2023 1.0% Mortgage Cash Back Offer
Meridian Credit Union is offering a one percent mortgage cash back (“1.0% Mortgage Cash Back Offer”) from June 30, 2023 to September 30, 2023 to new and existing Members, subject to satisfaction in Meridian Credit Union's sole discretion, of the eligibility criteria set forth in these terms and conditions.
Eligibility Criteria
In order to qualify for the 1.0% Mortgage Cash Back Offer, Members must satisfy all of the following eligibility criteria:
1. Meridian Members who have achieved the age of majority in Canada.
2. Meridian Members who are Retail Members.
3. Initiate an “Eligible Mortgage Application”, for a new purchase or mortgage switch transaction no later than September 30, 2023 at 5:00 p.m. Toronto, Canada time.
4. An “Eligible Mortgage Application” is a new purchase mortgage application, or a switch mortgage application (i.e., a mortgage switched / transferred to Meridian Credit Union from another mortgage lender), that results in a written mortgage pre-approval or approval from Meridian.
5. The Offer is available for Eligible Mortgage Applications with a 5 Year Fixed Closed Mortgage for owner occupied principal residence purchase or transfer/switch only, with a maximum amortization of 25 years. Subject to Meridian’s standard lending criteria for Retail residential mortgages.
6. The maximum purchase price or appraised property valuation must not exceed $1,000,000.00.
7. Mortgage must fund 120 days from the start of the rate commitment date, and no later than December 29, 2023
8. The Offer is ineligible for Refinance Applications
Cash Back & Payment
9. An Eligible Mortgage for this offer will receive the 1.0% Cash Back at time of funding, to a maximum of $4,000.00 per qualifying Mortgage. The Cash Back is an interest rebate with an assumption that mortgage will remain in effect for the full term of the 5 Year Fixed Closed Mortgage.
10. The Cash Back for the Offer will be paid at the time the mortgage is advanced into a Meridian Demand Account, following the acceptance of the Meridian Mortgage Cash Back Agreement Terms & Conditions.
11. Prepayments exceeding the prepayment privileges defined in Meridian’s Mortgage Agreement will require a repayment of a portion of the Cash Back (interest rebate) to Meridian Credit Union, in addition to any applicable prepayment charges payable under the mortgage agreement.
General Terms
12. This offer cannot be combined with any other offer.
13. Meridian Credit Union reserves the right at any time without prior notice and in its sole discretion, to add, alter, modify all or any of these terms and conditions or to replace this offer, wholly or in part, with any other offer, whether similar to this offer or not, or to withdraw this offer altogether. Meridian reserves the right to suspend, disqualify, limit, or revoke this Offer to any Member it finds or believes to be manipulating or otherwise abusing the process, fairness, or integrity of the 1.0% Mortgage Cash Back Offer.
14. Additional terms and conditions apply with The Offer, and with opening an account with Meridian Credit Union and the transfer in, and operation of accounts at Meridian Credit Union. speak with a Meridian Credit Union representative.
15. Meridian Credit Union shall have the exclusive right to determine the amounts, if any, payable under any offer.
16. Meridian Credit Union is not responsible for transfers that are not initiated or received and completed by the dates stated in Sections 3 and 7 due to problems or technical malfunctions of telephone networks or lines, computer online systems or servers, computer software problems or traffic congestion on the internet or at any website, or any other delays on the part of the delivering institution.