TD announced yesterday that they would now allow up to $50,000 in cashback as long as the customer took a seven year fixed rate. Sound like a good deal? Well first of all your grandpa was right there is no such thing as a free lunch. This is not free money because the bank will charge you the “posted” rate for which could be 1.25% or higher then what you could get elsewhere for a fixed rate loan.
However, you could look at it as getting an additional $50,000 loan from the bank at a pretty decent rate. If you look at this way then it is probably ok, just understand you are borrowing it from the bank, they are not giving it to you.
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