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Home Equity Line of Credit (HELOC)

Money, I’m home.

Borrow

From $25,000 and up to 65% of your home’s equity ¹

Best part

Only pay interest on what you use

Get started

A home equity line of credit (HELOC or Creditline Mortgage) is a line of credit secured by your home. Use it to pay for anything such as home renovations or investing in a property.

Why choose a HELOC?

Pay at your own pace

Unlike a term mortgage or a personal loan, with a HELOC, you have the flexibility to make interest only payments and pay the rest whenever you want.

Use a little or a lot

A HELOC is handy when your expenses are unpredictable. You can use all or just a portion of your approved limit and there’s no cost when you aren’t using it.

Apply once, access whenever

Access up to your credit limit as many times as you want, without the need to re-apply again and again.

How does a HELOC work?

Money you borrow:

You can borrow up to 65% of your home’s current market value minus any outstanding mortgages on your home.

Money you use:

Say you took out a HELOC for $25,000 but you withdrew only $5,000. In this case, you’re required to pay interest only on that $5,000. The rest of the funds remain for whenever you need them. As for the $5,000, you can pay it down when you want as long as you’re making the minimum interest payments. Unlike a term mortgage, there are no prepayment penalties for paying it off early either.

Money you pay:

HELOCs have a variable interest rate based on our Vancity Prime Rate. This means your interest payments may change month-to-month depending on the rate and how much you’ve withdrawn so far. But HELOCs are flexible. If you decide you want to change to fixed monthly payments, you can convert all or a portion of your HELOC into a fixed-term mortgage at any time.

See interest rates

Book an appointment

Make it happen.

Let’s walk through the process of getting a HELOC.

Talk to us

Book an appointment with our lending specialists to get advice and have all your questions answered.

Hear your options

Based on your goals, we’ll help you determine whether HELOC is the best solution or if there’s something that matches your purpose and budget better.

Application documents

To start the application, we’ll collect some documents about your income and your home. If you’re a member, we may already have this information. After that, we’ll put together the application and our lending specialists will handle the rest.

See home lending document checklist

Home valuation

Depending on how much credit you are applying for, we may ask to do an assessment or appraisal.²

Sign for your HELOC

When everything is ready, we’ll set up a time for you to visit your nearest branch and submit your signatures. If you’re an existing Vancity member, you can sign virtually without leaving home.

Get started

Tip: How to lower costs for home renos.

Looking to do home renovations with your HELOC? Potentially save on interest, heat or electricity bills, and help the planet when you make all or a portion of your renovations eco-friendly.

Learn about types of Planet-Wise Renovations

Ask the pros.

Our pros are here to answer your questions.

How long does it usually take to get a HELOC?

This depends on a few factors: it can take just a few days in some cases or longer in others. If you’re applying for a large amount, your HELOC may require an assessment or appraisal. This takes time and depends on other factors, like where your property is located or what kind of property it is. Talk to us and we can show you your best options if you’re concerned about time.

How do I determine the equity of my home?

The equity of your home is the market value of your home minus any outstanding mortgage or loan on it. The market value of your home is determined through an assessment or appraisal. Your BC Assessment amount can give you an idea of the value but the actual market value may differ.

What’s the difference between a mortgage and a HELOC?

A mortgage is a type of secured loan. With a mortgage, you regularly pay back interest and part of what you borrowed until you’ve paid back the whole amount. It’s “secured” because it holds your home as collateral in case the mortgage can’t be paid back, and in return, it may also give you a lower interest rate because of this security.

A HELOC, and other lines of credit, don’t require you to pay back what you withdraw on a regular basis — only interest on the part you withdraw. The withdrawn amount can be paid back at your own pace. You can access your line of credit without re-applying as long as you’re within your limit. And if you’re not using it at all, you don’t pay anything.

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Let's get started.

Connect with a specialist to get tailored advice or to start your application.

Book an appointment

Monday - Saturday: 8 am to 8 pm
Sunday & holidays: 10 am to 5:30 pm

Metro Vancouver: 604-877-7000
Greater Victoria: 250-519-7000
Toll-free: 1-888-826-2489

Legal

¹ Applications and the amount you can borrow are subject to meeting Vancity's usual credit criteria.

² Terms and conditions apply. Readvance fee and property appraisal fee may apply.

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