Access funds using the equity in your home
Equity is the difference between the current market (appraised) value of your home and the outstanding balance of your mortgage. By tapping into the equity you have built in your home, you may already have the financial resources needed to pursue such personal goals as:
- Renovating or remodeling your home
- Consolidating high-interest debt
- Making a down payment on the purchase of a second home or a vacation property
- Paying for a child’s post-secondary education
- Taking a well-deserved vacation
Key features and benefits
A Home Equity Line of Credit from HSBC comes with many added benefits including:
- Flexibility in accessing the funds: Manage your approved funds and use them whenever you need to. You can conveniently access your approved credit line by simply writing a check up to your available limit and you only pay interest on the amount you use.
- Lower your monthly payments by consolidating higher interest rate debt: Home equity rates can be lower than credit card and personal loan rates and can help you reduce your monthly interest charges while keeping a low monthly payment
Start your application online for an HSBC Home Equity Line of Credit today.
Additional details to know before you apply
- You are at least the age of majority, 18 or 19 years of age depending on your province of residence
- You are a Canadian resident
- You will be asked to provide personal details and gross annual income (pre-tax)
- You will be asked to consent to us obtaining your credit report
- You must confirm that you have read and understood the Customer Information Consent
- The mortgaged property for the Home Equity Line of Credit must be in Canada
- If you are applying for a joint loan, the co-applicant must also complete the application. If there is more than one co-applicant, please call us to proceed at 1-866-609-4722
- Home Equity Lines of Credit are subject to standard credit approval
- Lines of Credit operate through an HSBC chequing account in the names of the borrowers. Service charges that apply to an HSBC chequing account can be found in the Personal Service Charges/Statement of Disclosure. These are in addition to the Line of Credit fees which are set out in the Line of Credit Agreement.
Evaluating the advantages and costs when you take on a home equity line of credit is an important first step.
Carefully consider the impact of these new expenses before you choose to apply for a home equity line of credit.
HSBC Premier1 or HSBC Advance2 customers enjoy a preferential Line of Credit rate.
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1 HSBC Premier eligibility requires you to have an active HSBC Premier chequing account and maintain a $100,000 balance in combined personal deposits and investments with HSBC Bank Canada and its subsidiaries, some exclusions apply. For full details regarding eligibility and any fees which may apply, please refer to the Personal Service Charges/Statement of Disclosure available at any HSBC Bank Canada branch or online at www.hsbc.ca
2 HSBC Advance requires you to have an active HSBC Advance chequing account and maintain combined personal deposits and investments with HSBC Bank Canada and its subsidiaries of $25,000, or hold personal HSBC Bank Canada residential mortgage balances of $150,000 or greater. Some exclusions apply. A monthly fee of $25 may be charged if you do not meet these minimum balance requirements (fee may change from time to time). For full details regarding eligibility and any fees which may apply, please refer to the Personal Service Charges/Statement of Disclosure available at any HSBC Bank Canada branch or online at www.hsbc.ca.