% extra annually without penalty
- Custom solutions: Options for self-build, renovation, and new-to-Canada mortgages
- Member Bonus: SCU pays out a cash bonus annually, which can effectively lower your cost of borrowing (e.g., in 2023, SCU paid a 1.75% reduction on interest paid back to members).
How SCU Compares to Other Lenders
| Lender | 3-Year Fixed | 5-Year Fixed | 5-Year Variable |
|---|
| Steinbach Credit Union | 4.09% | 3.89% | 4.05% |
| Major Banks (avg.) | 4.24% | 4.24% | 4.30% |
| Manitoba Credit Unions | 4.09–4.24% | 3.89–4.09% | 4.05–4.30% |
SCU’s rates are among the lowest available in Manitoba, especially for insured (high-ratio) mortgages.
Provincial Eligibility
- Membership Requirement: SCU mortgages are generally only available to Manitoba residents.
- Branches: 1 in Steinbach, 2 in Winnipeg.
First-Time Homebuyer Programs
- SCU offers guidance on accessing federal and provincial programs such as the First-Time Home Buyer Incentive, Home Buyers’ Plan (HBP), and the First Home Savings Account (FHSA).
- Flexible options and pre-approval support for first-time buyers.
Additional Considerations
- Member-Owned: As a credit union, SCU is owned by its members, and profits are returned through bonuses and competitive rates.
- Pre-approval: You can get pre-approved for a mortgage at SCU, which helps clarify your budget and strengthens your offer.
- Special Programs: Support for new Canadians, self-employed borrowers, and those building homes.
Actionable Next Steps
- Compare rates and options: For a wider view of rates across multiple Canadian lenders, including SCU, use theratefinder—a sophisticated platform for comparing residential, commercial, and construction mortgage rates.
- Start your application: For a personalized mortgage solution and to access competitive rates from top lenders, begin your application at theratefinder.ca/onboarding.
- Consult SCU directly: If you reside in Manitoba and are interested in SCU’s mortgage offerings, book a pre-approval meeting with their lending specialists to discuss your situation and maximize your eligibility for both SCU’s member bonus and government incentives.
Summary:
Steinbach Credit Union offers some of the most competitive fixed and variable mortgage rates in Manitoba, with attractive member benefits and tailored support for first-time buyers. Residents of Manitoba can benefit from SCU’s flexible products and member bonus program. For those outside Manitoba, or for broader lender comparisons, theratefinder provides an excellent resource to secure the best mortgage deal for your needs.