TORONTO, ONTARIO--(Marketwired - Jan. 27, 2017) - With the new B.C. Home Owner Mortgage and Equity Partnership (B.C. HOME Partnership) officially open to applicants - created to help first-time home buyers in the province with repayable assistance loans - BMO has announced a cash incentive program to complement the program on a national scale. It provides up to $1,000 to eligible first-time buyers who meet the following requirements:
- A $100,000 mortgage minimum with default insurance
- Mortgage term four years or greater
- A BMO chequing account - existing or new - from which mortgage payments are withdrawn monthly
"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."
The cash incentive is determined by the applicants' mortgage amount. A mortgage valued between $100,000 and $249,999 entitles an applicant to $500; while one over $250,000 allows for a $1,000 cash incentive.
Under the B.C. government's program, participants will receive a match of up to five per cent of the purchase price for personal down payments, to a maximum of $37,500. The combined amount of a personal down payment, plus the partnership loan, must still meet the minimum requirement for an insured first mortgage loan.
Mr. Bonner added that BMO offers financial advice and support to home buyers - first-time or experienced - throughout the entire home buying journey.
For more information on the BMO first-time home buyer welcome cash offer, please visit here.
About BMO Financial Group
Established in 1817, and currently marking its 200th year of operations, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of $688 billion as of October 31, 2016, and more than 45,000 employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.