New Mortgage Cash Back Program - Terms and Conditions

BlueShore Financial, a division of Beem Credit Union, offers the New Mortgage Cashback Program to new members of Beem Credit Union that obtain a qualifying mortgage loan and make mortgage payments from an Unlimited Chequing or Premium Chequing account at BlueShore Financial.  BlueShore Financial, GFCU Savings, Gulf & Fraser, Interior Savings and North Peace Savings are trade names of Beem Credit Union. These Terms and Conditions govern the New Mortgage Cashback Program.  The New Mortgage Cashback Program runs from March 15, 2025 at 12:00 AM PST until December 31, 2025 11:59 PM PST (the “Program Period”).
 

The cashback offer under the New Mortgage Cashback Program is as follows:

For qualifying mortgage loans between:Cashback Offer
$250,000 to $499,999$1,000
$500,000 to $649,999$2,000
$650,000 to $999,999$3,000
$1,000,000 or more$4,500

The cashback will be deposited to your new Unlimited Chequing or Premium Chequing account within 30 business days of advancing your mortgage loan.  

Qualifying Mortgage Loans  

A qualifying mortgage loan must be:

  1. a fixed or variable rate mortgage loan with a closed term of 3 years or more in the amount of $250,000 or more;
  2. a new mortgage loan registration (not a renewal or refinancing of an existing mortgage loan at BlueShore Financial and not referred by a broker); and
  3. approved (subject to standard lending guidelines) during the Program Period and advanced by the deadline referenced in the Residential Commitment Letter.

Other Eligibility Requirements, Conditions or Restrictions

To be eligible for the New Mortgage Cashback Program,

  1. you must become a member of Beem Credit Union and make mortgage payments from your Unlimited or Premium Chequing account at BlueShore Financial;
  2. you and any other borrowers on the qualifying mortgage loan have not participated in the New Mortgage Cashback Program during the Program Period; and
  3. you are not an employee of Beem Credit Union.

The following additional conditions or restrictions apply:

  1. The New Mortgage Cashback Program does not apply to open mortgages, lines of credit/personal loans secured by a mortgage, or commercial mortgages.
  2. The cashback is considered as an Incentive under the Residential Term Loan Agreement which means that if you prepay your mortgage loan, or close your Unlimited or Premium Chequing account, you may be required to pay the unamortized portion of the cashback back.  The unamortized portion of the cashback will be calculated as follows:

    Repayment Amount = (Number of months remaining in your term ÷ Total months in your term) × Original cashback amount

    For example, if you received $2,000 cashback on a 5-year (60-month) mortgage and prepay after 3 years (36 months), you would repay: (24 ÷ 60) × $2,000 = $800
     
  3. Any benefits under the New Mortgage Cashback Program are not transferrable or assignable.
  4. Substitutions are not permitted.
  5. The New Mortgage Cashback Program cannot be combined with any other BlueShore Financial offer or promotion excepting the New Client Welcome Bonus.
  6. BlueShore Financial may amend, extend or cancel the New Mortgage Cashback Program, at its sole discretion, at any time without prior notice.
  7. BlueShore Financial reserves the right to refuse or terminate a member’s participation in the New Mortgage Cashback Program if it suspects or discovers that the member is abusing the proper and intended operation of the Program.
  8. You are fully responsible for any tax obligations arising from the New Mortgage Cashback Program. BlueShore Financial has not provided any tax advice nor has any responsibility relating to your tax obligations.
  9. You consent to BlueShore Financial’s collection, use and disclosure of your personal information for the administration of the New Mortgage Cashback Program in accordance with BlueShore Financial’s Privacy Notice on its website. You also consent to BlueShore Financial using aggregated and anonymized information from your personal information to generate reports regarding the New Mortgage Cashback Program.
  10. If any part of these Terms and Conditions is invalid or unenforceable, then the remaining parts will remain in full force and effect.
  11. This Agreement shall be governed by the laws of the Province of British Columbia.