Home Equity Line Of Credit (HELOC)

The Hardest Working HELOC

Home Equity = the current market value of your home – the amount owing on your mortgage.

Use that equity to help lower your overall borrowing costs. How? Your home acts as collateral in a Home Equity Line of Credit, which generally gives you a preferred interest rate over other types of borrowing, like a personal loan or traditional line of credit.

Other than the low interest rate, another benefit of a HELOC is that it is revolving. This means that if you use money from your HELOC and then repay that money, you can use that money again right away—you don't need to re-qualify for the loan. You can withdraw money from your HELOC or pay it off completely at any time, and other than the minimum interest payment, there are no set loan payments.

Your borrowing limit is based on how much equity you have in your home. New Canadian lending rules say that banks can lend up to 75% of the value of your home in a HELOC, minus any amount owing on your home.

Whether you need financing for home renovations, a new vehicle, debt consolidation, or whatever else you are planning, our Hardest Working HELOC, plus the Home Free chequing account, can help you access flexible credit at a great rate.

  • Borrow up to 75% of the appraised value of the home
  • Accessible through regular means of payment, including a free transaction account (below). Use ATM card, point of sale, cheques, etc.
  • Flexible repayment: only the interest on the amount borrowed is required each month. Pay as much or as little of the principal you want, whenever you want
    Minimum HELOC of $25,000 (new or increase to existing)

Why you may NOT want a HELOC:

Revolving lines of credit, like HELOCs, can be useful, but they can also be tough to pay down—simply because there is no set payment amount other than the minimum monthly interest payment. If you struggle with other forms of debt, or are concerned that you may use your HELOC for day-to-day purchases indefinitely, then you should sit down with an expert to create a long-term plan that will help you get on better financial footing.

Home Free™ chequing account

What?
An account available only to members who have a home equity line of credit attached to the account.

  • No monthly fee
  • Unlimited free regular transactions, including withdrawals, cheques, in-branch or electronic: withdrawals, transfers, bill payments, debit card transactions at point-of-sale or credit union ATMs.
  • Free monthly eStatement. $2 / month fee for a paper statement

Powered with the equity you’ve built in your home, the Home Free account gives you convenient, flexible access to credit for whatever you’re planning.

Visit your local branch for details on our Hardest Working HELOC and the Home Free account.