You are on: Features and Benefits
Whether you're looking to buy a home and have a 20% down payment, or you're an existing homeowner with at least 20% equity in your home, the RBC Homeline Plan® could be the right solution for all your borrowing needs.
With the RBC Homeline Plan®, you have access to our Royal Credit Line® and Royal Bank® mortgages all in one plan, which you can designate for different needs, including home renovations, a new car, a vacation or your child's education. Plus, it's a great way to save money by consolidating any existing debts in your line of credit, under a lower interest rate.
Through the RBC Homeline Plan®, the money is yours to use any way you wish. Once your credit limit is set, you can borrow any time, up to your available credit limit on your credit line.
And, you can easily access funds from your credit line through online banking, ATMs, any RBC® branch or by writing a cheque.
The RBC Homeline Plan® allows you to split your mortgage and enjoy the advantages of both variable and fixed rates! The variable portion lets you take advantage of potential long-term savings, while the fixed rate portion protects you if rates rise.
In addition, the percentage(25) split does not have to be 50/50.
The chart below illustrates just one example of how the RBC Homeline Plan® might work for a Canadian homeowner with a mortgage, car loan, line of credit and outstanding credit card balances.
Without RBC Homeline Plan®
|Line of Credit
With RBC Homeline Plan®
|Mortgage - Fixed1||$100,000||4.5%||$504|
|Mortgage - Variable2||$100,000||3.5%||$449|
|Royal Credit Line®2
(car line, secured)
|Primary Royal Credit Line||$13,800||4.0%||$46|
|Savings With RBC Homeline Plan®|
1) 30-year amortizing mortgage with monthly payments
2) 5-year amortization, variable interest rate
3) Weighted average. Rates shown are for illustrative purposes only.
You are on: Payment Options
When you first set up your mortgage, you can choose from several payment options, including monthly, semi-monthly, bi-weekly, weekly, accelerated bi-weekly and accelerated weekly payments.
At RBC Royal Bank, you can select an amortization period up to 30 years for mortgages within your RBC Homeline Plan. Your amortization is the length of time it will take to pay off your mortgage.
You can also reduce the number of years it takes to pay off your mortgage and enjoy substantial savings by:
If you ever need to free up cash for another purpose, you can also skip a mortgage payment once every 12 months:
You are on: Rates and Terms
The RBC Homeline Plan® is available with a variety of rates and terms. Below are several of our current special offers:
|Term||Posted Rate||Special Offers(2)|
|5 year||RBC Prime Rate
|RBC Prime Rate||3.000%|
1. Interest rate is an annual rate and is compounded half-yearly, not in advance. Interest rates are subject to change without notice at any time.
2. Special Offers are discounted rates and are not the posted rates of Royal Bank of Canada. Specials Offers may be changed, withdrawn or extended at any time, without notice.
The annual percentage rate (APR) is based on a $ 200,000 mortgage for the applicable term assuming a processing fee of $250 (which includes fees associated with determining the value of the property). If there are no cost of borrowing charges, the APR and the interest rate will be the same.
4. Interest rate is compounded monthly, not in advance. This rate may change at any time without notice. Royal Bank of Canada prime rate is an annual variable rate of interest announced by Royal Bank of Canada from time to time as its prime rate.
7. APR 3.030% based on today's Royal Bank of Canada Prime Rate of 3.000%.
8. APR 3.180%. Offer expires January 31, 2015.
9. APR 3.270%. Offer expires January 31, 2015.
Applicable to residential mortgages only and subject to Royal Bank of Canada lending criteria for residential properties. Offer may be changed, withdrawn or extended at any time, without notice.
Lock your rate and know exactly how much home you can afford. Start your pre-approval online and an RBC® mortgage specialist will be in touch within 24 hours to help you complete your pre-approval application.