If you’re in the market for a new mortgage, you’ll want to take advantage of the best mortgage cash back bonuses and offers available in Canada. Luckily, there are plenty of great deals out there right now! These deals can help reduce your overall costs and make the process a little easier.
In this blog post, we will discuss some of the best mortgage cash back bonuses and offers currently available in Canada. We will also provide tips on how to find the right deal for you!
So whether you are a first-time homebuyer or you are looking to refinance your mortgage, read on for the best deals out there!
What are Mortgage Cash Back Bonuses?
Mortgage cash back bonuses are essentially cash rebates that you can receive when you get a new mortgage. The amount of the rebate will vary depending on the lender and the mortgage amount.
For example, some lenders will offer a percentage of your total loan amount as a cash rebate. But usually, they’ll offer a fixed dollar amount for different mortgage amount ranges.
Either way, these bonuses can add up to a significant amount of money!
And if you’re looking for the best mortgage rate offers from some of the largest mortgage providers in Canada, check out nesto to compare the current mortgage rates.
How to Find the Best Mortgage Cash Back Bonus for You?
There are a few things you should keep in mind when looking for the best mortgage cash back bonus for you.
First, make sure to compare different lenders. There are many different banks and credit unions that offer mortgage cash back bonuses. And they all have different offers! So make sure to shop around and compare before you decide on a lender.
Second, pay attention to the details of the offers. Some lenders will only offer the bonus if you meet certain conditions. For example, you may have to set up automatic payments or make a certain number of on-time payments.
The best way to find the right mortgage cash back bonus for you is to compare different offers and find one that best suits your needs.
Best Mortgage Cash Back Bonuses in Canada
Now that you know what to look for, let’s take a look at some of the best mortgage cash back bonuses currently available in Canada!
| Mortgage Provider | Cash Back Bonus Offer | Min Mortgage Amount |
|---|---|---|
| TD Bank | $500 – $3,000 | $150,000 |
| BMO | $1,200 – $3,300 (expired) | $100,000 |
| Vancity | $1,000 – $3,000 | $100,000 |
| RBC | Up to $4,100 | $100,000 |
| CIBC | $1,000 – $3,000 | $100,000 |
| Simplii Financial | $750 – $3,000 | $100,000 |
| Tangerine | $2,000 – $5,000 | $350,000 |
| Scotiabank | Up to $1,200 | $100,000 |
| National Bank | $1,000 – $3,000 | $100,000 |
1. TD Bank Mortgage Offer
- Cash Back Value: Up to $3,000
- Minimum Mortgage amount to qualify: $150,000
The TD Bank special mortgage offer is available on new purchases, refinance and switching your mortgage from another mortgage lender.
You need a mortgage with a minimum principal of $150,000 and a minimum term of 4 years. Also, only mortgages that are closed to prepayments are eligible.
Apply for August 31, 2022 to earn a cash bonus of up to $3,000 depending on the mortgage amount as shown below:
| Mortgage Amount | Cash Bonus |
|---|---|
| $150,000.00-$299,999.99 | $500 |
| $300,000.00-$499,999.99 | $950 |
| $500,000.00-$749,999.99 | $1,500 |
| $750,000.00-$999,999.99 | $2,500 |
| $1,000,000.00+ | $3,000 |
2. BMO Mortgage Cash Back Offer
- Cash Back Value: Up to $4,200
- Minimum Mortgage amount to qualify: $150,000
The BMO mortgage cash back is available on both new and refinanced mortgages and applies on both BMO mortgage and their HELOC product, BMO Homeowner ReadiLine®.
Here’s how the BMO mortgage offer works:
- Apply for a new mortgage or switch to BMO by February 17, 2023
- Have the mortgage funded within 130 days of the rate guarantee date
- Set the mortgage payments to go out from a BMO account
- Receive your cash within 5 business days
| Mortgage Amount | Cash Bonus |
|---|---|
| $100,000.00-$499,999.99 | $1,100 |
| $500,000.00-$749,999.99 | $2,100 |
| $750,000.00-$999,999.99 | $3,100 |
| $1,000,000.00+ | $4,200 |
In addition you will save up to $1,100 on fees when you move your mortgage to the bank.
Learn more here.
3. Vancity Mortgage Cash Back
- Cash Back Value: Up to $3,000
- Minimum Mortgage amount to qualify: $100,000
Vancity is the largest credit union in Canada and one of the largest financial institutions in the country.
The cash back offer is available for homeowners buying a new property or for refinances of at least $100,000. However, the mortgage must be fixed term with at least a 4-year term.
You can earn up to $3,000 depending on your loan amount as shown in the table below.
| Mortgage Amount | Cash Back Value |
|---|---|
| $100,000 to $299,999.99 | $1,000 |
| $300,000 to $499,999.99 | $1,200 |
| $500,000 to $749,999.99 | $2,000 |
| $750,000 and up | $3,000 |
Learn more about the Vancity mortgage promotion here.
Related: Vancity Credit Union Review
4. RBC Mortgage Offers
- Cash Back Value: $Up to $4,100
- Minimum Mortgage amount to qualify: $100,000
RBC offers two types of mortgage promotions:
- Limited Time Switch Offer: This type of mortgage offer gives you up to $3,000 back when you switch your mortgage to RBC.
- Switch Fee Coverage: When you transfer your mortgage to RBC, the switch fee ($up to $1,100) will be covered)
Here’s how the RBC mortgage offers work:
- Apply or switch your mortgage to RBC on August 31, 2022.
