UNLOCK YOUR EQUITY

Home Equity Line of Credit

Leverage the value of your home to access our lowest borrowing rates. Perfect for renovations or major investments.

Borrow up to 80% of your home's value
Pay interest only on the funds you actually use
Quick • Private • No obligation

Smart Match Finder

Smart Match

Answer a few quick questions and get matched in minutes.

Find My Match Start
Secure form
More Filters:
Select Lenders
Must Include

Recommended Matches

Viewing our curated selection of Home Equity Line of Credit.

CIBC
CIBC Home Power Plan® Line of Credit
Est. APR
Varies
Loan Amount
From $10k (Up to 80% LTV)
Loan Terms
Revolving Line
Recommended Score
All Credit Types
Secured Loan Flexible Repayment Options Interest-Only Payments Available
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Welcome Offer

Introductory rate equal to CIBC Prime (currently 4.45%) until December 6, 2026.

Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $10,000 - No Limit
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Flexible Repayment Options Skip-a-Payment Option Interest-Only Payments Available
Highlights & Pros
  • Highly competitive introductory rate matching CIBC Prime (4.45%) until December 2026.
  • Lower ongoing interest rates than unsecured personal lines due to home equity backing.
  • Higher credit limits starting at $10,000 to cover major renovations or debt consolidation.
Things to Consider
  • Requires your home as collateral, which involves a more complex application and valuation process.
  • Mandatory security requirement (Home Equity).
National Bank of Canada
National Bank All-In-One™ (AIO)
Est. APR
Varies
Loan Amount
Line of Credit (Up to 80% LTV)
Loan Terms
Revolving Line
Recommended Score
All Credit Types
Secured Loan No Early Repayment Penalty Lump-Sum Prepayments Allowed Online Account Management Interest-Only Payments Available
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $0 - No Limit
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Loan Insurance Available No Early Repayment Penalty Lump-Sum Prepayments Allowed Online Account Management Branch Support Available Interest-Only Payments Available
Highlights & Pros
  • Automatic Re-advance: Every dollar of principal you pay off on your mortgage portion instantly becomes available to borrow in your revolving portion.
  • Consolidation Power: Use your income and savings to offset your loan balance daily, potentially saving thousands in interest.
  • Ultimate Flexibility: Choose interest-only payments on the revolving portion to manage cash flow during expensive months.
  • No need for a legal professional or re-application to access funds once the AIO is established.
Things to Consider
  • Requires a 20% down payment or 20% equity to qualify for the hybrid "Made-to-Measure" version.
  • Monthly fee of $7.00 per account applies, which can add up if multiple accounts are integrated.
  • Federal regulations cap the purely revolving portion at 65% of the home's value; the remaining 15% must be a non-revolving loan.
Spring
Spring Financial Home Equity & Mortgage
Est. APR
Varies
Loan Amount
Line of Credit (Up to 80% LTV)
Loan Terms
Revolving Line
Recommended Score
All Credit Types
Secured Loan Bad Credit Considered
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $0 - No Limit
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Online Application Bad Credit Considered
Highlights & Pros
  • Allows you to access up to 80% of your home's equity
  • Broker model shops your application to 40+ lenders and banks for approval
  • Accessible to homeowners regardless of their credit background
Things to Consider
  • Requires a property with sufficient existing equity to qualify
  • Specific rates and terms are not provided until you apply
TD Canada Trust
TD Home Equity FlexLine
Est. APR
Varies
Loan Amount
Line of Credit (Up to 80% LTV)
Loan Terms
Revolving Line
Recommended Score
All Credit Types
Secured Loan Lump-Sum Prepayments Allowed Interest-Only Payments Available
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $0 - No Limit
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Loan Insurance Available Lump-Sum Prepayments Allowed Mobile App Available Interest-Only Payments Available
Highlights & Pros
  • Hybrid structure allows you to lock a portion of your debt into a fixed mortgage rate while keeping the rest as a flexible line of credit.
  • Automatically increases your available revolving credit as you pay down the principal on the Term Portion.
  • Access your funds instantly using a TD Access Card, cheques, or the mobile app.
  • Term portions include generous prepayment privileges (up to 15% lump sum annually).
Things to Consider
  • Requires your home to be pledged as collateral, which involves setup fees (like appraisal and legal costs).
