Offer Description:
The 2025 Spring Mortgage Cash Incentive Offer (the “Offer” from LIBRO Credit Union (“LIBRO”) provides a one-time cash reward (the “Cash Incentive”) to new or existing LIBRO Owners (Members) who secure an eligible LIBRO Fixed or Variable Rate Closed Term mortgage with a term of three (3) years or longer (the “LIBRO Mortgage”).
The Offer is subject to meeting all standard LIBRO mortgage requirements and applicable Eligibility and Offer Requirements as outlined in these Terms.
Redemption Levels:
The Cash Incentive redemption levels are as follows:
| LIBRO Mortgage Amount | Cash Incentive |
| $100,000 – $249,999 | $500 |
| $250,000 – $499,999 | $1,500 |
| $500,000 – $749,999 | $2,500 |
| $750,000 – $999,999 | $4,000 |
| $1,000,000 + | $4,500 |
Offer Period:
The offer period begins on March 24, 2025, at 12:01 a.m. Eastern Time and ends on August 30, 2025 at 11:59 p.m. Eastern Time (the “Offer Period”).
Eligibility:
The offer is only available to new and existing LIBRO Owner who are residents of Ontario who have reached the age of majority as of the beginning of the Offer Period. Employees, agents, and representatives of LIBRO, as well as their immediate family members or individuals with whom they are domiciled, are eligible for the Offer.
The Cash Incentive is applicable to new mortgage applications at Libro that meet the following requirements:
- The mortgage is for an owner-occupied residence.
- The mortgage is a Fixed or Variable Rate Closed Term mortgage for a term of 3 years or longer, and a minimum loan amount of $100,000.
- The purchase is for the purpose of a new property or a switch or refinance of an existing mortgage from another financial institution.
Current LIBRO Owners who refinance are eligible, but the Offer applies only to the net new funds. The Offer excludes porting, renewal of existing funds already outstanding, and revolving credit lending products, such as Home Equity Line of Credit (HELOC)*. All mortgage applications are subject to credit approval by LIBRO.
Offer Requirements:
To qualify for the Cash Incentive, applicants must be a new or existing Libro Owner (Member) AND:
- Apply or are accepted for a new LIBRO Mortgage within the Offer Period with a principal amount meeting the minimum thresholds outlined above. The mortgage must be fully funded within 120 days of application.
AND
- b. Maintain or open a chequing account with LIBRO Credit Union, which will serve as the funding account for the new mortgage and where the Cash Incentive will be deposited.
Offer Limits:
Each Eligible Owner (Member) is entitled to one (1) Cash Incentive limited to one (1) mortgage loan per property. For joint mortgage applications, only one (1) Cash Incentive will be granted per application. The Cash Incentive should not exceed the redemption limit specified for each mortgage amount tier.
If LIBRO Credit Union discovers any attempt to exceed these limits, including through the use of multiple identities, the individual may be disqualified from the Offer at the discretion of LIBRO Credit Union.
Offer Fulfillment and Conditions:
The Cash Incentive will be deposited into the designated LIBRO chequing account within five (5) business days of the mortgage loan disbursement, provided all conditions are met. The Cash Incentive must be accepted as awarded and is not transferable or assignable. No substitutions will be permitted.
General Terms and Conditions:
By participating in this Offer, applicants agree to abide by these Terms. LIBRO Credit Union reserves the right to amend, extend, withdraw, or terminate the Offer and/or to amend these Terms at any time without notice. All decisions made by LIBRO Credit Union regarding the Offer are final.
Participants consent to the collection, use, and disclosure of personal information submitted for the purpose of administering the Offer, in accordance with LIBRO Credit Union’s privacy policy.
In case of any discrepancy between the Terms and any Offer-related materials, these Terms shall prevail. These Terms are subject to the laws of Ontario, Canada.
By participating in the Offer, applicants release LIBRO Credit Union and its affiliates from any liability arising from participation in the Offer.
*Note: Libro refers to the Home Equity Lines of Credit (HELOC) product as “Meritline.”