- Get a minimum of $100,000 mortgage for a limited offer and $300,000 for a limited switch offer
- Receive your offer
The following are the RBC eligible mortgage amounts and their cashback rates.
| Mortgage amount | Cashback value |
| $300,000 – $499,999.99 | $500 |
| $500,000 – $749,999.99 | $1,000 |
| $750,000 – $999,999.99 | $2,000 |
| $1,000,000+ | $3,000 |
Learn more about the RBC mortgage offers here.
5. CIBC Mortgage Offer
- Cash Back Value: $3,000
- Minimum Mortgage amount to qualify: $100,000
If you get a CIBC Mortgage, CIBC will give you a cash back of up to $3,000. CIBC can assist you with your mortgage needs whether you are relocating, switching mortgages, or being a first-time homebuyer.
Here’s how the CIBC mortgage offer works:
- Call a CIBC advisor at 1-866-525-8622 or request a call here.
- Choose your preferred mortgage
- Get a minimum of $100,000 CIBC mortgage
- Receive the cash back offer bonus
The following are the CIBC eligible mortgage amounts and their cashback rates.
| Mortgage amount | Cashback value |
|---|---|
| $100,000 – $299,999.99 | $1,000 |
| $300,000 – $499,999.99 | $1,200 |
| $500,000 – $749,999.99 | $2,000 |
| $750,000 and above | $3,000 |
Learn more about the CIBC mortgage offer here.
6. Simplii Mortgage Offer
- Cash Back Value: $3,000
- Minimum Mortgage amount to qualify: $100,000
Get up to $3,000 cashback when you get approved for a $750,000+ mortgage on Simplii. In addition, you will get a Nest Hub (2nd gen) you can use to connect your devices at home.
Below is how the Simplii mortgage offer works:
- Call a Simplii mortgage specialist at 1888-866-0866 or fill out this form.
- Get a Simplii eligible 5-year variable or fixed mortgage by October 31, 2022.
- Set up and make pre-authorized mortgage repayments from a new or existing chequing account.
- Receive your offer
The following are the Simplii eligible mortgage amounts and their cashback rates.
| Mortgage amount | Cashback value |
|---|---|
| $100,000 – $299,999.99 | $750 |
| $300,000 – $499,999.99 | $1,000 |
| $500,000 – $749,999.99 | $1,500 |
| $750,000 and above | $3,000 |
Learn more about the Simplii mortgage offer here.
Related Post: Simplii Financial Review
7. Tangerine Mortgage Offer
- Cash Back Value: $5,000
- Minimum Mortgage amount to qualify: $350,000
Tangerine mortgage comes with competitive special rates with a rate hold guarantee for up to 120 days.
When you apply for a Tangerine eligible mortgage by August 31, 2022, you will earn between $2,000 to $5,000 cash back depending on your mortgage amount.
Here’s how the Tangerine mortgage offer works:
- Open a Tangerine chequing account
- Get approved for a $350,000 minimum Tangerine mortgage by May 31, 2022
- Fund your mortgage within 120 days of approval.
- Get your bonus within 30 days of funding
The following are the Tangerine eligible mortgage amounts and their cashback rates.
| Mortgage amount | Cashback value |
|---|---|
| $350,000 and $749,999 | $2,000 |
| $750,000 and above | $5,000 |
Learn about other Tangerine Promotions.
8. Scotiabank Switch Mortgage Offer
- Cash Back Value: $1,200
- Minimum Mortgage amount to qualify: $100,000
If you’re looking to switch your mortgage to another bank, you may want to consider Scotiabank rewards because it offers up to $1,200 cashback for switching over to it.
The offer is applicable for Scotiabank’s 5-year variable mortgage term and 3-year and above closed fixed-rate mortgage terms.
To apply, simply contact a Scotiabank mortgage specialist at 1-877-303-8879 or fill out this form.
Note that the offer is not available for Quebec residents or individuals that declared bankruptcy within the past 7 years.
Learn more about the Scotiabank mortgage offer here.
9. HSBC Switch & New Mortgage Offers
- Cash Back Value: N/A
- Minimum Mortgage amount to qualify: N/A
While HSBC doesn’t offer mortgage cashback, it offers special interest rates on switches and new mortgages.
You can get a 4 82% interest on a 5-year fixed closed term on switching or buying a new mortgage to HSBC.
However, the HSBC special offers are available only for individuals with 25-year or less amortization who are currently occupying their properties.
You can apply for the special offer online, by phone at 1-866-609-4722 or book an appointment for an in-branch application.
Learn more about the HSBC Switch & New mortgage offers here.
10. National Bank Mortgage Offer
- Cash Back Value: $3,000
- Minimum Mortgage amount to qualify: $100,000
The National Bank offers up to $3,000 cashback to its new mortgage users that qualify for a minimum of 4-year fixed/variable mortgage.
Here’s how the National Bank mortgage offer works:
- Apply for a National Bank mortgage by October 31, 2022.
- Get a minimum of $100,000 fixed or variable mortgage approval on a 4-year or above term
- Fund the mortgage within 90 days of approval
- Receive your offer
Below are the National Bank eligible mortgage amounts and their cashback rates.
| Mortgage amount | Cashback value |
|---|---|
| $100,000 – $299,999.99 | $1,000 |
| $300,000 – $499,999.99 | $1,500 |
| $500,000 – $749,999.99 | $2,500 |
| $750,000 and above | $3,000 |
Learn more about the National Bank mortgage offer here.
Conclusion
The mortgage market in Canada is growing and so are the opportunities for homeowners to save money.
With different mortgage offers out there, choosing the best cash back mortgage offers can be a difficult task. But with this guide, you can now make your choice with ease. All you have to do is to choose the perfect offer and make your dream home a reality.
More importantly, make sure you get the best mortgage rates by using an online mortgage platform like nesto.
