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Canadian Mortgage Bonuses – December 2020

    As 2020 slowly winds down, many will be looking forward to what 2021 might bring. For some, this could include a new home. If you are shopping around for a mortgage this month, there are many special offers and bonuses that Canadian banks are offering. In this day and age, it’s all about the digital platforms a financial institution can provide to make the banking and mortgage process that much easier for clients, for a quicker and more effective customer experience.

    An overview of this is below.


    Scotiabank’s eHOME cuts out a lot of time wasted looking for a home and mortgage by doing everything digitally. You can search for a home, get pre-approved, and gain approval on your mortgage, all online and in one place. Plus, clients of eHOME save up to $300 on appraisal fees and are given preferred mortgage rates.

    Applications are completed online, and no appointments are needed, with “real-time” updates on the status of your application. In addition, eHOME has mortgage specialists on hand to answer your questions.

    For more information, visit Scotiabank for details.

    Royal Bank of Canada

    Perhaps the new year is all about finding a new “home” for your mortgage. RBC has a solid offer for December, where clients can receive up to $1,100 to cover “switch” fees when you bring an existing mortgage over to them. Types of switch fees covered in the promotion include processing, discharge, and title insurance fees, all that range between $300 to $500 in value—all fees that typically are handed out when a customer tries to switch their mortgage to another bank.

    With that said, eligible clients can also earn up to $2,000 if they switch to RBC between now and December 18, 2020. Mortgages of $500,000 to $750,000+ can earn you from $1,000 to $2,000 cash back.

    For more information, visit RBC

    TD Bank

    TD Bank is offering a unique deal for first-time homebuyers. Clients who are approved for a TD Mortgage or TD Home Equity Flexline gain access to a 1% bonus interest on savings (for six months), as well as up to $3,000 in overdraft protection on their chequing account. 

    Visit TD Bank for more details.

    Bank of Montreal

    Sometimes, it is all about the mortgage rate, and BMO’s December offer provides clients with peace of mind. Apply for mortgage pre-approval and gain access to a 130-day rate guarantee, which is the lengthiest offered by the five major banks across Canada. If you think you are ready to buy a home in the next few months, securing a solid rate now is the best thing you can do to ensure mortgage savings in the future.

    For more details, visit the Bank of Montreal.


    Choose CIBC as your mortgage provider and get a little cash back for your banking business. This financial institution is currently offering up to $3,000 for new mortgage holders. The amount of cash back depends on the amount of your mortgage. 

    On top of that promotion, CIBC is also currently offering a fixed five-year mortgage rate at 2.1%. 

    To learn more, visit CIBC.

    National Bank of Canada

    Sign up for a mortgage with the National Bank of Canada and earn up to $3,000 back. The offer is set up in a tiered system, so the higher your mortgage is, the higher the cash back will be. Mortgage loans of $750,000+ earn $3,000; while mortgages between $749,999 to $500,000 get $2,500; where cash back is at $1,500 for mortgages between $499,999 and $250,000; and mortgages from $249,999 to $100,000 earn $1,000. A minimum commitment of 4 years is required.

    For more information, visit National Bank of Canada.

    HSBC Canada

    It doesn’t get any better than an interest rate just under 1%, which is exactly what HSBC is offering right now on their five-year variable closed high-ratio mortgage. An incredible 0.99% mortgage rate, undeniably one of the lowest offered by a Canadian bank. Plus, HSBC guarantees a 120-day (that’s four months) locked-in rate, which gives you more than enough time to look for your perfect new home and decide if you want to take that leap into homeownership.

    For more information, visit HSBC.

    Simplii Financial

    Over at Simplii, they too are offering up to $3,000 in cash back, when you purchase a new home. Clients can earn up to $2,750 when they set up an eligible 5-year mortgage (fixed or variable) with the bank, while also ensuring their mortgage payments come out of a new or existing Simplii Financial chequing account. Earn an added $250 when a pension or payroll direct deposit is set up within the chequing account, too. Offer ends February 28, 2021.

    For more information, visit Simplii Financial.

    Kindred Credit Union

    First-time homebuyers are given an incentive when taking their mortgage to Kindred Credit Union, which is $1,000 cash back. The offer is extended to clients with a five-year fixed and closed term on a residential mortgage.

    Learn more about it by heading to Kindred Credit Union.

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    Christopher - BSc, MBA

    Christopher - BSc, MBA

    With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.

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