  • While you can access up to 80% of your home value in total, federal regulations cap the purely revolving portion at 65%.
Capital Direct
Capital Direct Flexi Line™
Est. APR
6.95%
Loan Amount
From $10k (Up to 80% LTV)
Loan Terms
Revolving Line
Recommended Score
All Credit Types
Secured Loan Fast Approval Bad Credit Considered Rate Match Guarantee Requires Firm Sale Agreement
Min Income: No strict min.
Origination Fee: 0%
Funding: 5 Days
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Variable
Typical APR 6.95%
Loan Amounts $10,000 - $1,500,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time 5 Days
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age 18 years old
Residency Status Canadian Resident
Included Features
Secured Loan Fast Approval Bad Credit Considered Rate Match Guarantee Requires Firm Sale Agreement
Highlights & Pros
  • Supports multiple advances—perfect for ongoing construction or renovation stages
BMO Bank of Montreal
BMO Homeowner’s Line of Credit
Est. APR
Varies
Loan Amount
From $5k (Up to 80% LTV)
Loan Terms
Revolving Line
Recommended Score
All Credit Types
Secured Loan Interest-Only Payments Available
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $5,000 - No Limit
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Flexible Repayment Options Mobile App Available Online Account Management Interest-Only Payments Available
Highlights & Pros
  • Access a large pool of funds at significantly lower rates than unsecured personal loans.
  • Interest-only payment options maximize your monthly cash flow.
  • Re-advanceable credit: as you pay down your mortgage, your available credit limit can increase.
Things to Consider
  • Variable interest rate means monthly interest costs fluctuate with the BMO Prime Rate.
  • Requires your home as collateral, posing a risk of foreclosure if payments are missed.
  • Federal regulations cap the revolving HELOC portion at 65% of your home’s value.
Draft Financial
Draft Financial Home Equity Loan
Est. APR
7.99% - 15.99%
Loan Amount
From $10k (Up to 80% LTV)
Loan Terms
Revolving Line
Recommended Score
All Credit Types
Secured Loan Fast Approval
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $10,000 - $500,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Fast Approval
RBC Royal Bank
RBC Royal Credit Line (Secured)
Est. APR
Varies
Loan Amount
From $5k (Up to 80% LTV)
Loan Terms
Revolving Line
Recommended Score
All Credit Types
Secured Loan Flexible Repayment Options Online Account Management
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $5,000 - No Limit
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Loan Insurance Available Flexible Repayment Options Online Account Management
Highlights & Pros
  • Access significantly lower interest rates than standard unsecured credit products.
  • Unique flexibility: can be secured by either home equity or a qualifying investment portfolio.
  • High borrowing ceiling (up to 65% of home value).
Things to Consider
  • Requires pledging substantial personal assets (home or investments) as collateral.
  • The application process is more rigorous than unsecured options due to asset valuation.
BMO Bank of Montreal
BMO Homeowner ReadiLine®
Est. APR
Varies
Loan Amount
Line of Credit (Up to 80% LTV)
Loan Terms
Revolving Line
Recommended Score
All Credit Types
Secured Loan No Early Repayment Penalty Lump-Sum Prepayments Allowed Interest-Only Payments Available
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $0 - No Limit
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan No Early Repayment Penalty Lump-Sum Prepayments Allowed Mobile App Available Interest-Only Payments Available
Highlights & Pros
  • Automatically increases your available line of credit as you pay down your mortgage principal.
  • Allows total borrowing of up to 80% of your home’s value (max 65% for the revolving portion).
  • Features an industry-leading 130-day rate guarantee for the mortgage portion.
  • Generous prepayment privileges on the mortgage portion (up to 20% lump sum annually).
Things to Consider
  • Requires an initial 20% down payment or 20% existing equity to qualify.
  • To switch from another bank, you must discharge your existing mortgage first, which may incur break penalties.
Scotiabank
ScotiaLine® Personal Line of Credit (STEP)
Est. APR
Varies
Loan Amount
Line of Credit (Up to 80% LTV)
Loan Terms
Revolving Line
Recommended Score
All Credit Types
Secured Loan
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $0 - No Limit
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Loan Insurance Available
Highlights & Pros
  • Eligible for the Scotia Total Equity Plan (STEP) allowing you to borrow against your home at much lower rates.

