The Renovator
Draw funds in phases as each stage of the project is paid for.
3852 Finch Ave E #209, Scarborough, ON M1T 3T9, Canada
Brokerage #13763
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Brokerage #13763
A HELOC turns your home equity into a revolving credit line you can use for renovations, debt consolidation, investments, or life.
5.0 on GoogleWhere are you at right now?
No obligation
Up to 65% LTV
5.20% per year
Up to 65% LTV
7.50% per year
Up to 75% combined LTV
10% per year
Bank HELOC rate as of September 24, 2026. Private HELOC rates as of June 2026. Rates change often and are subject to approval. Private HELOCs: up to 65% LTV at the rate shown, and higher LTV options may be priced higher. Bank HELOCs: up to 65% LTV standalone, 80% combined with an existing mortgage. Illustrative example, not an offer of credit.
We work out how much your home is worth and what you owe.
We look at what you need the money for and how your credit looks today.
We compare options across 50+ lenders and explain each in plain English.
The lender values your home and a lawyer registers the line. Timing varies by lender.
Draw what you need, repay, and use it again within your limit.
Draw funds as the project moves along and pay interest on what you have drawn.
Replace several higher-interest balances with one line. Compare the total cost before you decide.
Use equity in your home toward the down payment on a rental property.
Cover tuition and living costs in stages instead of a lump sum.
Keep a line open for the unexpected and use it if you need to.
Combine a mortgage and a line of credit so your available credit can grow as you pay down the mortgage.
Owners sometimes use home equity to smooth out uneven income. We help you weigh the trade-offs.
Weddings, family support, a vehicle or a move. Borrow what you need, when you need it.
5.0 on Google
Verified reviews
50+
Lenders compared
Up to 65%
Bank HELOC of your home's value
FSRA #13763
Licensed brokerage
A Home Equity Line of Credit (HELOC) is a revolving credit facility secured against your home. Unlike a traditional loan, you borrow only what you need, when you need it, and pay interest on the amount drawn.
You'll be talking to
Tissa RatnayakeLicensed Mortgage Broker
Anne XavierLicensed Mortgage BrokerNot a call centre, real people, individually FSRA-licensed.
lendsimpl is licensed and regulated by FSRA (Brokerage #13763), required to disclose fully and act in your interest.
Any fee that applies to your file is disclosed in writing before you commit.
Your information is handled in confidence and shared with the lenders relevant to your file.
5.0/5 average rating on Google
“Damien Atapattu made my mortgage process completely stress‑free. He prepared all documents ahead of time and clearly understands lender, lawyer, and appraisal requirements. A friendly, energetic professional who gets results.”
Aruna Bandaranayake
Google review · 6 mo ago
“Highly recommend! Damien took a lot of time to explain the terms thoroughly. He is very knowledgeable and trustworthy. Looking forward to working with him again!”
Tommy Ravindran
Google review · 7 mo ago
“Shamal was amazing throughout the whole process. He is very helpful, knowledgeable and patient. If you need a good reliable mortgage broker he is the guy! He will find you the best solution.”
Avy Loc
Google review · 8 mo ago
“Highly recommend. Damien was excellent throughout everything. Walking us through everything step by step. He was extremely well prepared and well versed in everything we needed to get a mortgage at a great rate.”
John Abraham
Google review · 8 mo ago
“I had a great experience working with Damien. He helped me secure a very competitive mortgage rate through Scotiabank and made the entire process smooth and stress-free. He was knowledgeable, transparent, and always quick to respond to my questions. I highly recommend him.”
Rz
Google review · 8 mo ago
“I approached lendsimpl for some financing and was amazed at the quality and time frame of service. Within a matter of days my deal was completed. Thanks to Damien and the team for expediting my business so efficiently. I highly recommend them for your financing needs. Five stars from us.”
Sunrise Meadows
Google review · 11 mo ago
A Home Equity Line of Credit (HELOC) is a revolving credit facility secured against your home. Unlike a traditional loan, you borrow only what you need, when you need it, and pay interest on the amount drawn.
How much you can access depends on your lender type (bank vs. private) and your existing mortgage balance. See current rates and limits below for exact figures.
Lenders can change or reduce a HELOC limit, and the rate is usually variable, so it moves when prime changes.
| Heloc | Loan | |
|---|---|---|
| Access | Draw anytime | Lump sum only |
| Interest | On drawn amount | On full balance |
| Rate type | Variable (prime+) | Fixed or variable |
| Repayment | Flexible, revolving | Fixed schedule |
| Reuse funds | Yes, revolving | No, one-time |
| Prepay penalty | Usually none on the revolving portion | Possible |
Not sure which is right for you?
Both access your equity, but serve different goals. Here is how they compare.
| Factor | HELOC | Refinance |
|---|---|---|
| Purpose | Flexible revolving access | Lump sum, one-time draw |
| Rate type | Variable (prime+) | Fixed or variable |
| Mortgage impact | Keeps mortgage intact | Replaces your mortgage |
| Penalty risk | Usually none on the revolving portion | Break penalty if mid-term |
| Often suits | Ongoing costs, investing | One-time payoff, rebuild |
| Cost to access | Interest on what you draw. Appraisal and legal costs may apply. | Interest on the larger mortgage. A prepayment penalty may apply if you break early. |
| Flexibility | Draw and repay any time | Fixed schedule |
Want the full comparison? Read HELOC vs Refinance in Ontario.
