This alternative allows home owners to borrow against the equity in their home. The equity in your home equals the value of your home less what you owe. You can borrow a portion of the appraised value of your home to finance major purchases or consolidate debt. The advantage of home equity loans is that you can often obtain a lower interest rate because your loan is secured by real property.
You have all the flexible options and choice of a regular personal loan - just at a preferred rate:
So let's say you're ready to start renovations, you need a new motorhome or you've found your summer cottage at the lake! With a Home Equity Mortgage, you can tap into the equity you have in your home to make it happen.
You tell us how much credit you would like to have access to when you apply - and you will always have those funds ready and available for you, whenever you need them! Then you can advance as little or as much of the loan as you want, as often as you like - no need to reapply. Advancing funds is easy; just give us a call and we will have the funds in your account, when you need them. There is no need to come to the branch or sign any papers to advance funds. It's as simple as that.
You only pay for what you use and at rates usually substantially lower than on a credit card - saving you money! Payments are only calculated on what you use though a minimum payment is required - giving you the flexibility to borrow small amounts with a manageable payment. An unsecured line of credit allows prepayment at any time without penalty.
Now isn't that more flexible and convenient?
No one wants to overdraw their account but sometimes life happens - overdraft protection helps protect you from having cheques returned or cards declined due to insufficient funds. Applying for overdraft takes only minutes and it gives you peace of mind that you are protected from overdrawing your account for the occasional cash shortfall. Overdraft Protection is a one-time-approved ongoing loan that allows you to borrow up to a predetermined limit by simply accessing your chequing account – in fact, it is actually attached to your chequing account. You only pay interest on the exact amount you borrow and only for the number of days you’ve used it, at rates typically lower than retail credit cards.
It’s ready cash when you need it – travel emergencies, car repairs or even a great sale! Or just have it on stand-by for unexpected expenses - now that's peace of mind!
When you invest in an RSP, you enjoy tax benefits today while securing your financial future. RRSPs are truly one of the most powerful tools for Canadians to save for their retirement.
When you use our RRSP Loan to finance your RRSP purchase, it allows you to:
Plus, you can reduce the amount your loan by applying your tax refund to it. Why don't you talk to one of our Investment Specialist today? They can help you determine if this financial strategy will benefit you!
The Student Line Loan Program is designed to help students finance their post-secondary education - student lines help cover the cost of tuition, books, living expenses, computers, and more!
Note: a Guarantor is required in most cases
Personal loans can be used for a variety of reasons:
We offer a simple application process, competitive interest rates, and convenient and flexible repayment options with the advice you need to achieve your financial goals. Plus, there is no penalty for pre-payment in part or whole.