Unlock Your Home’s Equity

A HELOC is one of the most powerful, low-cost ways to access funds in Canada. Calculate your available equity, then see how different payment strategies change your timeline and total interest.

  • Discover your maximum borrowing limit (80% LTV)
  • Compare interest-only vs. fixed principal payments
  • See exactly how much you can save by paying extra
1. Find Your Equity
$
$
Max Available Equity (80% LTV)
$130,000
2. Estimate Payments
$
Exceeds 80% LTV limit
%
Fixed $
Minimum to reduce balance: —
Your Scenario
1st-Month Payment
$0
Time to Pay Off
--
Total Interest Paid
$0
Principal Paid (1st Yr)
$0
You have $0 in Equity!

Based on your home value, you qualify to borrow up to this amount. Scroll up to compare Canada's top HELOC rates and unlock your funds today.

Compare Top HELOC Lenders
HELOC Guide

HELOCs in Canada, explained in plain English

A HELOC, or Home Equity Line of Credit, is a revolving credit product secured by your home. Instead of receiving one fixed lump sum, you can borrow as needed up to an approved limit and repay as you go.

This kind of financing can be useful for homeowners who want flexibility for renovations, planned expenses, debt restructuring, or ongoing access to funds. The key is that flexibility works best when it comes with a clear repayment plan.

What smart HELOC shoppers focus on first

  • How much home equity is actually available
  • Whether the repayment plan goes beyond minimum interest-only thinking
  • How variable-rate changes could affect the cost
  • Whether a HELOC really fits better than a fixed loan or refinance
How It Works

How a HELOC usually works

A HELOC behaves more like a flexible borrowing line than a traditional instalment loan. You borrow what you need, pay interest on the amount actually used, and can usually repay and borrow again within the approved limit.

You’re approved up to a limit

The lender looks at home value, existing mortgage debt, equity available, and your finances before setting a HELOC limit.

You borrow only what you use

You can draw funds as needed rather than taking the full approved amount at once, which can make it more flexible than a lump-sum loan.

You need a repayment strategy

Because the facility stays open and can be reused, it is easy for balances to linger unless you actively repay principal over time.

Best use case: planned flexibility with disciplined repayment, not open-ended borrowing with no payoff target.
Compare Options

HELOC vs home equity loan: what is the difference?

These two products are related, but they solve different borrowing needs. A HELOC is built for ongoing flexible access, while a home equity loan is usually designed around one defined lump-sum need.

Feature HELOC Home Equity Loan
Access to money Borrow as needed up to your limit One lump sum
Repayment style Flexible, but can linger without discipline Structured instalment repayment
Best for Renovations, staged projects, ongoing funding flexibility Defined projects or a single known borrowing need
Main risk Easy to keep debt around for too long Less flexibility once funded
A simple way to think about it: a HELOC is more flexible, while a home equity loan is often more structured and easier to turn into a clear payoff plan.
Combined Structures

What is a combined mortgage and HELOC plan?

Some lenders package a mortgage and a HELOC together in one home-secured borrowing setup. These products can feel convenient, but they are also easier to misunderstand if the borrower focuses only on available credit and not on the repayment path.

Why people like them

  • One property-secured setup for mortgage and line access
  • Potential convenience for future borrowing needs
  • May allow access to credit as home equity builds

Why they need more care

  • Available credit can make it easy to re-borrow repeatedly
  • It may feel like progress is happening even when the revolving debt remains
  • The structure can be more complex than a standard mortgage alone
Good discipline matters here: convenience is only a strength if the borrower actively controls the balance instead of treating the line as permanent spending room.
Risks & Repayment

What to watch before using a HELOC

A HELOC can be lower-cost than some unsecured borrowing, but that does not make it low-risk. Your home is part of the equation, and the balance can become harder to control when rates rise or borrowing becomes habitual.

Rate and payment risk

  • Variable-rate changes can raise borrowing cost
  • Interest-only thinking can slow down real progress
  • Borrowing again after partial repayment can keep debt alive for years

Home-related risk

  • Your home is the collateral behind the facility
  • Fees such as legal, appraisal, title, or admin costs may apply
  • Using home equity for everyday overspending can weaken long-term financial flexibility
Better HELOC habit: treat it like a tool with a clear project or payoff target, not like permanent extra income.
Alternatives

What to compare before choosing a HELOC

A HELOC is not always the strongest fit. Depending on the purpose of the funds and how much certainty you want, another product may be cleaner and easier to manage.

Home equity loan

Often worth comparing when you need one defined lump sum and want a more structured repayment path.

Mortgage refinance

May be worth reviewing if the goal is broader mortgage restructuring rather than flexible line access.

Unsecured loan or line

Sometimes the safer comparison when you do not want your home tied directly to the borrowing decision.

Smart comparison: match the product to the purpose. Flexibility is useful only when you truly need flexibility.
Popular Questions

HELOC FAQs

Clear answers to common questions homeowners ask when comparing HELOC options in Canada.

A HELOC is a home-secured line of credit that lets you borrow, repay, and borrow again up to an approved limit.

No. You usually pay interest on the amount you actually withdraw and carry, not on the entire approved limit.

HELOC rates are commonly variable, which means borrowing costs can rise or fall over time.

One of the biggest risks is that the flexibility makes it easy to keep debt around for a long time, while variable rates and home-secured risk can increase the stakes.

No. A HELOC is revolving and flexible, while a home equity loan is usually a lump-sum borrowing product with a more fixed repayment structure.

Usually, yes. The best option depends on whether you need flexible access, one lump sum, a more predictable repayment path, or a broader mortgage restructuring.

Unlock your home's equity in seconds.

Leverage your home's value for renovations, investments, or major expenses. We'll find the best rates for your profile.

  • Compare Top Canadian Banks
  • Borrow Up to 80% LTV
  • No Impact to Credit Score
Perfect HELOC
256-bit Secure
$
Enter a valid amount.
Select your province.
Required.
Required.
Invalid.
Invalid.
Enter a valid email.
10-digit number.

Check email for code

Incorrect code.