Home Equity Line of Credit
Flexible access to your home equity — borrow what you need, when you need it.
What Is a HELOC?
A Home Equity Line of Credit (HELOC) is a revolving credit facility secured against your home. Unlike a traditional loan, you only borrow what you need and only pay interest on what you use. As you repay the balance, the credit becomes available again — giving you ongoing, flexible access to funds at a much lower rate than credit cards or personal loans.
How a HELOC Works
Qualify based on equity
You can borrow up to 65% of your home's appraised value through a HELOC, or up to 80% combined with your mortgage balance.
Access funds anytime
Once approved, draw on your HELOC whenever you need it — by transfer, cheque, or debit card depending on your lender.
Pay interest only
During the draw period, you're only required to make interest payments on the outstanding balance.
Repay and reuse
As you pay down the balance, those funds become available again — it works like a credit card, but secured against your home.
Popular Uses for a HELOC
Home renovations
Fund a kitchen remodel, addition, or landscaping project — and potentially increase your home's value in the process.
Debt consolidation
Pay off high-interest credit cards and personal loans with a HELOC at a fraction of the interest rate.
Investment opportunities
Use your equity to invest in real estate, a business, or a non-registered investment account.
Education costs
Fund tuition and living expenses for yourself or a family member without taking on high-interest student debt.
Emergency fund
Keep a HELOC open as a safety net — you only pay interest if you actually use it.
HELOC vs. Refinancing — Which Is Right for You?
A HELOC is ideal if you need ongoing or uncertain access to funds — like a renovation with evolving costs. Refinancing is better if you need a large lump sum at a fixed rate. I'll help you compare both options based on your goals and current mortgage terms.
HELOC FAQs
What credit score do I need for a HELOC?
Most lenders require a minimum credit score of 680. The better your credit, the better your rate.
Can I get a HELOC if I have a mortgage?
Yes. Your HELOC and mortgage together cannot exceed 80% of your home's value. Many homeowners carry both.
Is the interest on a HELOC tax-deductible?
If you use the HELOC for investment purposes, the interest may be tax-deductible. Consult your accountant for advice specific to your situation.
Unlock Your Home Equity
A HELOC can be one of the most powerful financial tools available to homeowners. Let's find out how much equity you have access to.
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