- Program eases home ownership costs for first-time buyers through a cash incentive
- Offer coincides with B.C. government's new program for first-time home buyers
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A BMO chequing account - existing or new - from which mortgage payments are withdrawn monthly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.