Home Equity Loans and Lines of Credit

Make Your Home Equity Work for You

If you own a home, using the equity you have built up may be one of the most cost-effective ways to finance a home improvement project. And in many cases, home equity products can offer you a lower interest rate as compared to other types of loans.

RBC Royal Bank^® offers both home equity loans and secured lines of credit to meet your renovation needs:

The RBC Homeline Plan^TM

The RBC Homeline Plan is a flexible, easy and cost effective solution for managing your mortgage costs and all your home improvement needs, even if your mortgage is paid off:

• It helps protect you from interest rate fluctuations and can help you save money by diversifying your mortgage loan terms and interest rates into different segments.
• It offers you an overall credit limit of up to 80% of the value of your home*. In addition, your available credit limit increases as you pay down your mortgage or secured line of credit.
• Once your one-time loan application is approved, you can access funds as you need them through RBC Royal Bank Online Banking¹, by writing a cheque or by making a withdrawal at any ATM-all while enjoying the lower interest rates of secured credit.

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Royal Credit Line^® (Secured)

If you are planning to stage your renovations over a longer period of time, a secured Royal Credit Line could be the ideal solution.

With a secured Royal Credit Line, we can offer you a lower interest rate than we could with a regular, unsecured line of credit.

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Mortgage Add-On Option

A mortgage add-on lets you use your existing home equity as a source of funds by adding to your current RBC Royal Bank mortgage.

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Refinancing Your Home

If you have paid off some or all of your mortgage, or if your home has increased in value, you may be able to re-mortgage it for the amount of money you want for your renovation.

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						Make your home improvement dreams a reality Talk to a Credit Specialist to find the right financing option for you.
							Find Out How to Apply		Talk to a Credit Specialist		Call now - 1 800 769-2511

* The lesser of the appraised value or purchase price of your home at the time of application.

¹ Access fees when using Online Banking may apply depending on your account package. Fees for transfers and bill payments may apply when using Online Banking depending on your account package and are separate from access fees.

All applications for credit products are subject to Royal Bank of Canada lending criteria.