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Home equity line of credit

Use your home equity to finance your property and projects with our Versatile Line of Credit. Get pre-approved to see how much you can borrow and to lock in your rate.

On AccèsD

Are you a member? Log in to AccèsD, select Home, then select your goal. When you apply for a mortgage pre-approval online, you'll get a quick response.

Log in to AccèsD

By phone

Give us a call to discuss the homebuying process or to apply for a mortgage pre-approval.

Schedule a call with the mortgage financing team.

What is a home equity line of credit (HELOC)?

A HELOC1 lets you access the equity you have in your home. It is secured by your property. You can use a HELOC to finance your home and access the portion of the principal that you've repaid.

A loan to finance your home purchase and more

When you finance your home purchase with our Versatile Line of Credit, you get a loan that's tied to your home equity line of credit. This tied loan works like a traditional mortgage, with payments subject to the rate and conditions2 you choose.

See all loans and rates

Use your home equity to finance your projects

As you pay off your tied loan (or, if you have enough of a down payment, as soon as you take it out), the amount available on your HELOC goes up. Use your available funds to pay for your renovations, finance a second property, consolidate your debt or cover unexpected expenses.

Personalize and diversify your financing

With the Versatile Line of Credit, you can personalize your mortgage and tie several loans to it.

Each of the tied loans has its own rate, term and payment schedule. It's handy if you want to:

  • Take advantage of both fixed and variable rates
  • Change up your financing conditions and spread out your payments over different terms
  • Get financing that maintains each co-borrower's financial flexibility, even as each borrower remains separately responsible for the full amount

Example

You and your partner are buying a home and need to borrow $300,000. You're comfortable with some risk but your partner isn't. You decide to use a HELOC and divide the loan to meet both of your needs.

  • You choose a $180,000 loan at a reduced variable rate of 2.15%3 over a 5-year term. You want to make weekly payments, which come to $178.84.
  • Your partner chooses a $120,000 loan at a fixed rate of 2.39% over a 3-year term. They prefer making payments every 2 weeks, which come to $244.96 every 2 weeks.

Both of these loans are tied to your Versatile Line of Credit and are part of the same mortgage.

Why choose a HELOC?

Competitive interest rate

When you borrow directly from your line of credit, get a variable rate4 that's often lower than the rate on a personal line of credit.

Use it the way you want

Borrow only if and when needed.

Flexible payments

Choose from a variety of flexible payment options. You decide your payment amount and frequency or convert it to a tied loan for a regular payment schedule and terms.

Easy and convenient

Borrow money whenever you want. You don't have to contact us unless you want to borrow under specific conditions.

How does a HELOC work?

1. Get your Versatile Line of Credit

If you have a significant down payment or if you've already paid down much of your loan and you're about to buy a home, renew your mortgage, refinance or renovate, talk to your mortgage advisor about a Versatile Line of Credit.

That way, you'll have fast access to all the advantages that come with it.

2. Increase the funds available on your HELOC

The amount of credit available to you starts building as soon as you make your first payment. But, before you can use your line of credit, you must have paid down at least 20% of your home's determined5 value. We base the determined value on several criteria, including the market value. You may put down 20% as a down payment when you buy your home or reach 20% equity in your home during your term.

The more equity you build up in your home, the more money becomes available on your line of credit. You can borrow back the available credit at any time.

3. Unlock your HELOC

If your down payment was big enough when you bought your home, your HELOC is already available and you don't need to call us to access your available credit.

But, if you pay down the required 20% during your term, you need to contact us. A mortgage advisor will look at aspects of your file, such as your debt and income, to check your eligibility. Once you have access to your HELOC, you won't have to contact us each time you use it.

4. Use your HELOC

If you want to finance a project with your HELOC, you have 2 options:

  • Borrow directly from your line of credit, which has a variable rate
  • Have your advisor, if possible, convert the borrowed amount into a tied loan with its own rate and terms

You can borrow up to 65% of the determined value of your property. The total value of your HELOC and tied loans can't exceed 80%.

Good to know

You can easily transfer money between your accounts and your HELOC on AccèsD.

Examples

With a down payment of at least 20%

You buy a $300,000 condo with a 20% down payment, that is, $60,000. Your rate is 4.5%. Every month, you pay $1,328.34 in principal and interest. The amount of the principal becomes available on your HELOC. After 5 months, you'll have paid $2,199.60 toward the principal, which then becomes available on your line of credit for you to use as you wish. Your HELOC was opened when you bought your home because you had a 20% down payment.
With a down payment less than 20%

You buy a $500,000 house with a 5% down payment, that is, $25,000. Your rate is 4%. Every month, you pay $2,598.54. After 2 years, you want to use your HELOC to finance some bathroom repairs but you see that your HELOC isn't available. That's normal. Since you haven't paid back at least 20% of your home's determined value, you don't have access to the line of credit. You'll then need to look for other financing options.
Tied loans

You have $20,000 in debts and want to consolidate them. You have $20,000 available on your HELOC. Your line of credit is open but because you want stable loan terms, you contact your advisor to create a tied loan. You take out a tied loan for $20,000 at a fixed rate and 7-year term. As you pay this loan, the repaid principal again becomes available on your line of credit.
Borrowing after your mortgage is paid

You need $80,000 to update your home. You've already paid off your mortgage, which means you have access to the full amount of your HELOC. Ask your advisor to create a tied loan so you get a stable rate and fixed payment terms for 5 years.

