Spoiler: It’s happening right now.
Let’s get real: for most of us, monthly mortgage payments are the OG, take-no-prisoners expense—our biggest, longest-running, most committed relationship (unless you count your Netflix subscription). But let’s face it, mortgages have never given back: no cashback, no points, not even a simple “thanks for the six figures.” Just the privilege of paying it… all over again next month.
But that’s finally changing.
The market is already testing mortgages that offer cashback. Several of the Big Five banks hand out one-time cashback at closing—usually between 1% and 7% of your mortgage. People often use this to cover closing costs, furniture, or renovations. It’s a decent perk, but it’s a one-shot deal and only at closing.
Now, a few fintechs are taking it further, promising—among future features—to offer monthly cashback or credits for home expenses. It’s the same rewards logic credit cards have wielded for decades, but now it’s coming to homeownership. We’ve been watching this trend closely.
Here’s the best part: you don’t have to wait for a distant future. The shift—where your mortgage actually rewards you—is here now.
Cue the mic drop:
Neobanc is now offering mortgage cashback, starting today. (Yes, that might just be the most satisfying sentence you’ll read this rent cycle.)
Why does this matter? Because it’s more than a money-back gimmick—this retools the economics of homeownership. Adding cashback means your largest debt can finally give something back, nudging you forward instead of just draining your finances. It acknowledges that loyalty should be mutual—and that decades of mortgage payments shouldn’t feel like beating your head against a financial wall.
What the Data Says (Because We’re Not Just Dropping Punchlines)
Cashback mortgages aren’t brand new. Canada’s Big Five already offer them, but with tradeoffs: slightly higher interest rates or repayment if you break the term early. The smarter strategy is ongoing cashback—a wealth-building tool that pays you back monthly and can be used right away.
Bottom line (Cashback for mortgages? Finally!):
Your mortgage doesn’t have to be a one-way street anymore. The market has been inching toward this for a long time, and now we’re already there—giving you instant cashback, not just endless bills. You’ve been feeding your mortgage thousands and getting nothing in return; it’s about time it gave something back.
