Enhance your buying power.
An equity line of credit is ideal for significant purchases such as investment opportunities, RRSP contributions, home renovations or once-in-a-lifetime vacations. It allows you to borrow money without arranging for individual loans.
There is no yearly fee; interest rates are lower than most credit cards, and interest is not charged if the line of credit is not used. Repayment is flexible and based on the balance owing. When you pay down the line of credit, it is available to you again without having to reapply. The borrowing minimum is $5,000.
Variable interest rate.
The credit limit is predetermined. Uses include investment opportunities, home renovations, or special events.
Attached to separate equity chequing account.
Ability to transfer funds to other accounts.
Interest is calculated on the daily outstanding balance and paid monthly.
Peace of mind
Life insurance is available.