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Versatile Line of Credit - A home equity line of credit

Your home does the financing!

Buy a car, pay your tuition, contribute to your RRSP, take a trip or carry out any other project.

  • Borrow against your home equity at an attractive rate.
  • Manage your credit on your own.
  • Make daily, weekly or monthly payments.

Get financing without the involvement of a notary if your mortgage was issued in or after 2008, or if a clause allowing additional financing is included in your mortgage deed.

Features you’ll like the most

Attractive, variable interest rate

Variable rate lower than a personal line of credit

Amount available

Up to 65% of the market value of your property

Payment options

Percentage of the monthly balance, fixed or variable amount, or monthly interest only

Quick access to funds

At an ATM, online or by phone at 1-800-CAISSES (1-800-224-7737).

How it works

  • Draw on your Versatile Line of Credit at any time to cover major expenses.
  • Cash advances taken out against the Versatile Line of Credit can be converted at any time into term loans or separate mortgages (in amounts of $15,000 or more).

Interest rate

  • Variable rate lower than a personal line of credit.
  • Varies based on the prime rate.
    See prime rate
  • Calculated on the daily balance so you only pay interest on the amount used

Amount available

  • Minimum of $25,000.
  • Up to 65% of the market value of your property
  • Cannot exceed 80% of your property’s current market value if it is mortgaged

Payment options

  • Daily, weekly or monthly frequency.
  • You can choose to pay:
    • a percentage of the monthly balance
    • a fixed or variable amount
    • monthly interest
  • No prepayment penalties. Pay off your line of credit whenever you want, in part or in full, without being charged extra fees.

Access to funds

  • At an ATM
  • On AccèsD or by phone at 1-800-CAISSES (1-800-224-7737)
  • By regular cheque
  • At your caisse
  • With special cheques linked to your line of credit

Possible uses


How it stacks up against other financing options

With the Versatile Line of Credit

You manage your financing on your own and get charged a much lower rate than with other products, like a credit card, personal line of credit or personal loan.

Without the Versatile Line of Credit

You must apply for additional financing every time you need it, often at a higher rate.

Example of use - New buyer

Value of the home: $250,000
Mortgage: $191,000
Total financing: $209,000
Total monthly cost:
  • Without the Versatile Line of Credit: $1,495
  • With the Versatile Line of Credit: $1,334

Example of use - Long-time owner

Value of the home: $250,000
Mortgage: $80,000
Total financing: $119,000
Line of credit available:
  • Without the Versatile Line of Credit: $10,000 (average interest rate: 6.221%)
  • With the Versatile Line of Credit: $80,000 (average interest rate: 4.467%)

See how it works

Mortgage Payment Calculator - Cet hyperlien s'ouvrira dans une nouvelle fenêtre.

Get preauthorized

What is the preauthorization certificate for?

  • Displays the maximum price of the house you can afford to buy
  • Shows you are a serious buyer and your purchasing capacity
  • Simplifies communication with the seller or real estate broker

3-step preauthorization

  1. Determine your financing needs with one of our advisors.
  2. Get a prompt answer.
  3. Receive the loan terms and a preauthorization certificate upon approval.

View a preauthorization certificate sample (PDF, 166 KB) - Cet hyperlien s'ouvrira dans une nouvelle fenêtre..

Make an appointment

Montréal area:
514-745-9499

Elsewhere in Canada and the U.S.:
1-844-626-2476

Contact an advisor

Documents you need for your meeting

Through a mortgage representative

Ready to buy? An advisor can come meet with you any day of the week.

Find a mortgage representative

Additional offers

Protect your heirs with Loan Insurance - Versatile Line of Credit

Ensure that your line of credit gets paid off in the event of disability or death with Loan Insurance - Versatile Line of Credit.

Think green

Are you buying a new construction or making green renovations? Get cashback, freebies, great rates and many more advantages with the Green Homes Program.

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