Personal Finance

HELOC best interest rate

  • Last Updated:
  • Sep 18th, 2018 6:08 pm
[OP]
Newbie
Sep 6, 2018
3 posts

HELOC best interest rate

Hey all,

Can anyone please advise the best deal for HELOC

rate currently?

Would like to apply for HELOC,but have no idea

about market rates now.

Thanks
9 replies
Newbie
Sep 20, 2015
75 posts
34 upvotes
Ottawa, ON
FinancialFreedom wrote:
Sep 12th, 2018 5:02 pm
Most are at Prime + 0.50%. A few are at Prime.
Would you mind adding little bit more meat to the above statement? No offence please.
Deal Addict
User avatar
Sep 19, 2013
1651 posts
487 upvotes
Winnipeg
sunbat wrote:
Sep 12th, 2018 5:40 pm
HSBC is currently running a promo until sep 30th, You can lock in Prime+0% for HELOC.

https://www.hsbc.ca/1/2/personal/borrow ... -of-credit

Most of the other lenders offer Prime+0.5%. I have Heloc with Simplii at Prime+0.5%. Manulife also offers it at prime+0.5%
I remember somebody mentioning in the HSBC thread that they dont go 2nd (i.e you cannot have mortgage). So thats a factor too. Whats your situation OP? Is it a fully paid home?
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Deal Addict
Apr 21, 2014
1710 posts
561 upvotes
Alberta
OttawaGuy2 wrote:
Sep 12th, 2018 5:06 pm
Would you mind adding little bit more meat to the above statement? No offence please.
Prime rate is currently 3.7 percent. If that’s what you’re looking for so it would be 4.2%. (Prime +0.5).
Newbie
Sep 20, 2015
75 posts
34 upvotes
Ottawa, ON
sckor wrote:
Sep 14th, 2018 9:40 pm
Alterna is advertising (Prime - 0.40%) (i.e.: 3.3% currently)
https://www.alterna.ca/Personal/CreditS ... sOfCredit/

I don't see any terms and conditions though... not sure if this is a limited time offer or if they are just being really aggressive.
I called Alterna and spoke to one of the rep - I was told this indeed a limited time offer available until Dec. 03, 2018, after that your negotiated rate which is usually Prime + 0.5% kicks in. It should be noted that they don't go second place for HELOC. What does this mean? It means if you have an existing mortgage on the property to be used as security for HELOC, that mortgage must be with Alterna. Hope it helps someone.
Newbie
Feb 9, 2018
54 posts
35 upvotes
vkizzle wrote:
Sep 17th, 2018 2:05 pm
TD at prime +.5%
I think if your mortgage is with them, otherwise its higher (like Prime+1.5), usually.

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