The automakers run employee pricing campaigns seemingly every year. So why not try it as a bank?
This is precisely the basis for RBC’s latest mortgage promotion. The nation’s biggest bank is giving employee pricing to anyone who qualifies for its 4- and 5-year fixed terms. The offer applies to applications submitted from April 28 through June 6, 2014.
As for the rate, Vinita Savani, Director, Home Equity Financing says:
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Last modified: May 22, 2014
Posting this on an anon basis but 4 year rate is @ 2.79% and the 5 year @ 2.99%.
First time buyers also get $500 cash.
and a watch
RBC employees should go see a broker and avoid the taxable benefit of using a staff mortgage,,,
According to their advertisement, RBC does not advise marrying an RBC employee to take advantage of employee mortgage rates.
This offering does not apply to RBC employees exclusively; rather the general public at large. Its a good offer (far superior to that provided by that other blue bank) in that there are no special restrictions on the suite of mortgage products offered in conjunction with these rates/terms. Furthermore, when you combine the fact that the offering can be incorporated into a HELOC product, the offering gets even more compelling.
With respect to taxable benefits, there are no negative tax implications at this time.
The CRA taxable benefit rate is 1.00%, therefore RBC staff mortgage rate is not a taxable benefit/