Line of Credit Rates

[cam_wmh]

Fellas,

What's the best LoC rates & HELOC rates available?

thanks

[FraserB]

Probably a special rate, but I heard Prime plus a half being advertised.

[busdepot]

Best i've been able to get is prime +1.

[dj_rice]

My HELOC is prime + 0.5% from RBC

[300zxfairlday]

Prime + 0.5% from scu for me

[TimLacroix]

Most lenders are offering HELOC's at Prime + 0.50%.

For personal lines of credit, they typically are around prime + 3%.

[cam_wmh]

Thanks fellas.

I was offered +1 on HELOC, + 2 on Prime with RBC.

Are there differing rates for RRSP's?

[busdepot]

Be cautious with borrowing to contribute to your RRSP. If you're not getting more than the interest rate you're paying on your RRSP, wait until you have the cash to put in there. You contribution limit stacks on itself and doesn't expire. Not point in paying 5% to get 3% return. I'm sure you know this, but some people forget about this.

[Xtrema]

Originally posted by busdepot
Be cautious with borrowing to contribute to your RRSP. If you're not getting more than the interest rate you're paying on your RRSP, wait until you have the cash to put in there. You contribution limit stacks on itself and doesn't expire. Not point in paying 5% to get 3% return. I'm sure you know this, but some people forget about this.

Borrowing for RRSP only works if you have a huge tax refund to cover most of the loan and pay off the rest in the next few months.

It is stupid to pay 5% to get 3%.

Back on topic,

HELOC +0.5%, LOC +2%.

ATB do HELOC @ prime for 1 year, then I assume goes back to prime+ afterwards.

[yellowsnow]

you should be able to get P+0.5% on a heloc. just have to shop around a bit.

[roopi]

Originally posted by cam_wmh
Thanks fellas.

I was offered +1 on HELOC, + 2 on Prime with RBC.

Are there differing rates for RRSP's?

Spoke with RBC last week and they advised for an RSP loan if you took a 1 year term they would offer prime. If it is a longer term then the rate is prime + 1.5%.

[tpurcell4]

My personal LOC with ATB is at P+1.5% (which they just lowered in September from P+3%.

HELOCs range anywhere from Prime to Prime plus 1%.

Keep in mind that some lenders may have special rates for various professionals, ie. Engineers, medical professionals, teachers, etc. (some favor the HELOC more, others are more favorable on unsecured LOCs)

Cheers,

Todd

[cam_wmh]

Thanks fellas.