New mortgage rules can benefit home owners who have more than just a mortgage

    Manulife Bank implements new high-ratio limits on unique all-in-one


    WATERLOO, ON, April 24 /CNW/ - Manulife Bank is 'ready to do business'
for Canadian homeowners who have as little as a 20 per cent down payment, with
no high ratio premium required. As of today, the Bank's innovative Manulife
One account, that includes a client's mortgage as well as other debts, is now
available up to 80 per cent loan to value, without high ratio insurance.
    New federal legislation that came into effect April 20 moved the minimum
downpayment requirement from 25 to 20 per cent. Previously, anyone wanting a
mortgage greater than 75 per cent of their home's value was required to pay a
lump sum premium to a third party insurance company to protect banks from
possible loan defaults. This premium ranged anywhere from one per cent to
3.25 per cent of the mortgage amount, based on the ratio of the loan amount to
the value of the home.
    The change in legislation moved the maximum ratio available without
paying a high ratio premium up to 80 per cent and Manulife Bank is among the
first banks to offer this benefit to Canadians, and definitely the first to
provide it in an account as innovative as their all-in-one account.
    "This is great news for prospective homeowners," says Roman Fedchyshyn,
President and CEO of Manulife Bank of Canada. "The cost of a mortgage is
daunting enough. So, to be able to eliminate this fee for some mortgages,
including other debts, means keeping more money in the pockets of our
customers. And, that is what Manulife Bank is all about."

    About Manulife Bank of Canada
    Manulife Financial established Manulife Bank of Canada in 1993 as the
first federally regulated bank to be opened by a life insurance company
following Canada's financial reform legislation of 1992.
    Manulife Bank was created to support the sale of the parent's core
products and assist financial advisors in providing fully integrated financial
plans to their clients. Today, Manulife Bank is Canada's eighth largest
domestic bank with more than $8.5 billion in assets, serving clients across
Canada in all provinces and territories. To see Manulife Bank's most recent
financial statement, visit the OSFI website at To obtain
mortgage information visit

    About Manulife Financial
    Manulife Financial is a leading Canadian-based financial services group
serving millions of customers in 19 countries and territories worldwide.
Operating as Manulife Financial in Canada and Asia, and primarily through John
Hancock in the United States, the Company offers clients a diverse range of
financial protection products and wealth management services through its
extensive network of employees, agents and distribution partners. Funds under
management by Manulife Financial and its subsidiaries were Cdn$414 billion
(US$355 billion) as at December 31, 2006.
    Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE,
and under '0945' on the SEHK. Manulife Financial can be found on the Internet

For further information:

For further information: Media Contact: Tom Nunn, Manulife Financial,
(519) 594-8578,

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