We've merged effective January 1, 2020 and while this website may still bear the name and logo of Westminster Savings Credit Union, we are in the process of revising all print and digital materials to bear the name of the new legal entity - Prospera Credit Union. We appreciate your patience during this transitional period.

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 a first 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 (Rates effective 2021-02-03)
Home Equity Line of Credit, starting from 2.950%