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Lines of credit

Enjoy flexible borrowing for any goal with our personal and home equity lines of credit.

 
 
 

Personal line of credit

What is a line of credit?

A line of credit is like a reusable loan. It's a set amount of money you can borrow whenever you need it, up to a certain limit. You only pay interest on the amount you borrow, and you can use and repay the funds as often as you like.

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How does a line of credit work?

When you’re approved for a line of credit, your financial institution will set a maximum amount you can borrow (your credit limit). You can then borrow money as needed, up to that limit, and you're only charged interest on the amount you use. 

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Why get a line of credit?

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Anytime access

Borrow any amount, up to your credit limit, anytime you want. No need to reapply.

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Pay-as-you-go

Only pay interest on the money you use, and for the amount of time you use it.

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Flexible repayment

Pay off your line of credit whenever you want, without penalty. 

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Lower interest

Keep costs down, with line of credit interest rates lower than most credit cards.

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Quick & easy application

Submit your application, and we’ll get back to you within two business days.

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Overdraft protection

Use your line of credit as overdraft protection to avoid extra fees.

 

Is a personal line of credit right for me?

A personal line of credit can be a useful tool to cover smaller expenses, or as a financial reserve for unexpected costs.

Because line of credit interest rates are typically lower than a credit card, you’ll often save more by borrowing this way.


Ready to set up your line of credit?

 
 

Home equity line of credit (HELOC)

What is a home equity line of credit?

A home equity line of credit (HELOC) has all the same features and benefits as a personal line of credit. The key difference is that it uses your home’s value as collateral to secure any money that you borrow.

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How does a HELOC work?

With a HELOC, you can borrow up to 65% of your home’s value. Just like a personal line of credit, you only pay interest on what you use. But, because your home secures the debt, you’ll likely enjoy lower line of credit interest rates.

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Why get a home equity line of credit?

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Even lower interest

Enjoy even better line of credit interest rates because your borrowing is secured.

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Anytime access

Borrow any amount, up to your credit limit, anytime you want. No need to reapply.

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Pay-as-you-go

Only pay interest on the money you use, and for the amount of time you use it.

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Flexible repayment

Pay off your home equity line of credit whenever you want, without penalty.

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Quick & easy application

Submit your application, and we’ll get back to you within two business days.

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Payment protection

Add insurance to cover your payments in case the unexpected gets in your way.

 

Is a home equity line of credit right for me?

If you’re a homeowner, a home equity line of credit can be a great way to fund:

  • Larger goals, like a dream vacation

  • Unexpected expenses, like a leaky roof

  • Big projects with uncertain cost, like a home renovation

Because your line of credit is secured, you’ll typically enjoy better interest rates than with other borrowing options.


Ready to set up your line of credit?

 
 

Boost your borrowing know-how

A complete guide to managing your credit

Learn about the different borrowing options you have and how to use them wisely to reach your goals.

Read on

 

Your line of credit questions answered

Loans and lines of credit are both powerful tools to borrow for your goals. But there are key differences between them:

Line of credit
Loan

Provides ongoing access to money

Provides a single lump-sum

Variable interest rate

Fixed or variable interest rate

Interest accumulates only when you borrow

Interest accumulates immediately

Flexible repayment anytime

Fixed, scheduled repayments

Great if you want to cover smaller, regular expenses

Great if you want to make a large, one-time purchase

Not sure which solution makes the most sense for your borrowing? Book a chat with one of our advisors. They’ll be happy to help review your options and figure out the best one for you.

The interest rate you qualify for depends on a number of factors:

  • Line of credit type – whether it’s unsecured, partially secured or fully secured by an item of value (e.g. your home)
  • Credit score – how strong your credit rating is
  • Insurance – if you have payment protection (critical illness, life, and disability insurance) for the line of credit

Interest is then calculated monthly based on how much money you use from your line of credit, and how long you use it for. 

We’ll look at a number of factors when reviewing a line of credit application:

  • Gross household income – how much you make before taxes
  • Debt-to-income ratio – how much of your income goes towards paying debts
  • Monthly expenses – how much you’re spending on recurring costs, like utilities and rent
  • Credit score – how strong your credit rating is
  • Collateral – how much of the line of credit is secured by an item of value, like deposits held at Gulf & Fraser

Not sure if you qualify for a line of credit? Book a chat with one of our advisors. They’ll be happy to help review your finances and figure out if a line of credit is the best borrowing option for you.

You can apply for one of our personal or home equity lines of credit with ease. Simply choose one of the following:

Have more questions?

Don’t hesitate to reach out. We’re just a live chat, video, or phone call away when you need us.

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Ready to set up your line of credit?

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Chat with an advisor

Book an appointment

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Visit a branch

Find a branch

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Call our Member Hub

Call 604-419-8888

Other solutions you might want

Loans

Want to borrow a lump sum? A personal loan may be the perfect solution. You can use it for any purpose, be it buying a car, consolidating debt, or covering unexpected costs.

Credit cards

Put your everyday spending to work earning the rewards you want. Cash back, travel experiences and more – whatever your preference, we have a credit option to match.

*Disclaimer: Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.