Are HELOC rates fixed or variable?

HELOCs are typically variable, tied to the lender's prime rate, so your interest cost moves with rates. Some products let you convert portions to a fixed term.

Can I get a HELOC with less than 20% equity?

Generally no - home equity lines require you to maintain at least 20% equity (you can borrow up to 65% standalone, or 80% combined with your mortgage).

Home equity

Your home's equity, on your terms

Tap into the value you've built with a flexible HELOC or an equity take-out - for renovations, investing, or life's big moments.

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Options

Two ways to access equity

HELOC

A revolving home equity line of credit - borrow up to 65% of your home's value, repay, and re-borrow as needed. Interest-only payment options available.

Equity take-out

Refinance to convert equity into a lump sum at mortgage rates, with a combined mortgage + HELOC up to 80% of value.

Borrowing power

How much can you access?

In Canada, a standalone HELOC can go up to 65% of your home's value, and a combined mortgage-plus-line-of-credit up to 80%. Your available room is that limit minus what you still owe.

HELOC: up to 65% loan-to-value
Combined mortgage + HELOC: up to 80% loan-to-value
Interest-only payments keep minimums low
Pay down and re-borrow without re-applying

See your numbers

65%

Max LTV on a standalone HELOC

FAQ

Home equity questions

A HELOC is a revolving line you draw on as needed and repay flexibly. A refinance/equity take-out gives you a lump sum and resets your mortgage. HELOCs suit ongoing needs; take-outs suit one-time costs.

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