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2021 Meridian Match and Beat Mortgage Offer Terms and Conditions

2021 Meridian Match and Beat Mortgage Offer Terms and Conditions

Updated April 28, 2021

Meridian Credit Union (“Meridian”) will match and beat by 3 basis points (0.03%) any comparable, competitive mortgage rate for eligible Members who can demonstrate valid approval for a lower rate from a qualifying financial institution outlined in the General Terms below. The Match and Beat mortgage offer (the “Offer”) is available from March 17th to May 31st, 2021 (the “Offer Period”) with flexibility to either end the Offer Period early or extend it if required.

General Terms

1. The Offer will match and beat competitive offers from the following financial institutions: Bank of Montreal, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Scotiabank, and TD Bank. The competitive offer must be a direct offer from one of the qualifying financial institutions mentioned – offers from mortgage brokers are excluded.

2. Once the Offer has been extended to a Member, the rate is final, and the Member cannot continue to present new competitive offers.

3. The Offer does not include matching of competitive cash back offers from other financial institutions.

4. The Member must present a valid, personalized competitive offer in writing that includes:
• Mortgage amount
• Interest rate
• Loan-to-value ratio
• Term length
• Amortization period
• Whether the mortgage is fixed or variable
• Whether the mortgage is open or closed
• An offer expiry date where the date has not yet passed, and/or an effective date where validity will be defined as effective date + 90 days (and the 90-day window has not yet passed)

5. The Offer must have comparable mortgage characteristics to the competitive offer. This includes:
• The same mortgage amount
• The same loan-to-value ratio
• The same term length
• The same amortization period
• Whether the mortgage is fixed or variable
• Whether the mortgage is open or closed

Eligibility

6. To qualify for the Offer, the Member’s mortgage application must meet the following criteria:

Mortgage Criteria

Detail

Occupancy:

Owner-occupied, primary residence only
(no rentals or secondary/vacation residences)

Mortgage Position:

First only

Term:

1-5 year terms only

Open/Closed:

Closed mortgages only

7. Member must be a legal resident of Canada and have reached the age of majority in the province or territory in which he or she resides on or before the start of the Offer Period.

8. Members are eligible to receive only one Offer.

Limitations

9. The Offer is limited to one per household.

10. The Offer cannot be combined with other promotional offers or discounts unless Meridian, at its sole discretion, defines otherwise.

11. Meridian reserves the right in its absolute discretion to withdraw, terminate, suspend or modify the Offer in whole or in part, or to vary, delete or add to any of these Terms and Conditions at any time and from time to time without prior notice. In the event of conflict, these Terms and Conditions will prevail over any of the contents of any brochure or other promotional materials advertising this Offer. Meridian reserves the right to end the Offer early or to extend the Offer Period further at its absolute discretion.

12. Meridian reserves the right, at its sole discretion, 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 Offer.

13. This Offer may be suspended, modified or withdrawn at any time without notice for any reason including, but not limited to, an error or mistake on behalf of Meridian.

14. To the extent that these Terms and Conditions are inconsistent with any other communication, advertisement, or statement (a "Message") from Meridian, these Terms and Conditions will supersede all other Messages.

15. The Member acknowledges having read and understood these Terms and Conditions and that they are binding upon him or her.