Bank of Canada Raises Policy Rate to 2.50%
Our most requested mortgage product is here
A HELOC that works harder for you
Unlock your home equity with Canada’s smartest Home Equity Line of Credit
Speak to a mortgage expert now
You asked.
We answered.
Unlock the equity in your home in
minutes with a flexible, low-rate
HELOC. The nesto HELOC is backed
by the same trusted digital
experience that’s helped hundreds of
thousands of Canadians achieve their
homeownership dreams.
Key HELOC facts:
Variable rate tied to nesto’s prime rate
No annual fee, no prepayment penalties
Interest-only minimum payments on draws
Secured against your property (lower rates)
Revolving: borrow, repay, borrow again
How does a
HELOC work?
Let’s walk you through it.
A Home Equity Line of Credit (HELOC)
lets you borrow against the equity
you’ve built in your home, on your
schedule, at a much lower interest
rate than most other borrowing
options. Here’s how it works:
01
You build equity as you pay down your mortgage.
Each mortgage payment increases your home’s equity. Equity is simply the difference between your home’s current market value and what you still owe.
02
nesto approves a credit limit based on that equity.
We calculate how much you can access up to 80% of your home’s value, minus your outstanding mortgage balance. This becomes your revolving credit limit.
03
Draw funds whenever you want.
Your HELOC works like a credit card backed by your home. Withdraw any amount up to your limit whenever you need it, without new approval required each time.
04
Pay interest only on what you use.
You’re only charged interest on the funds you’ve drawn, not your entire limit. As you repay, your available credit resets and you can use it again.
05
Repay flexibly, then borrow again.
Unlike a loan with a fixed end date, a HELOC is revolving. You can repay what you’ve borrowed and access those funds again later as your needs change.
Put your home equity to work
How should you use your HELOC? However you want.
A HELOC is one of the most flexible financial tools a homeowner can have. Access funds when you need them, repay on your terms, and only pay interest on what you actually use.
Access cash fast draw funds at any time
Your HELOC is there when life calls for it, whether it’s planned or unexpected.
Home renovations
Upgrade your kitchen, add a suite, or build that deck. Reinvest in your home and potentially increase its value at the same time.
Debt consolidation
Upgrade your kitchen, add a suite, or build that deck. Reinvest in your home and potentially increase its value at the same time.
Education costs
Fund post-secondary education for yourself or your family without taking on expensive student loans. Invest in your future.
Investment opportunities
Use your equity as flexible capital for investment properties, RRSP contributions, or market opportunities on your timeline.
Major life purchases
A wedding, a vehicle, a big trip, it doesn’t matter. Whatever the milestone, access the funds you need without the stress of a personal loan application.
Your home equity is ready.
Are you?
It takes minutes to find out how much you can access.
No obligation, no branch visit, no nonsense.
HELOC FAQ
What is a HELOC?
A home equity line of credit is a revolving credit facility secured by your home—meaning your home is collateral. nesto’s HELOC provides revolving, non-readvanceable credit so you can borrow up to the credit limit. You can repay the principal whenever you want and reapply to access the amount again.
How much can I borrow?
You can borrow up to 50% of your home’s appraised value minus any existing mortgage balance. The minimum limit is $25,000. Contact a nesto mortgage expert to learn more details.
Who is eligible for a HELOC?
Anyone transferring/switching their mortgage to nesto or completing a home purchase with nesto is eligible for a HELOC.
How much does it cost to set up a HELOC at nesto?
Setting up a HELOC with nesto involves a one-time initial fee of $295, which is charged to your HELOC account as part of your first minimum periodic payment.
Additional legal and registration fees apply and are the borrower’s responsibility. These fees vary depending on the province, legal service provider, and specific transaction requirements.
How can I qualify for a HELOC?
Speak with a nesto mortgage expert when you apply for a mortgage to see if you’re eligible for a HELOC.
Terms & conditions apply. Rate (5.20%) is in effect as of today (date), and the variable rate is calculated as Prime + 0.5%, subject to change. Please consult the expertise of our mortgage experts for advice.