First-time buyers can receive up to $1,000 towards the cost of their new home under a new incentive program announced by BMO.
The lender is offering the cash to eligible mortgage customers nationally, with $500 for loans between $100,000 and $249,000, and $1,000 for loans above $250,000.
"The introduction of this offer is timely considering the program the B.C. government has put into effect to assist with the costs associated with home ownership," said Michael Bonner, Senior Vice President and Regional Head, B.C. & Yukon Division, BMO Financial Group. "We are committed to helping our customers meet their home ownership dreams. While the provincial government's offer is exclusive to B.C., our hope is to support all Canadians who come to us for this important milestone and investment."
Eligible borrowers must have default insurance for their mortgage, a loan period of at least four years, and a BMO chequing account.
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