Access cash with a lower interest rate than that of a loan or credit card. Plus enjoy tax benefits on home renos. Pay less interest today!

  • Get your approval in one business day!

Discover the benefits of a line of credit loan!

  • Access cash when you need it
  • Pay low interest rates
  • Deduct tax for home renos
  • Earn cash dividends
  • Pay off high interest debt

Get up to $3,000* cash back!

  • Buying your first home? 
  • Moving a mortgage to us? 
  • Purchasing your next home?

Get cash back today!

HELOC vs Other Options

A line of credit mortgage is also known as a Home Equity Line of Credit (HELOC) because the line of credit is secured by the equity in your home. It’s an excellent resource you can use for anything – a new vehicle, a home renovation project… Use it anytime on anything and save on interest!

Home Equity Line of CreditLine of CreditCredit Card
Flexible access to cashFlexible access to cashFlexible access to cash
Secured by your homeUnsecuredUnsecured
Low interest rateMedium interest rateHigh interest rate
Tax deductible (home renos)

Not tax deductible

Not tax deductible

Total savings in 1 year: $1,188
Total savings in 5 years: $5,940

Get your first home faster by seeing what we’ll need to help you. Here’s our mortgage application checklist

Join the 62,000+ Canadians who bank with us

HELOC Calculator: Get the money you need

Get the cash you need

Draw whatever you need, whenever you need it and pay interest only on what you’ve borrowed.

Enjoy a low interest loan

A HELOC has an interest rate lower than a credit card or a general loan. It’s drawn from the equity on your house, so you can borrow at a lower interest rate.

Discover the tax benefits

The interest you pay on your line of credit mortgage can be tax deductible for home improvements. If you’re borrowing for home renos, a HELOC is the way to go.

Improve your debt

You can use your HELOC funds for anything you like. Because it offers such a low interest rate, it’s perfect for paying off high interest debt.

Need help?

Ask an Advisor

No jargon, no hidden fees, and no pressure - only smart advice!

Home Equity Line of Credit Questions

Checklist - When applying for a mortgage, we'll need some documents and information. Here’s our mortgage application checklist.

Residential Mortgage Security - When you borrow money to buy a house, we require security in the form of real property.

Mortgage Default Insurance - As per Legislation, we can only lend up to 80% of the purchase price or value of your new home. If you have less than 20% for a down payment, you'll need mortgage default insurance (pdf).

A Home Equity Line of Credit might be right for you if…

  • You want to use your house equity to borrow money for a renovation.
  • You want to borrow at an interest rate lower than that of a credit card.
  • You need quick access to funds to pay for some large expenses in a short period of time.

A protection plan provides peace of mind for you and your loved ones. During a tough time, you can focus on your family. We'll focus on protecting you from financial loss.

With an insured mortgage, if you are unable to make your mortgage payments, CUMIS, our reputable insurance company, will make the payments for you. You can apply for a variety of insurance types for your mortgage: disability, life, loss of employment, or critical illness. So, for example, if you lost your job and had loss of employment insurance on your mortgage, CUMIS would make your mortgage payments until you found a job again (up to maximum time noted in your policy). You wouldn’t have to worry about losing your home during such a difficult time.



Our No-Fee Bank Account has no monthly fees and no minimum balance requirements. Save ~$11/month in fees!


Earn cash dividends simply by doing your everyday banking with us. The more you bank with us, the more you benefit.


Your business helps us support your community. We allocate 2% to 4% of pre-tax profits/year to our communities.

HELOCs help you save more money!

Get convenient access to cash with a HELOC. You’ll pay less interest plus you can benefit from tax deductions on your home improvement project.  

Need more help choosing your mortgage?

Try our mortgage selection tool!
Learn more about your mortgage options on the Financial Consumer Agency of Canada's (FCAC) website.

AIR = Annual Interest Rate

APR = Annual Percentage Rate

Annual Interest Rate = The total cost of credit expressed as an annual percentage, not including various non-interest charges.

Annual Percentage Rate = The total cost of credit expressed as an annual percentage, taking into account, both interest and various non-interest charges.

If there are no non-interest finance charges, the AIR and APR will be the same.

APR Assumptions:
a. $300,000 Mortgage
b. 25 Year Amortization
c. Applicable Term for Each
d. $400 Appraisal Fee

Applicable to residential mortgages only and subject to Innovation Federal Credit Union lending criteria for residential properties. Some conditions apply.

Interest rate compounded semi-annually not in advance. Interest rates are subject to change without notice.Applicable to residential mortgages only and subject to Credit Union lending criteria for residential properties. Some conditions apply.

Rates subject to change without notice.

Innovation Federal Credit Union will lend for properties located in Canada only.

Additional information for building mortgages could be required depending on the type of construction project you are undertaking.

Loans and mortgages can be approved in one business day if you have submitted all required paperwork  OR, you will be able to book an appointment in one business day and be approved in two businesses days if you have submitted all required paperwork.