Mortgage for Desjardins and Banking Employees in Quebec
Desjardins employs over 55,000 people in Quebec. National Bank has 33,000. With RBC, TD, BMO, and other major banks, the financial sector is one of Montreal’s largest employers. But here’s the real question: can a broker beat your employee rate?
Banking Employee: Is Your Employee Rate Really the Best?
If you work for Desjardins, National Bank, RBC, TD, BMO, CIBC, or Scotia, you likely have access to an “employee rate” for your mortgage. Many financial sector employees assume this rate is unbeatable. However, in a market where over 14 lenders compete, that’s not always the case.
Anthony King, mortgage broker in Montreal, regularly works with banking employees who discover that another lender’s rate is lower than their employee rate. The comparison is free, confidential, and obligation-free. If your employer offers the best rate, Anthony will confirm it. If not, he’ll present the alternative.
To explore career opportunities at Desjardins, visit their careers portal.
Salary Tiers in Quebec’s Financial Sector
Salaries in banking and at Desjardins vary by position and seniority. Here are the general ranges for the Montreal area:
| Position | Annual Salary (approx.) | Notes |
|---|---|---|
| Teller / Branch Advisor | $42,000 – $55,000 | Entry-level; bonuses possible |
| Personal Lending Advisor | $55,000 – $80,000 | Salary + sales commissions |
| Financial / Credit Analyst | $65,000 – $95,000 | Risk analysis, underwriting |
| Branch / Caisse Director | $80,000 – $120,000 | Team management + sales targets |
| IT Specialist / Head Office Professional | $75,000 – $130,000 | Cybersecurity, data, compliance, actuarial |
Employee Rate vs Broker Rate: A Comparison That May Surprise You
Major financial institutions offer their employees a discount on the posted mortgage rate. This discount generally ranges from 0.25% to 1.00% below the posted rate. That sounds advantageous, and it often is. But the posted rate is NOT the relevant benchmark. The market rate — accessible through a broker — is already significantly below the posted rate.
In practice, a mortgage broker negotiating with 14 competing lenders can often obtain a rate equal to or below your employee rate. The difference can represent thousands of dollars over 5 years. The verification takes 15 minutes and commits you to nothing. If your employee rate is the best, you’ll know for certain. If not, you’ll have a better offer in hand.
Commissions and Bonuses: Making Every Dollar Count
Several positions in banking include a variable component: commissions on financial product sales, quarterly or annual performance bonuses, and target achievement premiums. How do lenders treat this income?
Lenders generally use the average of your last two T4s for the variable portion. If your commissions are stable or growing, they are fully considered. A unique advantage of banking employees: you already know the mortgage approval process from the inside. But a broker can show you how other lenders evaluate your variable income differently, possibly more favorably.
Documents Required for Your File
Your financial sector employee file is generally very well organized. Here is what you will need:
| Document | Details |
|---|---|
| T4 Slip | Last 2 T4s from your employer (Desjardins, NB, RBC, etc.) |
| Employment Letter | Position, hire date, status, base salary + variable component details |
| Employee Rate Offer | For comparison: bring your employer’s offer to the consultation |
| Notice of Assessment (CRA) | Last 2 notices, especially if your income includes commissions |
| Recent Pay Stubs | Last 30 days, separating base salary, commissions, and bonuses |
Anthony King: An Independent Look at Your Rate
Anthony King is not a competitor to your employer: he’s an independent comparison tool. As a broker, he has access to negotiated rates from over 14 lenders. His role is to present the best available market offer and compare it to your employee rate.
Fully bilingual service (French and English), free to the borrower in the vast majority of cases. The consultation is confidential: your employer won’t know you compared. And if your employee rate is the best, Anthony will confirm it without hesitation.
Contact Anthony at 514-647-8663 or aking@kingstate.ca to compare your employee rate for free.
Frequently Asked Questions
My employer offers me an employee rate. Why consult a broker?
Because the employee rate is a discount on the POSTED rate, not on the market rate. A broker negotiates with 14+ lenders and often obtains a rate below the base posted rate. In many cases, the broker rate matches or beats the employee rate. The comparison takes 15 minutes and is entirely free and confidential.
If I take my mortgage with another lender, does it affect my job?
No. Your mortgage lender choice is a personal decision with no impact on your employment. Quebec’s Private Sector Privacy Act protects this information. Your employer cannot know where you hold your mortgage, and this choice does not affect your performance evaluation.
I work in compliance / underwriting. I have constraints. How does it work?
Some financial sector positions have restrictions on personal financial activities (conflict of interest policy). However, taking a mortgage with an external lender is generally permitted and is not considered a conflict of interest. If in doubt, check with your compliance department. An external broker simplifies the separation between your professional and personal obligations.
Compare Your Employee Rate for Free
You might be surprised. Contact Anthony King for a free, confidential comparison of your employee rate versus the best market rate.