JN Bank launches mortgage referral program to encourage savings
Dave Hanson
Key Points(5)
- Dave Hanson, chief product officer for mortgages at JN Bank, explained the initiative promotes financial resilience by giving people alternative means to earn money that can be directed towards their financial goals, even for those who are not yet thinking about buying a home.
- "The initiative aligns with our broader efforts to encourage greater financial inclusion and stronger savings habits among Jamaicans," he said.
- “Whether or not you're in the market for a home today, we're giving you an opportunity to earn an incentive that can be put towards securing your financial future.
- It can help you build your deposit, cover closing costs or strengthen your savings until you're ready to purchase a home.” Successful referrers will earn 0.25 per cent of the value of the mortgage, up to a maximum of J$100,000 per referral.
- Mr Hanson pointed out that while the reward provides an immediate financial benefit, its greatest value lies in how recipients choose to use it.
JN Bank has introduced a new mortgage referral program that allows Jamaicans to earn financial rewards while helping friends and family members achieve homeownership.
The bank’s Tell-a-Friend Mortgage Referral Program provides eligible individuals with an incentive when a person they refer successfully secures and receives a mortgage from JN Bank. The initiative is also aimed at encouraging stronger savings habits amid rising living costs.
Dave Hanson, chief product officer for mortgages at JN Bank, said the program is designed to support financial resilience by creating another avenue for people to earn money that can be directed toward their financial goals.
“Whether or not you’re in the market for a home today, we’re giving you an opportunity to earn an incentive that can be put toward securing your financial future,” Hanson said. “It can help you build your deposit, cover closing costs or strengthen your savings until you’re ready to purchase a home.”
Under the program, successful referrers will receive 0.25% of the value of the approved mortgage, up to a maximum of J$100,000 per referral.
Hanson said the reward can provide immediate financial support while also helping recipients make progress toward longer-term goals.
“Think of the reward as more than extra spending money. It’s another way we’re supporting you on your financial journey,” he said.
The program is open to both JN Bank customers and members of the wider public. Individuals can participate by visiting the JN Bank website and submitting a referral through the online form.
Once a referral is submitted, the bank will contact the prospective borrower to begin the mortgage application process. If the mortgage is approved and disbursed, the person who made the referral will qualify for the reward, which will be credited to their account within 30 business days.
Hanson noted that referrals must be for new prospective mortgage customers who do not already have an active mortgage application with JN Bank. Self-referrals, duplicate referrals, false or misleading submissions, and referrals made through unauthorized commercial arrangements are not permitted.
“Trust and responsible participation are at the heart of this initiative,” Hanson said, adding that JN Bank remains committed to protecting customers’ personal information in accordance with data protection requirements and its privacy policies.
He also encouraged individuals making referrals to obtain consent from prospective borrowers before sharing their contact details with the bank.
Meanwhile, prospective homeowners may benefit from mortgage promotions, including rates as low as 8.75%, subject to credit approval and applicable terms and conditions.
Hanson said JN Bank offers mortgage financing of up to 100% and repayment periods of up to 40 years.
“We’re very much open to negotiating,” he said, adding that the bank’s goal extends beyond offering a mortgage product to providing customers with a reliable and customer-focused homeownership experience.
