Home equity line of credit (HELOC)
Tap into your home’s value.
What it is
A line of credit secured by your home.
Borrow
From $25,000 and up to 65% of your home’s equity.¹
Best part
Only pay interest on what you use.
Why choose a HELOC?
You can use a HELOC (also called a Creditline Mortgage) to pay for things like home renovations or property investments.
Pay at your own pace
Unlike a term mortgage or personal loan, with a HELOC you can make interest-only payments then pay the rest whenever you want.
Use a little or a lot
A HELOC is handy when your expenses are unpredictable. You can use some or all 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?
- You can borrow up to 65% of your home’s current market value minus any outstanding mortgages on your home.
- You only have to pay interest and make minimum interest payments on the money you withdraw. For example, if you have a $25,000 HELOC and only borrow $5,000, you’ll only be charged interest on $5,000. Unlike a term mortgage, there are no prepayment penalties for paying it off early.
- HELOCs have a variable interest rate based on our Vancity Prime Rate. 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.
How to apply.
Talk to us
Book an appointment with our lending specialists to get advice and have all your questions answered.
Explore your options
Based on your goals, we’ll help you determine whether a HELOC is the best solution, or if there’s something that better matches your purpose and budget.
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. Then we’ll put together the application, and our lending specialists will handle the rest.
Home valuation
Depending on how much credit you’re 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.
Lower costs for your home renos.
Looking to do home renovations with your HELOC? You could save on interest, heat or electricity bills, and help the planet when you make some or all of your renovations eco-friendly.
Questions? We have answers.
Book a call.
Connect with a specialist to get tailored advice or to start your application.
General questions.
Monday to Saturday: 8 am to 8 pm
Sunday and holidays: 10 am to 5:30 pm
Metro Vancouver: 604-877-7000
Greater Victoria: 250-519-7000
Toll-free: 1-888-826-2489
Related lending products.
Personal loan
Line of credit
Applications and the amount you can borrow are subject to meeting Vancity’s usual credit criteria.
Terms and conditions apply. Readvance fee and property appraisal fee may apply.