Personal Finance

National Bank - Prime HELOC for Engineers?

  • Last Updated:
  • Apr 26th, 2010 10:42 am
[OP]
Member
Jul 16, 2006
438 posts
105 upvotes
Toronto

National Bank - Prime HELOC for Engineers?

Anyone know if National Bank is still offering HELOCs at Prime?

I know there was a promo for Engineers a while back...not sure if it still applies.
34 replies
Sr. Member
May 24, 2007
509 posts
9 upvotes
Parps wrote:
Mar 11th, 2010 8:47 pm
Anyone know if National Bank is still offering HELOCs at Prime?

I know there was a promo for Engineers a while back...not sure if it still applies.
Yes still available.
Deal Addict
Oct 3, 2005
1039 posts
31 upvotes
Parps wrote:
Mar 11th, 2010 8:47 pm
Anyone know if National Bank is still offering HELOCs at Prime?

I know there was a promo for Engineers a while back...not sure if it still applies.
Yes it is, I got it back a few months ago...it worked out really well for me because you can still mortgage portions of your mortgage off into different terms in case you are not sure to lock into a long term rate.

I have a good representative in a Mississauga branch, he was pretty good, he was straightup with me with his rates and what he could and could not do.

PM me if anyone wants his info or wants to know more about their product.
[OP]
Member
Jul 16, 2006
438 posts
105 upvotes
Toronto
Awesome, thx for the info. I'll be setting up an appointment soon.

I'm out in the east end, so mississauga isn't a great option for me, but thanks for the offer.
Deal Addict
User avatar
Apr 29, 2002
3855 posts
45 upvotes
Mississauga
Historically, will other banks like TD match this offer?
[OP]
Member
Jul 16, 2006
438 posts
105 upvotes
Toronto
simms wrote:
Mar 12th, 2010 9:47 am
Historically, will other banks like TD match this offer?
Not sure, but I'm currently with TD. They jacked my HELOC up to P+1% a few months ago. I'd like to try to push them back to P+0%.

I've got meetings set up with both TD and National Bank this weekend. I'll report my findings in this thread.
Member
Aug 20, 2007
322 posts
13 upvotes
Just be wary, they qualify you at 10% or somethign ridiculous like that.
Member
Aug 8, 2008
241 posts
39 upvotes
the qualification is either 10% of the net worth, or the debt-servicing calculations, whichever one looks better.
Deal Fanatic
User avatar
Jun 28, 2003
9833 posts
2969 upvotes
Ottawa
Be aware that you also need to have a Mastercard as part of this package for Engineers/Engineering Students to take advantage of the HELOC @ Prime deal.

You can either choose the Gold MC and pay $70/year for annual fee or the Platinum edition at $120/year.
[removed]
Sr. Member
May 24, 2007
509 posts
9 upvotes
This is not true.

I opened my National Bank HELOC without opening any Mastercard.

My experience is that TD will not match National Bank P+0. However, they immediately lowered mine from +1 to P+0.5.
canabiz wrote:
Mar 14th, 2010 8:48 pm
Be aware that you also need to have a Mastercard as part of this package for Engineers/Engineering Students to take advantage of the HELOC @ Prime deal.

You can either choose the Gold MC and pay $70/year for annual fee or the Platinum edition at $120/year.
Deal Fanatic
User avatar
Jun 28, 2003
9833 posts
2969 upvotes
Ottawa
peter_ross wrote:
Mar 15th, 2010 10:47 am
This is not true.

I opened my National Bank HELOC without opening any Mastercard.

My experience is that TD will not match National Bank P+0. However, they immediately lowered mine from +1 to P+0.5.
What other financial products do you have with National Bank if you don't mind me asking?
[removed]
Deal Fanatic
User avatar
Jun 28, 2003
9833 posts
2969 upvotes
Ottawa
I just contacted my National Bank rep and she once again (I asked this question earlier) told me that I need to have a MasterCard in order to maintain the benefits of the engineering package.

The link below seems to indicate that as well

http://www.altamira.com/bnc/cda/product ... 75,00.html

If any of you folks has the HELOC @ Prime and DID NOT have to open a Mastercard (as Peter alluded to in his post), I would love to see supporting documentation so that I can forward it to my National Bank rep. I don't mind using this MasterCard for my trips and other purchases because it has excellent insurance coverage but I would prefer to save myself the annual fee, if possible.

Thank you.
[removed]
Sr. Member
May 24, 2007
509 posts
9 upvotes
canabiz wrote:
Mar 15th, 2010 10:59 am
What other financial products do you have with National Bank if you don't mind me asking?
Just an AIO account, with HELOC only.
canabiz wrote:
Mar 15th, 2010 1:58 pm
I just contacted my National Bank rep and she once again (I asked this question earlier) told me that I need to have a MasterCard in order to maintain the benefits of the engineering package.

The link below seems to indicate that as well
I just looked at a PDF brochure that I received. I think you're correct. It says:

[INDENT]Whether you’re looking for personal or professional banking solutions, our Financial Package for engineers gives you access to a range of selected
products and services:

■ One personal chequing account with unlimited transactions;
■ A line of credit at an attractive rate;
■ A National Bank OVATION GoldTM or Platinum MasterCard1, TM1;
■ And so much more!

This package is offered to engineers and graduates in engineering all over Canada who have a National Bank Platinum or OVATION Gold MasterCard and are citizen or permanent resident of Canada. Membership in a professional association or organization is not required.
[/INDENT]

I guess I just happened to get away with it somehow.
[OP]
Member
Jul 16, 2006
438 posts
105 upvotes
Toronto
Parps wrote:
Mar 12th, 2010 10:15 am
Not sure, but I'm currently with TD. They jacked my HELOC up to P+1% a few months ago. I'd like to try to push them back to P+0%.

I've got meetings set up with both TD and National Bank this weekend. I'll report my findings in this thread.

Update: TD moved the rate on my HELOC down to P+0.5%. Not quite as nice a P+0, but it's apparently the best I could do.

Still considering moving to National Bank to get the extra 0.5 off....
Sr. Member
User avatar
Aug 13, 2002
815 posts
20 upvotes
Parps wrote:
Mar 18th, 2010 12:10 pm
Update: TD moved the rate on my HELOC down to P+0.5%. Not quite as nice a P+0, but it's apparently the best I could do.

Still considering moving to National Bank to get the extra 0.5 off....
Last month I asked TD and they lowered my HELOC back to prime+0%

I do all my banking, investing through TD so that likely played a role.

Top