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Home Equity Line of Credit (HELOC)

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About the Credit Line

A home equity line of credit, or HELOC, is a revolving line of credit that uses your home's current market value as collateral. When you have 20% or more equity in your home, you can set up a line of credit that can be easily accessed and used for just about anything. It is fully open for prepayment without penalty and can be used for home renovations, investments, a vacation, a child's education, or debt consolidation. You can borrow as much as you need, up to your available credit limit, and for the first 5, 10 or 25 years, you can choose to pay as little as interest-only. Up to 65% of your home's value may be used. If the HELOC is combined with a regular mortgage the combined value of your HELOC and mortgage can be up to 80% of your home's value. As you pay off your mortgage you may be able to borrow more from your HELOC.

Here's an Example

You've had your home appraised by an approved appraiser off the lender's list. Your home's current market value is $350,000. Your mortgage balance on your home is $200,000 and you have no other liens other then the mortgage. The disposable equity in your home is calculated by multiplying your home's value by 80% and then subtracting what you owe on your mortgage.

Your home's value multiplied by HELOC + Mortgage (maximum) 80% less balance owed on mortgage Credit limit on HELOC
$350,000 x 80% - $200,000 = $80,000

Apply for a Home Equity Line of Credit
Canadian Home Equity Line of Credit Magnifying glass


  • Equity take-out — You can enjoy your money now, and not have to wait until you sell your home.
  • Refinancing — You can refinance up to 80% LTV.
  • Purchase a home — You can choose our Line of Credit Mortgage to finance a home purchase, instead of a conventional first mortgage.

Eligible Properties

  • Owner-occupied only — Up to fourplex available.

Loan Amount

  • $10,000 to $500,000

Loan To Value (LTV)

  • Up to 80% Canada-wide

Set-Up Fees

As a borrower, you are responsible for the:
  • Appraisal fee (if applicable)
  • Legal/closing fees

Loan Interest Rate

  • Variable rate only, floats daily based on Bank of Canada Prime
  • Monthly compounding

How You Could Access Your Funds

  • To draw out money from your line of credit account simply call your lender. You can also request funds through online access or by using cheques from your account which are provided by the lender. Funds will be transferred within one to four business days, depending on the method of transfer.

Monthly Statements

  • You will receive a detailed monthly statement within 10 business days after your payment date


  • 5 year term (fully open, principal amount can be paid back in part or full at any time without notice or penalty)
  • This Line of Credit Mortgage is not portable or transferable.

Repayment of Loans

  • Line of Credit Mortgage loans have an interest-only period of 5 or 10 years, during which time you are only obligated to make interest payments on your outstanding balance. Upon completion of the interest-only period, the credit limit will convert to an amortizing credit limit. Depending on the outstanding Line of Credit balance, payment amounts may be adjusted to cover both principal and interest payments.
  • At the end of the interest-only period, you can reapply to extend the interest-only period.
  • The required interest only payment will automatically be deducted monthly from your bank account.
Apply for a Home Equity Line of Credit Our Disclaimer: Although we make every attempt to ensure the accuracy of our website, we recommend you use the above mortgage information as a guideline only. Mortgage interest rates and product availability are subject to change without notice at any time. Certain rates or mortgage products require a minimum credit score, loan amount, or down payment amount and may only be available in specific lending areas. A quick closing loan condition may be required (does not apply to mortgage pre-approvals). For more information, contact Super Brokers by using our online mortgage application.
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