Discover the benefits of getting pre-approved

Get pre-approved to show you're a serious buyer and see how much you can borrow. No commitment is required, and you'll guarantee your rate for a fixed period.

Learn more about mortgage pre-approval

Manage your Versatile Line of Credit online

Log in to the web version of AccèsD or go to the Home section of the Desjardins mobile services app for all your Versatile Line of Credit needs.

  • Check your balance
  • Check your interest rate
  • Pay your balance
  • Track your transactions
Log in to AccèsD

Download the Desjardins mobile services app

Making your Versatile Line of Credit work for you

Follow these tips to manage your loans and stay in the black.

  • Consider saving up for your projects before borrowing on your line of credit.
  • Talk about it with your advisor beforehand.
  • Aim to pay more than the minimum payment.
  • Make a realistic budget and payment schedule. Stick to them!
  • If you need a significant amount and don't think you'll pay it back in the short term, convert the balance of your HELOC into a tied loan. That way, your payments will be regular.
  • Protect your financing and rest easy with Versatile Line of Credit loan insurance.

Frequently Asked Questions

HELOC vs. mortgage: what's the difference?

You can use a HELOC to finance your property and your available credit goes up as you repay the principal. You are free to borrow only what you need, as you need it, to pay for things like renovations or a new cottage. Borrow up to 65% of your home's determined value.

A traditional mortgage is primarily used to finance a property and doesn't include a line of credit. If you want to use your home equity to pay for your projects, contact your advisor to look at your options.
What are HELOC rates like?

The interest rate is variable and based on the Desjardins prime rate, your financial history and your project.

Like a traditional mortgage, the terms and interest rate on each tied loan is set when you sign your agreement. They are based on the type of loan you chose, the term and the amortization.

You can check your loan and HELOC rates on AccèsD.
How are HELOC interest rates calculated?

When you borrow directly from your HELOC, interest on the balance due is calculated daily and based on the applicable variable rate, divided by the number of days in the year. For example, let's say you borrow $2,500 for 15 days at 5%. The interest on this amount is $5.14. Then, you make a $500 payment on the principal and carry a $2,000 balance for the next 15 days. Because of your payment, the interest drops to $4.11 for the remainder of the month. At the end of the month, you owe $9.25 in interest.
What documents are needed for a HELOC?

If you're buying a home

  • Proof of income (such as a pay stub or federal notice of assessment)
  • Investment statements
  • Purchase offer for your new home
  • Copies of the municipal and school taxes
  • Copy of the listing if the purchase is being made with an agent
  • Your buyer's proof of financing if you already own a home
  • Current leases and statements of income and expenses if you're buying an income property

If you're building a home

  • Proof of income (such as a pay stub or federal notice of assessment)
  • Investment statements
  • Contractor plans, specifications and estimates
  • Copy of the building permit
  • Copy of the preliminary contract

We may ask for more documents, depending on your situation.
Where do I see how much is available on my HELOC?

You can check how much you have available on AccèsD.

On a web browser

  1. Log in to AccèsD.
  2. On the Overview page, under Cards, loans and credit, select Versatile Line of Credit.
  3. Select Account.
  4. See Amount available.

Download the Desjardins mobile services app

  1. Log in to AccèsD.
  2. Under Quick access, select Home.
  3. Scroll to see how much is available on your Versatile Line of Credit.
How do I pay my Versatile Line of Credit?
  1. Log in to the web version of AccèsD on your computer or the Desjardins mobile services app.
  2. Select Transfers, then Transfers between accounts.
  3. Select the account you want to make the payment from.
  4. Select Versatile Line of Credit as the destination account.
  5. Enter the amount of your payment and then select OK.
  6. Confirm your payment.
See more mortgage questions

Get pre-approved

On AccèsD

Are you a member? Log in to AccèsD, select Home, then select your goal. When you apply for a mortgage pre-approval online, you'll get a quick response.

Log in to AccèsD

By phone

Monday to Friday: 8 AM to 9 PM
Saturday: 9 AM to 6 PM

Montreal area:
514-745-9499 Montreal-area mortgage services. This link opens your phone app.

Elsewhere in Canada:
1-844-626-2476 Canada-wide mortgage services. This link opens your phone app.

We can call you when it's convenient.

Schedule a call with the mortgage financing team.
The Versatile Line of Credit home equity line of credit is only available to homeowners who occupy a residence of 4 units or less. Some properties may not be eligible. Similarly to some traditional loans, a prepayment charge may apply if you pay off your loan earlier, before the end of the term. This rate doesn’t reflect promotions in effect and is for illustration purposes only. Prime rate of the Fédération des caisses Desjardins du Québec, plus or minus a spread in percentage per year. The determined value is set by Desjardins and corresponds to the market value or to other considered values.