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The RBC Homeline Plan® account is a smart, easy way to manage all your personal credit — from your mortgage to outstanding balances on loans and lines of credit. Plus, you could save hundreds of dollars in interest charges!
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.
Manage Your Mortgage and Personal Credit Under One Plan
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.
Put The Equity in Your Home to Work for You
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.
Split Your Mortgage Between Fixed and Variable Rates
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.
For example:
- 50% of your mortgage could be fixed for 5 years
- 50% of your mortgage could be in a 5-year variable rate mortgage
In addition, the percentage1 split does not have to be 50/50.
RBC Homeline Plan Calculator
Help manage all your borrowing needs and save on interest charges.
Example of How You can Save
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® | With RBC Homeline Plan® | |
|---|---|---|
| Mortgage2 $200,000 |
$1,008/month (Interest 4.5%) |
$504/month $100,000 Mortgage - Fixed2 (Interest 4.5%) $449/month $100,000 Mortgage - Variable3 (Interest 3.5%) |
| Car Loan3 $25,000 |
$519/month (Interest 9.0%) |
$460/month Car Line of Credit (Royal Credit Line®3, Secured - Interest 4.0%) |
| Line of Credit $9,500 Credit Cards $4,300 |
$51/month (Unsecured - Interest 6.5%) $70/month (Interest 19.5%) |
$46/month Line of Credit (Primary Royal Credit Line - Interest 4.0%) |
| Total |
$1,649/month (Interest 5.3%4) |
$1,460/month (Interest 4.0%4) |
| Savings with RBC Homeline Plan®: $189/month, $2,268/year | ||
| Without RBC Homeline Plan® | With RBC Homeline Plan® | |
|---|---|---|
| Mortgage2 $200,000 |
$1,008/month (Interest 4.5%) |
$504/month $100,000 Mortgage - Fixed2 (Interest 4.5%) $449/month $100,000 Mortgage - Variable3 (Interest 3.5%) |
| Car Loan3 $25,000 |
$519/month (Interest 9.0%) |
$460/month Car Line of Credit (Royal Credit Line®3, Secured - Interest 4.0%) |
| Line of Credit $9,500 |
$51/month (Unsecured - Interest 6.5%) |
$46/month Line of Credit (Primary Royal Credit Line - Interest 4.0%) |
| Credit Cards $4,300 |
$70/month (Interest 19.5%) |
$46/month Line of Credit (Primary Royal Credit Line - Interest 4.0%) |
| Total |
$1,649/month (Interest 5.3%4) |
$1,460/month (Interest 4.0%4) |
| Savings with RBC Homeline Plan®: $189/month, $2,268/year | ||
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 between 5 and 30 years. This is the length of time it will take to pay off your mortgage if the interest rate does not change.
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:
Special Offer Rates and Terms
The RBC Homeline Plan® is available with a variety of fixed5 and variable6 rates and terms. Below are several of our current special offers7:
| Term | Rate | APR |
|---|---|---|
| 4-year fixed closed term | 3.090% | 3.120% APR |
| 5-year fixed closed term | 3.240% | 3.260% APR |
| 5-year variable closed term | RBC Prime Rate - 0.600% (3.350%) | 3.370% APR |
Today's Royal Bank of Canada prime rate
| RBC Prime Rate | 3.950% |
|---|
HomeProtector® Mortgage Insurance
It allows you to not only safeguard yourself and your family's lifestyle, but also your assets and net worth.
1) Subject to minimum mortgage amount of $5,000.
2) 30-year amortizing mortgage with monthly payments.
3) 5-year amortization, variable interest rate.
4) Weighted average. Rates shown are for illustrative purposes only.
5) 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.
6) 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) 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 $ 250,000 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.
Mortgage funds must be advanced within 120 days of date of application in order to qualify for the Special Offer rate. Offer may be changed, withdrawn or extended at any time, without notice.
Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria. Some conditions apply. Offer may be changed, withdrawn or extended at any time, without notice.