HOME EQUITY

Home Equity Line of Credit

Compare flexible home-equity borrowing options for renovations, debt consolidation, investments, or major expenses.

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RateBuddy HELOC insight
RateBuddy HELOC insight

Compare HELOCs with flexibility and total cost in mind

A HELOC can provide flexible access to home equity, but it is still secured borrowing. Compare the rate type, credit limit, repayment structure, lender conditions, setup costs, and how the line of credit fits with your mortgage and home value.

Use the filters below to narrow HELOC matches by amount, credit profile, income range, lender, and must-have features.

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HELOC Matches

Compare home-equity line of credit options by rate, lender, flexibility, and eligibility factors.

Apply in as little as 60 seconds. Funds as early as the same day
featured
Loan Marketplace
Est. APR
8.99% - 35.00%
Amount
From $500 (Up to 80% LTV)
Terms
Revolving Line
Credit Fit
All Credit Types
Online Application
Flexible Repayment Options
Bad Credit Considered
Instant Loan Matching
No Impact on Your Credit to See Offers
Funds As Soon As the Same Day
Funding Time: As soon as the same day
Search a Network of Canadian Lenders in Seconds to Find Your Best Loan Rates
Completing the application will not affect the consumer's credit score. Options available to every applicant - alternative lenders, debt management, credit counselling services, and more
Apply in as little as 60 seconds. Funds as early as the same day
No impact to your credit score
Search a Network of Canadian Lenders in Seconds to Find Your Best Loan Rates
Rates, Fees & Terms
Rate Type Fixed
APR Range 8.99% - 35.00%
Loan Amounts $500 - $60,000
Available Terms 3 to 120 months
Application Fee No application fee
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time As soon as the same day
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age 18 years old
Residency Status Canadian Citizens or Permanent Residents
Applicants earning less than $1,000 per month may be unlikely to receive loan offers, although alternative offers may still be available.
Included Features
Online Application Flexible Repayment Options Bad Credit Considered Instant Loan Matching No Impact on Your Credit to See Offers Funds As Soon As the Same Day
Highlights & Pros
  • One streamlined application: LoanConnect helps borrowers explore personalized options from a network of Canadian lenders without completing separate applications for each lender.
  • Options across different credit profiles: The marketplace works with borrowers across a broad range of credit situations, making it a practical starting point for Canadians who may not know which lender fits their circumstances.
  • No impact on credit to check options: Borrowers can submit the initial LoanConnect application and explore potential offers without affecting their credit score.
  • Broad loan amounts and terms: Available personal loans range from $500 to $60,000, with repayment terms from 3 to 120 months, providing flexibility for different borrowing needs.
  • Fast matching experience: Potential offers may be presented in as little as 60 seconds, and approved funding may be available as soon as the same day.
  • Free marketplace service: LoanConnect does not charge applicants an application fee, making it convenient to explore availab
Things to Consider
  • LoanConnect is a marketplace, not the lender: Final approval, loan agreements, fees and funding are handled by the participating lender selected by the applicant.
  • The lowest rate is not available to everyone: Personal-loan APRs currently range from 8.99% to 35%. The rate offered depends on factors such as the applicant’s credit profile, financial circumstances and province.
  • Lender fees may vary: Some participating lenders may charge origination, administration or other applicable fees. Applicants should carefully review the complete loan agreement before accepting an offer.
  • Offers and funding are not guaranteed: Matching can be fast, but approval, the number of available offers and funding time depend on lender criteria and applicant eligibility.
  • Additional lender assessment may be required: Although checking options through LoanConnect does not affect the applicant’s credit score, a selected lender may conduct its own credit and identity assessment before providing final approval.

Legal Disclaimer: Loan details and eligibility: Loan amounts range from $500 to $60,000, with available terms from 3 to 120 months and annual percentage rates (APRs) ranging from 8.99% to 35%. LoanConnect is free to use and does not charge an application fee. Origination fees, if applicable, vary by lender, and applicants should carefully review all loan agreements before accepting an offer. Approved funds may be available as soon as the same day; however, funding times are not guaranteed and may vary by lender and applicant circumstances. Applicants must be Canadian citizens or permanent residents. Applicants earning less than $1,000 per month may be unlikely to receive a loan offer, although alternative offers may still be available. Approval, rates, terms, fees, and funding depend on the participating lender and the applicant’s eligibility.

CIBC Home Power Plan® Line of Credit
Est. APR
Varies
Amount
From $10k (Up to 80% LTV)
Terms
Revolving Line
Credit Fit
All Credit Types
Secured Loan
Flexible Repayment Options
Interest-Only Payments Available
Introductory rate equal to CIBC Prime (currently 4.45%) until December 6, 2026.
No impact to your credit score
Welcome Offer

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

Rates, Fees & Terms
Rate Type Variable
APR Range Varies
Loan Amounts $10,000 - No Limit
Available Terms N/A to N/A months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Varies by lender
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).
BMO Homeowner ReadiLine®
Est. APR
Varies
Amount
Line of Credit (Up to 80% LTV)
Terms
Revolving Line
Credit Fit
All Credit Types
Secured Loan
No Early Repayment Penalty
Lump-Sum Prepayments Allowed
Interest-Only Payments Available
No impact to your credit score
Rates, Fees & Terms
Rate Type Variable
APR Range Varies
Loan Amounts $0 - No Limit
Available Terms N/A to N/A months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Varies by lender
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.
BMO Homeowner’s Line of Credit
Est. APR
Varies
Amount
From $5k (Up to 80% LTV)
Terms
Revolving Line
Credit Fit
All Credit Types
Secured Loan
Interest-Only Payments Available
No impact to your credit score
Rates, Fees & Terms
Rate Type Variable
APR Range Varies
Loan Amounts $5,000 - No Limit
Available Terms N/A to N/A months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Varies by lender
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.

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.

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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.

Compare HELOC options in seconds.

Review home-equity line of credit options for renovations, major expenses, or flexible borrowing, then compare rate, access, repayment, and lender requirements.

  • Compare Canadian HELOC lenders
  • Review credit limit and LTV factors
  • Compare before starting an application
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