The Royal Bank
of Canada is taking a page from auto dealers by offering “employee pricing” to home buyers, reports The Financial Post.
The same interest rate offered to RBC employees is being given to customers seeking new and “switch-in” mortgages across Canada.
“This is a first for RBC, and a first for the big banks,” says Sean Amato-Gauci, senior vice-president of home equity financing at RBC. “Home buying season is competitive and cluttered, and it’s not just rates that get you noticed.”
Canadian banks have been battling for mortgage market share – often a gateway to other banking services — with a variety of low-rate enticements, such as a recent 2.99% rate on a five-year fixed-rate closed mortgage at Bank of Montreal.