Home Equity Line of Credit

Don't just live in your home: get it working for you with a Home Equity Line of Credit.

Line of credit features

  • A mortgage-backed line of credit that utilizes the equity in a member's home as security
  • Can be used to finance major purchases
  • No fees to draw funds
  • Pay interest only on the funds used
  • Repayable at any time without penalty
  • Life and Disability insurance is available
  • No need to reapply once application is processed
  • Accessible in-branch, by cheque or online
  • Can be secured by either a first or a second mortgage
  • Revenue properties are eligible as security
  • No repayment penalties or restrictions

This line of credit is a good solution for...

  • Members with equity in their homes who require a low-cost borrowing alternative.

Line of credit interest information

Westminster Savings doesn't make you guess or negotiate a line of credit rate: we always give you our best rate.

See our line of credit interest rates online.

Line of credit terms and conditions

  • The initial set-up of this line of credit is subject to applicable legal and appraisal fees
  • Authorized credit limits cannot exceed 65% of the appraised value of the home, including other outstanding mortgages
  • Interest is calculated daily and charged to the account at the end of each month
  • Minimum payment is interest only; there is no maximum payment amount

Act Now! Apply for this line of credit

  • Apply online using a secure application form
  • Phone our Member Service Centre at 604-517-0100 (toll-free 1-877-506-0100)
  • Visit your closest branch to speak to a line of credit specialist
 

Interest Rate

Home Equity Line of Credit, starting from3.700%