Eligibility:
- New consumer mortgages are eligible to qualify for a cashback payment to members of up to $5,000.00 based on the principal amount of the new mortgage.
- Applicable to residential dwellings used by the member as a primary residence.
- Minimum new mortgage amount $100,000.
- Available to fixed and variable “Closed” term mortgages.
- Home Equity Lines of Credit (HELOC) and Open mortgages do not qualify.
Conditions:
- Cashback amount is based on the mortgage balance drawn for mortgages new to LCU, or the balance increase where an existing LCU mortgage is ported for a sale of an existing residence / purchase of a new residence.
- Borrower must have a LCU deposit account and mortgage payments must be made from this account.
- Cashback payment will be deposited into the LCU account.
Cashback Agreement:
- Cashback is paid upon full advancement of the new mortgage and must be funded within 120 days of the rate commitment.
- Mortgage must remain with LCU for a minimum of 5 years from date of initial drawdown (the “5 Year Period”).
Repayment
- Borrower must repay the cashback amount to LCU on a prorated basis if, during the 5 Year Period, one or more of the following events occurs:
- Full repayment of the mortgage principal amount.
- Transfer of the mortgage to another financial institution.