Home renovation borrowing options

Renovations can add to the value of your home, increase its energy efficiency, or simply make it a more enjoyable place to live. Choosing the right financing option for your renovation project can make all the difference in helping you qualify for the funding you need and get the most favourable terms.

If there’s something about your home you’d like to improve, we can help you find the financing option that fits your needs.

Financing options

If you can borrow against your home equity, consider a Creditline mortgage. This funding option will give you a lower interest rate compared to other types of loan, so it’s a cost-effective choice. Learn more about Creditline mortgages.

If you think you can't borrow against your home equity, it’s still worth talking to one of our mortgage specialists. They can help you determine whether your home equity has increased, which can enable you to borrow additional funds against the value of your home. Find a Vancity mortgage specialist in your area.

If you're planning a smaller renovation project of less than $25,000, a personal loan or line of credit may be your best option. Both options will give you a better interest rate than a credit card, and a line of credit offers additional benefits, including being able to make interest-only payments and maintain access to the principal amount as you repay it. Learn more about our personal loan and line of credit products.

If you're not sure when you'll renovate, a line of credit may be the right choice for you. With a line of credit, you’ll have access to the funds right away, but you won’t need to start paying interest until you use them. You only pay interest on the funds you use, so if your renovations will be completed over a long period of time, it may be more cost-effective than a loan. Learn more about our line of credit options.

If you're planning energy-saving renovations, consider applying for a Vancity Home Energy™ Loan. This personal loan offers a lower interest rate than a conventional loan, and you can borrow up to $50,000. Plus, your renovations may qualify for energy efficiency rebates through the LiveSmart BC program. Learn more about Vancity Home Energy Loan financing.

Mortgage rates

View our current mortgage rates.

How to apply

You can apply for a Vancity mortgage online, at your branch, or by calling the Member Services Centre at 604.877.7000 or toll free at 1.888.Vancity (826.2489).

You can also contact a Vancity mortgage specialist to discuss mortgage options, ask questions, and receive personalized mortgage advice. Our specialists will travel to meet you at your home, office, or any other convenient location. Find a mortgage specialist in your area.

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Vancity Home Energy™ is a trademark of Vancouver Savings Credit Union