Brokerage #13763
A HELOC (Home Equity Line of Credit) lets Toronto homeowners borrow against their property's equity as a revolving line, draw and repay as needed, with interest charged on the outstanding balance. On most bank HELOCs the line itself can go up to 65% of your home's value, and up to 80% when combined with your mortgage. lendsimpl compares lenders across Toronto and Ontario. FSRA Licensed Brokerage #13763.
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No obligation
Up to 65% LTV
Prime + 0.50% per year
Up to 75% LTV
7.75% per year
Up to 75% combined LTV
9.75% per year
Bank HELOC: as of September 24, 2026. Private options: as of June 2026. Indicative rates for well-qualified applicants, OAC. Rates change. Private options are for files that do not fit a bank HELOC.
Tell us your goals, renovation, debt consolidation, investment, or reserve. We review your equity, income, and property with no commitment.
We compare lenders, banks, credit unions, and monolines, and present HELOC options and rates that fit your file.
We submit to the chosen lender, coordinate the appraisal, and handle the paperwork.
Once set up, draw funds anytime via online banking, repay and redraw as needed, with interest charged on the balance you use.
Keep the line open as a standing resource, or pay it down, a HELOC has no fixed repayment schedule like a term loan.
Draw and repay as needed, with interest charged on the drawn amount. Variable rate (Prime+), up to 65% LTV, generally no prepayment penalty. Suits ongoing or phased needs, renovations, investments, or a standing reserve.
One lump-sum draw at closing, fixed or variable rate, up to 80% LTV. Suits a single large need. Breaking mid-term can carry an IRD or interest penalty.
5.0 on Google
Verified reviews
50+
Lenders compared
Up to 65%
Interest on what you draw
30 minutes
Call with a licensed broker
FSRA Licensed
Ontario-wide
We review your equity, income, and goals, compare lenders side-by-side, and show you exactly what you qualify for, before anything is submitted to a lender.
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 under our privacy policy 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
Up to 65%
Interest on what you draw
Your limit and terms depend on your equity, credit profile and the lender.
Most bank HELOCs expect your mortgage and line combined to stay below 80% of the home's value.
Banks generally look for stronger credit. Alternative lenders may look at your file differently.
Lenders verify your income and apply their own qualifying rules.
The property must be in Ontario, and the type of property can affect which lenders apply.
A HELOC is revolving credit secured by your home. Draw and repay as needed, with interest charged on the outstanding balance.
On most bank HELOCs the line itself can go up to 65% of your home's value, and up to 80% when combined with your mortgage.
Answers on qualification, rates, and how a Toronto HELOC compares to refinancing.
Have a question we didn't answer?
Our licensed broker team is happy to help.
A HELOC (Home Equity Line of Credit) lets Toronto homeowners borrow against the equity in their home. It is a revolving credit line: you draw what you need, repay, and draw again, and interest is charged on the balance you use. On most bank HELOCs the line itself can go up to 65% of your home's value, and up to 80% when combined with your mortgage.
Lenders generally look at the equity in your home, your income, your credit and the property. Most bank HELOCs expect at least 20% equity, and requirements vary by lender. If a bank says no, alternative lenders may look at your file differently, and we explain the trade-offs of each.
HELOC rates are usually quoted as a spread over prime and depend on your credit, equity, income, the property and the lender. See the rate cards on this page for current indicative rates.
A HELOC is a revolving line you draw on as needed, usually priced over prime. A refinance replaces your mortgage with a new one, usually for a lump sum at a fixed or variable rate, and may carry a prepayment charge on your existing mortgage. Which suits you depends on your goal, your current mortgage and how much you need to borrow.
Yes. Many homeowners use a HELOC to fund renovations in stages, drawing funds as the project progresses. Interest is charged on the amount you have drawn. Check your lender's terms on how the line can be used.
Credit, income documentation or the type of property can lead to a decline. Alternative lenders and private options may be available, and each has different costs and terms. We compare the options and explain the trade-offs before you decide. Lender fees and broker fees, where they apply, are disclosed in writing before you commit.
lendsimpl is licensed and regulated by FSRA (Brokerage #13763), required to disclose fully and act in your interest. We serve Toronto and communities across Ontario.
Timelines depend on the lender, the appraisal and how complete your documents are. We outline a realistic timeline once we know which lender and product fit.
Still have questions?
Talk to a licensed broker.
From Toronto to the rest of the GTA and across Ontario, lendsimpl arranges HELOCs wherever your property is located.
Important
Rates & approvals
Rates shown are indicative for well-qualified applicants, subject to lender approval (OAC), and can change without notice. Your rate depends on your property, down payment or equity, credit profile and the lender.
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. All applicable fees are disclosed in writing before you proceed, as required by FSRA regulations.
How a HELOC affects your costs
You pay interest on the amount you draw, not your full credit limit. Any fees that apply to your file, appraisal, setup, or otherwise, are disclosed in writing before you commit to anything.
HELOC
lendsimpl is an FSRA-licensed mortgage brokerage (Brokerage #13763) arranging HELOCs across Toronto and Ontario. Your rate and available credit depend on your equity, credit profile, and the lender selected. All applicable fees are disclosed in writing before you proceed, as required by FSRA regulations.
lendsimpl compares lenders to find a HELOC that fits your Toronto property, renovations, debt consolidation, or investments. We show you exactly what you qualify for and confirm the terms in writing before you commit to anything. FSRA Brokerage #13763.
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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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