When you need extra flexibility in your finances, a line of credit can help. With access to funds when you need them and support from a Mainstreet advisor, you can manage expenses with confidence while keeping control of how and when you borrow.
Credit that adapts to your life
Flexible borrowing that lets you access funds
when you need them
Lines of Credit
A Mainstreet line of credit gives you convenient access to funds when you need them. Borrow what you need, repay it, and use it again as your needs change.
The benefits of lines of credit
Easy access to funds
Your line of credit can be linked to your chequing account, making it simple to transfer funds whenever you need them.
Interest only on what you use
Interest is charged only on the amount you borrow, not your full credit limit, helping you manage borrowing costs.
Advice from a dedicated local advisor
Your Mainstreet advisor can help you understand your borrowing options and choose a solution that supports your financial goals.
Protection for added peace of mind
Optional insurance can help cover your line of credit balance if the unexpected happens, helping protect your finances and your family.
When you need extra flexibility in your finances, a line of credit can help. With access to funds when you need them and support from a Mainstreet advisor, you can manage expenses with confidence while keeping control of how and when you borrow.
Understanding your line of credit options
Mainstreet offers several types of lines of credit designed to support different financial goals. Whether you're managing expenses, using your home equity, or maximizing your RRSP contributions, your advisor can help you choose the option that fits your plans.
Personal Line of Credit
A personal line of credit provides flexible access to funds for everyday borrowing needs. Once approved, you can borrow up to your credit limit, repay what you use, and borrow again as needed.
Interest is charged only on the amount you borrow, helping you manage expenses while maintaining flexibility in your repayments.
Common uses
Managing unexpected expenses
Home projects or repairs
Consolidating debts
Home Equity Line of Credit (HELOC)
A home equity line of credit allows you to borrow against the value you’ve built in your home. The amount available is based on your home equity and existing mortgage balance, subject to lending guidelines. The combined loan-to-value (LTV) for your mortgage and HELOC may be up to 80% of your home’s value.
You can borrow what you need, repay it, and access the funds again whenever you need them.
Common uses
Home renovations or improvements
Large purchases
Debt consolidation
RRSP Line of Credit
An RRSP line of credit helps you take advantage of RRSP contribution opportunities today while giving you time to repay the amount over the year.
It allows you to maximize your RRSP contributions and potential tax benefits without disrupting your monthly cash flow. Your Mainstreet advisor can help you determine whether an RRSP line of credit fits your overall investment plan.
Choosing the right line of credit
While each line of credit provides flexible access to funds, personal lines of credit and home equity lines of credit differ in how they are structured. The comparison below highlights some of the key differences.
|
Personal Line of Credit |
Home Equity Line of Credit (HELOC) |
|
|---|---|---|
|
Purpose |
Everyday expenses, short-term cash flow needs, or smaller projects |
Larger expenses such as home renovations, education costs, or consolidating debt |
|
Credit Limit |
$5,000 – $40,000 depending on qualifications |
Based on the available equity in your home |
|
Availability of funds |
Transfer funds to your account whenever you need them |
Transfer funds to your account whenever you need them |
|
Repayment Structure |
Interest-only minimum payments based on your outstanding balance. No fixed repayment term while the line of credit remains active. |
Interest-only minimum payments based on your outstanding balance. No fixed repayment term while the line of credit remains active. |
|
Security |
Unsecured - Approval is based on your credit profile |
Secured by your home |
|
Personal Line of Credit |
Home Equity Line of Credit (HELOC) |
|---|---|
|
Purpose |
|
|
Everyday expenses, short-term cash flow needs, or smaller projects Larger expenses such as home renovations, education costs, or consolidating debt |
|
|
Credit Limit |
|
|
$5,000 – $40,000 depending on qualifications Based on the available equity in your home |
|
|
Availability of funds |
|
|
Transfer funds to your account whenever you need them Transfer funds to your account whenever you need them |
|
|
Repayment Structure |
|
|
Interest-only minimum payments based on your outstanding balance. No fixed repayment term while the line of credit remains active. Interest-only minimum payments based on your outstanding balance. No fixed repayment term while the line of credit remains active. |
|
|
Security |
|
|
Unsecured - Approval is based on your credit profile Secured by your home |
|
Borrowing options for students
Planning for post-secondary education? Visit our student borrowing page to explore the options available and see how a Mainstreet advisor can help you choose a solution that fits your education plans.
Protect what matters most
Insurance with Mainstreet helps protect you and your family by covering your line of credit balance if the unexpected happens, providing added peace of mind when you need it most.
