Q: I already have a mortgage with a different lender. Can I still get cash back?
A: Yes, you can! If you switch your existing mortgage of $150,000 or more from another financial institution to Island Savings, you can qualify for cash back, pending you meet the eligibility requirements.
Q: What type of mortgages qualify for the cash back offer?
A: The offer is available on residential Closed Fixed Rate Mortgages with a minimum term of 3 years as well as the 5-Year Closed Variable Rate Mortgage.
Q: When will I receive my cash back?
A: The $1,000 will be deposited to your chequing account at Island Savings on the day your mortgage is funded.
Q: I already have a mortgage at Island Savings – can I get this offer if I refinance my mortgage?
A: Refinances and renewals of existing mortgages aren’t eligible for this offer.
Q: What happens to my cash back if I close my mortgage before the end of my mortgage term?
A: If you close your mortgage prior to the end of the term, you will be asked to repay the cash bonus amount in full.