Reviewed by Scott Dillingham · Licensed Mortgage Agent (Ontario, Level 2) · Updated October 1, 2026
Standalone RBC mortgages are standard charges — cheaper to switch. Homeline Plan is a collateral charge. RBC discharge is typically ~$300. Confirm which product you have before you sign the first letter.
Canadian semi-annual compounding. Educational estimate — a licensed broker will quote your exact numbers.
Quick answer: RBC discharge is typically ~$300. A standalone RBC mortgage is a standard charge (lower switch friction). Homeline Plan is a collateral charge — same discharge-and-re-register path as TD, often $700–$1,500 in legal fees. We do not publish an RBC cash-back coupon. Full table: mortgage discharge fees in Canada.
New to renewals? See our plain-English guide on what a mortgage renewal is, or browse the mortgage renewal FAQ for more general questions.
RBC's standalone residential mortgages are registered as standard charges — the simpler registration type used by most Big 6 peers for their core mortgage products. A standard charge secures the mortgage at the actual outstanding balance and can be transferred (with some effort) between lenders at renewal.
The RBC Homeline Plan (sometimes called the Royal Credit Line or Royal Home Equity Line of Credit in different marketing contexts) combines a mortgage with a HELOC under a single collateral-charge registration. This is more flexible for borrowers who actively use HELOC credit, but it comes with the same switching friction as TD's collateral charges: re-registration at a new lender requires ~$700-$1,500 in legal fees.
Before shopping competing quotes, confirm which product you're on. A quick call to RBC mortgage services will tell you. Customers on a pure standalone RBC mortgage enjoy the lowest switching friction among Big 6 banks; Homeline customers face the same switching costs as TD.
On October 1, 2026, RBC's published 5-year fixed special was 5.04% (4.74% high-ratio); its 5-year variable special is prime − 0.50% = 3.95%. Published Big 5 5-year fixed specials on October 1, 2026: RBC 5.04%, TD 5.34%, Scotiabank no published special, BMO 4.94% (Smart Fixed), CIBC 5.14%.
Your renewal letter rate will typically be 10-30 basis points above the special. Always negotiate, and benchmark against broker-sourced quotes. On a $500K mortgage, even a 0.15% improvement saves ~$3,700 over 5 years — well worth a 20-minute call.
RBC's 10% lump-sum privilege is modest compared to TD's 15% or BMO's 20%. If aggressive prepayment is a priority, this is a factor in choosing a lender at renewal.
RBC uses a posted-rate IRD methodology — the comparison rate is RBC's posted rate for the remaining term, less the discount you received at origination. This is standard Big 6 practice and typically produces higher IRD penalties than the contract-rate methodology used by monoline lenders.
At renewal (maturity), no IRD applies — you can switch without penalty. The IRD calculation matters only if you break mid-term. If future flexibility matters to you (selling, refinancing, relocating), a lender with fair IRD (First National, Merix) saves money compared to RBC's methodology over multiple term cycles.
Note your maturity date, current balance, and any rate options offered. Do not sign.
A mortgage broker can present quotes from monolines, credit unions, and competing banks in one call. This is your negotiating benchmark.
Ask to speak with mortgage retention (not the general renewal line). Provide a specific competing quote. RBC's retention team has real rate authority and often matches or comes within 5 bps of a legitimate monoline quote.
If RBC matches and your charge is standard, staying is simplest. If RBC won't match and a meaningful rate advantage exists, switch — especially easy if you're on a standard charge.
Active renewal prevents RBC's auto-renewal default, which is often priced less favorably than the negotiated offer.
Best Mortgage Renewal Rates
Current best renewal rates — fixed and variable — across Canada.
Switching Lenders at Renewal
How to change lenders at renewal — prescribed-MQR exempt on uninsured straight switches; overlays remain.
TD Canada Trust Renewal
TD renewal rates, collateral-charge considerations, and switching tips.
Payment Shock at Renewal 2026
Why renewal payments rise in 2026 — and how to estimate and reduce the increase.
Scotiabank Renewal
Scotiabank STEP renewal mechanics and switching considerations.
Book a Free Strategy Call
20-minute call with a licensed broker — free, no obligation.
RBC's standalone mortgages are registered as standard charges — the simpler, more portable registration type. However, the RBC Royal Credit Line (Homeline Plan), which combines a mortgage with a HELOC, is registered as a collateral charge. If you're on a pure RBC mortgage (not Homeline), switching lenders at renewal is less expensive than switching from TD or STEP products.
RBC's published 5-year fixed special was 5.04% on October 1, 2026 (4.74% for high-ratio insured mortgages). In our October 2026 sample, broker-channel 5-year fixed rates ran 4.34% insured and 4.34% uninsured. The renewal offer on your letter may be higher; always negotiate. RBC's special rates are earned with good credit and employment income, but the bank typically matches competing broker offers when presented with a concrete quote.
RBC allows lump-sum prepayments of up to 10% of the original principal per year, plus the RBC Double-Up Payment feature that allows doubling any regular payment without penalty. These privileges are more modest than TD's 15% or BMO's 20% — if active prepayment is important to you, RBC's terms may be a reason to compare.
RBC uses a posted-rate IRD methodology, similar to most Big 6 banks. The comparison rate is RBC's posted rate for the remaining term, less the discount you received at origination. This tends to produce higher IRD penalties than the contract-rate methodology used by monolines. At renewal (at maturity), no IRD applies — but if you're considering breaking mid-term, get a specific quote from RBC.
If your RBC mortgage is a standalone standard-charge mortgage, switching is inexpensive (typically $300-$700 in legal fees, often covered by new-lender cash-back). If a broker can source a rate 10-25 bps better than RBC's best offer, switching typically pays. If you're on the Homeline Plan (collateral charge), switching costs more (~$1,000), so the rate advantage needs to be larger to justify.
Send it. We'll beat it, or tell you to sign it. No credit pull.
Or call (226) 783-1640