How does it work?

When you’re approved for a mortgage or renew an existing mortgage, you’ll earn cash back based on your mortgage amount and term:

If you get approved for a $350,000 mortgage over a 5 year term, you’ll earn $3,500 back!

This money is deposited to your redeemable Rainy Day GIC, where you can access funds or earn interest. Plus, easily pay your mortgage each month with our Rainy Day chequing account without worrying about transferring funds between banks.

1. The 1st Choice Cash Back Offer is only available to members of 1st Choice who open or already have a personal 1st Choice Rainy Day Chequing Account from which 1st Choice will debit Mortgage payments.
2. Each borrower of the Mortgage must be an individual and be not less than 18 years of age.
3. Mortgage approval is subject to 1st Choice lending criteria including additional terms or requirements typical for residential mortgages.  The Borrower may be required to pay the costs of an appraisal.
4. 1st Choice shall be entitled to charge any and all standard mortgage fees.
5. The Mortgage must be fully funded by 1st Choice within 120 days of the Mortgage application date.  The application must be dated September 20, 2024 or later.
6. 1st Choice will credit the Cash Back to the borrower’s 1st Choice Rainy Day GIC account, within 15 business days of funding the Mortgage provided that all conditions are satisfied. Where more than one (1) person comprises the borrower under the Mortgage, the borrowers must have a joint account and 1st Choice will credit the Cash Back to the joint account.  Amounts less than $500 will be applied to the personal Rainy Day Chequing Account.  If the Mortgage is not funded, no Cash Back is payable.
7. The Cash Back Offer does not apply to 1st Choice members assuming or porting the terms of an existing 1st Choice mortgage.  Blend and increase or blend and extend are excluded. Construction mortgages are also excluded.
8. Where any of the following occurs prior to the end of the fixed term of the Mortgage, the borrower acknowledges to and agrees with 1st Choice that some or all the amount of the Cash Back must be immediately repaid by the borrower to 1st Choice (the “Returned Cash Back”) and 1st Choice shall be entitled to add the applicable amount of the Returned Cash Back to the unpaid balance of the Mortgage:
1. the borrower pays out in full or discharges the Mortgage
2. the borrower transfers the Mortgage to another financial institution
3. 1st Choice makes a demand and commences foreclosure proceedings in connection with the Mortgage.
9. Only one (1) Cash Back shall be available for a particular property.
10. Any withdrawals within the first 90 days of the redeemable term deposit does not earn interest.
11. Term deposit minimum withdrawals of $500 are allowed; the balance must remain above $500.
12. The personal Rainy Day Chequing Account must exist for the term of the mortgage.
13. 1st Choice may withdraw, suspend or terminate the Cash Back Offer at any time.
14. 1st Choice may, in its sole discretion, waive or amend any particular eligibility requirement or other term for a particular borrower or borrowers, at any time, without notice.
15. 1st Choice reserves the right to refuse or terminate a member’s participation in the Cash Back Offer where 1st Choice suspects, believes or discovers that the member is abusing the proper and intended operation of the Cash Back Offer program.
16. Nothing herein shall in any way obligate 1st Choice to approve an application for a Mortgage or to fund a Mortgage.
17. The Cash Back Offer cannot be combined with any other offer provided by 1st Choice unless approved in writing by 1st Choice.
18. If a borrower is not presently a member of 1st Choice, the Borrower may become a member subject to the regular membership requirements.

1. The 1st Choice Cash Back Offer may be changed or withdrawn at any time without notice.
2. Cash Back Amount:
• 0.25% for one year mortgages
• 0.25% for two year mortgages
• 0.50% for three year mortgages
• 0.75% for four year mortgages
• 1.00% for five year mortgages
• 1.50% for seven year mortgages
3. Eligible Mortgage requirements:
• a residential property or a Residential Revenue Property (a property used exclusively for residential purposes containing not more than 4 residential units);
• the Mortgage amount must not be less than $50,000.00 CDN;
• the Mortgage must be for a fixed term of not less than one year;
• the Mortgage loan must be either a first mortgage or a second mortgage ranking behind an existing 1st Choice first mortgage;
• Mortgages ineligible for the Cash Back Offer include: commercial loans or commercial mortgages; agricultural loans or agricultural mortgages; mortgages sourced, arranged or facilitated by or through the Broker Channel; third or later mortgages; a second mortgage ranking in priority behind a first mortgage in favour of a lender other than 1st Choice; mortgages with open repayment terms; mortgages securing a line of credit (e.g. HELOC); construction mortgages.
• All decisions of 1st Choice as to whether a Mortgage is eligible for the Cash Back Offer are final.
4. The applicable amount of the Returned Cash Back is the unamortized portion of the Cash Back Amount (the “Unamortized Portion of the Cash Back Amount”) calculated as follows: the number of months from the prepayment date of the Mortgage to the end of the fixed term of the Mortgage divided by the number of months from the Interest Adjustment Date as shown in the Mortgage to the end of the fixed term of the Mortgage, multiplied by the Cash Back Amount
5. The applicable amount of the Returned Cash Back is the Unamortized Portion of the Cash Back Amount as per footnote #4, above
6. The applicable amount of the Returned Cash Back is the full Cash Back Amount