Access credit from the equity in your home
A YNCU Home Equity Line of Credit gives you flexible access to funds using the available equity in your home. It can help with renovations, repairs, larger expenses, or the plans that need a little more breathing room.
Term: revolving- Only pay Interest on what you use
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Annual fee
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Put your home equity to work
A YNCU Home Equity Line of Credit (HELOC) gives you flexible access to funds using the equity in your home. Borrow what you need, repay it, and access available credit again — with interest charged only on the amount you use. A HELOC can give you the flexibility to manage larger expenses, ongoing costs, or projects that happen over time, while giving you access to funds. Become a member and let us help.1
AccessAccess when you need it
Use only what you need
Once approved, use your Home Equity Line of Credit up to your available limit for home renovations, repairs, larger expenses, or project costs that happen over time.- Access available credit again as you pay it back, without applying for a new loan each time.*
SaveOnly pay interest on what you use
Only pay interest on what you use
- Interest is charged only on the amount you borrow from your Home Equity Line of Credit, not your full approved credit limit.
- Any unused portion of your approved Home Equity Line of Credit remains available when you need it, without interest charges until you actually borrow the funds.
FlexibleFlexible ways to pay it back
- Make payments toward your Home Equity Line of Credit balance in a way that works with your budget, as long as your required payment is covered.
- Pay down more when you can to reduce the balance, help lower interest costs, and make more credit available again.
Good to know. Home Equity Line of Credit eligibility checklist
Before you apply for a Home Equity Line of Credit, here are a few basic criteria to check.3
Age
Criteria 1
At least 18 years old and living in Ontario.Residency
Criteria 2
Currently a permanent resident of Canada.Home equity
Criteria 3
A homeowner with available equity to borrow against.
What can you use a Home Equity Line of Credit for?
A Home Equity Line of Credit can be helpful when you need flexible access to money, especially for costs that do not always come all at once.
Home renovations
Use available equity to help pay for updates and improvements to your home.Major repairs
Cover larger home or vehicle repairs without needing to borrow one full amount upfront.Pay off higher-interest debt
Move higher-interest debt into your HELOC and potentially pay off debt faster with a lower rate.Larger purchases
Cover larger costs like furniture, appliances, travel or other purchases you want to pay down over time.
Your home is security for this borrowing. Failure to meet your repayment obligations could result in the loss of your home.⁴
Okay, can I use it for home repairs?
Commonly asked questions
A home equity line of credit is secured by your home. A personal line of credit may be secured or unsecured, depending on the product and approval.
No. You pay interest only on the amount you use, not on the unused portion of your approved credit limit.
You can use it for renovations, repairs, larger planned expenses, or other costs where flexible access to credit would help.
The rate is variable, which means it may change over time.
Yes. You can make the required minimum monthly payment or pay more when you want to reduce your balance faster.
Yes. A home equity line of credit is revolving, so available credit opens back up as you repay what you used.
Because a HELOC is secured by the property, it must be repaid if the property is sold.
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¹ Credit approval and product availability
Lines of credit are subject to credit approval, YNCU membership requirements and applicable lending terms. Approved limits, interest rates and repayment requirements depend on your financial circumstances and the product selected. Applying or opening an account does not guarantee approval. Your credit agreement sets out the applicable rate, fees and repayment obligations.
* Access, interest and repayment
You may borrow up to your available approved limit, subject to the credit agreement. Amounts repaid toward principal may become available to borrow again while the revolving facility remains available. Access and limits may be reviewed, restricted or changed as permitted by the agreement and applicable law.
Interest is charged on amounts borrowed, rather than the unused credit limit. Fees and other charges may apply. Where the rate is variable, changes to the reference rate specified in your agreement may affect interest costs and required payments.
You must make the required payments by their due dates. Paying only interest does not reduce the principal owed. Repayment flexibility does not remove your obligation to repay the outstanding balance.
³ Eligibility and applications
The eligibility checklist provides general guidance and is not a complete statement of lending requirements. Meeting the listed criteria does not guarantee approval. Additional information, income verification, credit assessment and, where applicable, security or a co-borrower may be required. Submitting an inquiry or requesting a call is not an approval or commitment to lend.
⁴ Home equity and security requirements
A Home Equity Line of Credit is secured against your home. Available credit depends on the property’s assessed value, existing secured debt, available equity and YNCU’s lending requirements. Property valuation, legal, registration and discharge costs may apply and will be disclosed where applicable. Failure to meet your obligations may result in enforcement against the property, including the loss of your home.
General information
This page provides general information. Available features, borrowing purposes and repayment options are subject to eligibility and the applicable credit agreement.