Make your referral by August 31
Earn $250 for each successful referral you make. There are no restrictions on the number of referrals you can make. Your cash bonus will be paid within thirty days of your friend/family member funding their mortgage with Innovation.
8,900+ Canadians enjoy a mortgage with us
AIR = Annual Interest Rate
APR = Annual Percentage Rate
Annual Interest Rate = The total cost of credit expressed as an annual percentage, not including various non-interest charges.
Annual Percentage Rate = The total cost of credit expressed as an annual percentage, taking into account, both interest and various non-interest charges.
If there are no non-interest finance charges, the AIR and APR will be the same.
APR Assumptions:
a. $300,000 Mortgage
b. 25 Year Amortization
c. Applicable Term for Each
d. $400 Appraisal Fee
Applicable to residential mortgages only and subject to Innovation Federal Credit Union lending criteria for residential properties. Some conditions apply.
Interest rate compounded semi-annually not in advance. Interest rates are subject to change without notice.Applicable to residential mortgages only and subject to Credit Union lending criteria for residential properties. Some conditions apply.
Rates subject to change without notice.
Innovation Federal Credit Union will lend for properties located in Canada only.
Additional information for building mortgages could be required depending on the type of construction project you are undertaking.
$250 Mortgage Referral Offer:
Between June 1, 2023, and August 31, 2023 (the “Offer Period”) selected Innovation Credit Union members are eligible for a $250 Mortgage Referral Bonus (the “Offer”), provided the following terms and conditions are met.
Eligibility:
- Referrals must be made by a current member of Innovation Credit Union (the “Referring Member”).
- The new mortgage holder(s) who sign up after being referred (the “Referred New Mortgage Holder”) must be a new customer to Innovation Credit Union (or a former customer that has not been a customer since January 1, 2016), be 18 years of age or older, be a Canadian resident excluding residents of Quebec, and meet Innovation Credit Union’s membership and account opening approval criteria.
Offer Conditions:
The Referring Member will be eligible to receive the $250 Mortgage Referral Bonus, after the Referred New Mortgage Holder has met each of the following conditions:
- Open an Innovation Credit Union No-Fee Bank Account (the “Account”) by December 31, 2023;
- Open a new consumer residential mortgage loan with a principal amount of $100,000 or more by December 31, 2023.
Offer is limited to one $250 Mortgage Referral Bonus per property.
Additional Information:
After the Offer Conditions have been met, the $250 Offer will be deposited into the eligible Referring Member’s Innovation Credit Union Member Rewards Account the month after the Referred New Mortgage Holder’s Mortgage Account was funded. For example: If a Referred New Mortgage Holder funds their Mortgage Account in June 2023, the $250 mortgage referral bonus will be deposited by the end of July 2023.
Offer is non-transferable and is not valid in conjunction with any other Offer. The recipient(s) of the Offer is solely responsible for any tax consequences associated with their receipt thereof.
Innovation Credit Union employees and immediate family members of employees residing in the same household are not eligible for the Offer.
Innovation Credit Union reserves the right to cancel or change these terms and conditions at any time without notice, for any reason, and to revoke the Offer for any customer who appears to be manipulating or abusing the Offer or appears to be engaged in any suspicious/fraudulent activity.
Mortgage Cash Back Terms & Conditions:
This offer applies to first time home buyers, next time home buyers and/or anyone who transfers their mortgage loan to Innovation Federal Credit Union (“Innovation”) from another financial institution (the “Applicants”). Mortgage loans must have a principal amount of $100,000 or more, must be an Innovation Federal Credit Union (“Innovation”) Fixed-Rate Closed mortgage loan at Innovation’s posted 5-year Closed Fixed (Special) mortgage interest rate, and must have a term of 5 years with an amortization of 25 years or less. The offer applies to new consumer residential mortgage loans only. Mortgages for an acreage or home quarter which qualifies for residential mortgage pricing are not eligible for Mortgage Cash Back. The mortgage must have a purchase price or as-improved property value less than or equal to $1,000,000. Mortgage renewals, re-advances or refinances are not eligible for the Mortgage Cash Back offer.
Applicants must have an Innovation No-Fee Bank Account and Member Rewards Account. Pre-authorized mortgage payments must come from an Innovation bank account. Mortgage application must be submitted to Innovation by December 31, 2024, and mortgage must be funded within 120 days of application.
Qualifying Applicants will receive cash back based on their mortgage loan amount. Cash back amounts are tiered as follows:
o $1,000 cash back on a mortgage loan of $100,000 – $299,999
o $2,000 cash back on a mortgage loan of $300,000, – $499,999
o $2,500 cash back on a mortgage loan of $500,000 – $749,000
o $3,000 cash back on a mortgage loan of $750,000 - $1,000,000.
Cash back amount will be deposited into the Applicant’s Innovation Member Rewards Account within 30 business days after mortgage funding. In the case of joint mortgages, the cash back amount will be divided equally amongst all mortgage holders. Investment income earned on Member Rewards Account balances may be taxable. If the offer ends before the 30 business days after funding, Innovation will still pay the cash back amount to the Applicants, provided the above terms and conditions are met.
Offer is subject to meeting Innovation’s credit approval criteria. Offer may end or change at any time without notice. From time to time, and without notice, Innovation may change, supplement, or amend these terms and conditions. Offer expires December 31, 2024, but may end at any time without notice.
Offer is non-transferable and is not valid in conjunction with any other Offer unless otherwise stated. Limit of one Offer per Qualifying Account Holder, including for joint Account Holders. The recipient(s) of the Offer is solely responsible for any tax consequences associated with their receipt thereof.
1 All rates, offers and profit share are subject to approval and can change without notice
2 See $4,000 Cash Back Mortgage Offer Terms & Conditions below for details.
3 Member Rewards amount is calculated using a $400,000 mortgage, with a 5-year fixed special rate. Member Rewards allocation rate of 2.79% and dividend rate of 6.48% is used to determine annual allocation amounts over the five-year term.
4 Potential savings over 5 years compared to our competitors posted mortgage of 4.89% on a 5-year closed fixed $400,000 mortgage.