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.
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
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
