First-time home buyer programs
Cash Back offer
Get up to $4,100 cash back† with a new qualifying BMO mortgage until June 27, 2025.
How to get your cash back
- Step 1
Apply for a mortgage or switch
Get up to $4,000 cash back* when you apply, switch or refinance to a new BMO Fixed or Variable Rate Closed Term Mortgage or Homeowner ReadiLine® with a term of 3 years or longer from August 01 to September 04, 2023. - Step 2
Get your mortgage funded
Have your mortgage funded within 130 days from the rate guarantee date. - Step 3
Make your payments from a BMO account
Use your new or existing BMO chequing account as a funding account to make your mortgage payments. - Step 3
Enjoy your cash back
You’ll get your cash back within five business days after the funding date for your mortgage or Homeowner ReadiLine®.
How much will your cash back be?
What you need to switch your mortgage
- Copy of your renewal offer (if you have one) or your mortgage annual statement
- Mortgage payout statement from your current lender
- Most recent property tax bill to confirm you’re up to date
- Verification of employment and income
- Property insurance
- Void cheque or direct deposit form
BMO support program
Want to buy a home but don’t have the cash to make a down payment? BMO can help you access the funds you need to save for a down payment.
BMO Default Insured Borrowed Down Payment Program
You may borrow your down payment up to a limit of 9.99% of the purchase price of your home. You may also apply for a loan secured with liquid assets pledged by immediate family members for the purpose of purchasing a home, subject to a maximum down payment of 9.99% of the purchase price of your home.
Government support programs
The Government of Canada also offers specific programs or incentives for first-time home buyers. Some of the available programs are listed below for your knowledge and reference. Please refer to the Government of Canada website for more details.
Home Buyers’ Plan
Borrow up to $60,000 from your RRSP (plus an additional $60,000 from your spouse’s RRSP for a total of $120,000) to buy your first home.
Please refer to the link for more details.
First-Time Home Buyers' Tax Credit
Claim $5,000 non-refundable income tax credit amount for purchasing a qualifying home when you file your taxes.
Please refer to the link for more details.
GST/HST New Housing Rebate
Recover some of the GST or HST you paid to buy, build or renovate your home.
Please refer to the link for more details.
30 Year Amortization
If you’re a first-time home buyer and purchasing a property, you can choose a 30 year amortization which may allow you to lower your payments.
Please refer to the link for more details.
First Home Savings Account
A registered plan that allows first-time home buyers to save for their new home tax-free.
Please refer to the link for more details.
Want to learn more? Get in touch with us.
Tips for first-time home buyers
Make the most of home buyer programs.
Make the most of home buyer programs. Lender and the government and both offer special programs for first-time home buyers.Get to know the home-buying process.
Take some time to do your research, learn the terminology and walk through the steps of buying a home. Learn more about buying a home.Talk to the experts.
Buying a home is a team activity! Reach out to friends, family and mortgage professionals so you can make informed decisions.
Helpful mortgage calculators
Mortgage Affordability Calculator
Crunch some numbers to calculate your budget before you start house-hunting.Mortgage Payment Calculator
Calculate how much you’d spend each month to buy a home or renew or refinance your mortgage.Cash Flow Calculator
Think about how much you spend each month, create a budget, and start saving up for your home.
First-time home buyers F A Q s
Helpful resources for your homebuying journey
Purchasing a newly built property
Get closer to your first home with BMO’s mortgage benefits, including a new 30-year amortization period.
Buying a home is exciting, but how much should you spend?
Mortgage pre-approval
Find out how getting pre-approved can help you reach your goals faster.