Get My OptionsEvery homeowner has different goals. Here is how a HELOC works for each profile.
Draw funds in phases as each stage of the project is paid for.
Replace higher-interest balances with one line and a clear repayment plan.
Use equity toward a down payment on a rental. Rental income can help with repayment, but it is not guaranteed.
Keep a line open with a zero balance for the unexpected, and use it if you need it.
Lenders look at your equity, credit, income, property and title. Here is what they usually consider.
Bank HELOCs usually go up to 65% of your home's value, so you generally need at least 35% equity. Together with your mortgage, total borrowing can reach 80%. Private lenders set their own limits.
Stronger credit usually opens up bank HELOC options. If credit is a challenge, other lenders may look at your equity first.
Salaried and self-employed borrowers can apply. Owner-occupied, secondary and rental properties may be considered.
Lenders generally want clear title with no active power of sale.
| Typical bank HELOC limit | Up to 65% of your home's value |
|---|---|
| Rate type | Variable, usually prime plus a margin |
| Qualifying | Banks and other regulated lenders usually qualify you at a higher rate than your contract rate |
| Appraisal | Usually required |
| Fees | Any fee that applies to your file is disclosed in writing before you commit. |
Looking for a HELOC in a specific city? See our HELOC page for Toronto. Need a private HELOC or have credit challenges? See private HELOCs in Ontario. Comparing your options? Read the home equity guide.
Answers to common questions about home equity lines of credit in Ontario, from our licensed mortgage brokers.
Have a question we didn't answer?
Our licensed broker team is happy to help.
A home equity line of credit is a revolving credit line secured against your home. You are approved for a limit, draw what you need, pay interest on the amount drawn, and can repay and borrow again within the limit. The rate is variable and moves with prime. A lender can change or reduce a limit, so a HELOC works as flexible access to credit rather than a fixed loan.
A HELOC on its own can go up to 65% of your home's value, and a HELOC combined with your existing mortgage can go up to 80%. For example, on a home worth $1,000,000 with a $500,000 mortgage, 80% is $800,000, which leaves up to $300,000 for a HELOC, subject to income, credit and the lender's rules. Banks and other regulated lenders qualify you at a higher rate than your contract rate, which can lower the amount you qualify for. Private lenders set their own limits.
Bank HELOCs generally look for strong credit alongside stable income and at least 35% equity in your home. If credit is a challenge, other lenders may look at your equity and the property first, and some files suit a private HELOC.
Most HELOCs have a variable rate quoted as prime plus a set percentage, so your rate changes when prime changes. Some lenders let you lock part of the balance into a fixed rate, depending on the product. Review the terms before you draw.
Minimum payments on many HELOCs cover just the interest on the drawn balance, so repaying principal is up to you unless the lender sets a schedule. Paying down the balance restores your available limit and reduces the interest you pay. A balance left in place keeps costing interest, so it helps to have a repayment plan.
A HELOC keeps your current mortgage in place and gives you a credit line to draw on over time. A refinance replaces your mortgage with a new one, often at a new rate and term, and may involve a penalty if you break your current mortgage mid-term. The right fit depends on your rate, your balance, how much you need and how you plan to repay it.
Depending on the lender, you may pay for an appraisal and legal work to register the line, and some lenders charge setup or annual fees. Any fee that applies to your file is disclosed in writing before you commit. Private HELOCs usually carry more costs. Lender fees and broker fees, where they apply, are disclosed in writing before you commit.
It may be possible. Self-employed borrowers can apply, and lenders look at how your income is documented. If credit or income is a challenge, a private HELOC may be an option, where the lender focuses on your equity and the property. Private lending usually costs more than a bank HELOC. Lender fees and broker fees, where they apply, are disclosed in writing before you commit.
Still have questions?
Talk to a licensed broker.
HELOC services across Ontario.
Important
Rates & approvals
Last updated October 2026. Bank HELOCs: up to 65% LTV standalone (80% combined with an existing mortgage). Private HELOCs: up to 75% LTV standalone. Starting rates are indicative and vary by property, loan-to-value, credit and your file. Illustrative example, not an offer of credit. Broker and lender fees apply to private files and are disclosed in writing before you commit. lendsimpl Mortgage Brokerage, FSRA #13763.
Brokerage disclosure
lendsimpl is an FSRA-licensed mortgage brokerage (Brokerage #13763) serving Toronto and Ontario. Rates, lender terms and approval timelines vary by borrower profile and lender. Any fee that applies to your file is disclosed in writing before you commit.
lendsimpl compares HELOC options across 50+ Ontario lenders. Professional advice and a personalized comparison.
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lendsimpl is a Financial Services Regulatory Authority of Ontario (FSRA) licensed mortgage brokerage, Brokerage #13763. Nothing on this page is a mortgage offer, a rate quote or legal advice. Mortgage pricing varies by credit profile, down payment or equity, income type, property type, loan-to-value, term and lender, changes frequently, and is subject to lender approval and underwriting conditions, not every applicant qualifies for the rates shown. All applicable fees are disclosed in writing before you proceed. OAC. E&OE.
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