Cashback mortgage

Buying a new home can feel overwhelming and you may be wondering how you're going to cover all the different expenses. With the RBC® Cash Back Mortgage(1) you can get the cash you need to help pay your land transfer tax, lawyer's fees, moving costs, closing costs and other expenses.

The RBC Cash Back Mortgage could be ideal if you are a first-time home buyer with a minimum down payment of 5% (a higher down payment percentage may be required depending on the purchase price).

How much cash can you get?

The amount of money you receive is based on the size and term of your mortgage — up to 7% of its value up to a maximum of $20,000. For illustration purposes, the following chart shows how much you can get based on different cash back levels:

On a mortgage of 4% cash back 5% cash back 7% cash back
$100,000 $4,000 $5,000 $7,000
$200,000 $8,000 $10,000 $14,000
$400,000 $16,000 $20,000 $20,000(2)

When do you get your payment?

Your cash back is paid on the date your mortgage is advanced — just in time to help you cover immediate expenses, expected or otherwise! The money you receive is yours to keep so long as you hold your mortgage to the end of its negotiated term.

Payment options

HomeProtector® Mortgage Insurance

It allows you to not only safeguard yourself and your family's lifestyle, but also your assets and net worth.

Start your online mortgage pre-approval

Lock your rate and know exactly how much home you can afford. Start your pre-approval online and an RBC®
mortgage specialist will be in touch within 24 hours to help you complete your pre-approval application.

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