The RBC Homeline Plan is a surprising product from RBC that combines a traditional mortgage with a home equity line of credit. With this loan, homeowners have access to a revolving credit line that increases as what you owe on your mortgage decreases. It's an interesting, popular hybrid product that offers significant flexibility.
Of course, you must have at least 20% equity in your home to take advantage of this option – or a down payment of 20% of the property's purchase price.
RBC Homeline Plan features
Take a look at the various features that the RBC Homeline Plan has to offer.
Why You Want It
Take advantage of low interest rates + Flexible repayment options.
Eligibility
- At least 20% equity in your home
Features
Bank Prime Rate
4.45%
Online Banking Access?
Cheques Access?
Debit Card Access?
ATMs Access?
In-Branch Access?
Protection Available
- HomeProtector Mortgage Insurance
Split Mortgage Available?
RBC Homeline Plan product rating: 3.8 stars
The RBC Homeline Plan is a secured credit product that gives you a great deal of flexibility in how you deal with your outstanding debt. By combining your mortgage with a home equity line of credit, you're able to take advantage of current low interest rates to not only pay for your home, but to consolidate existing debts (or borrow more).
Rating methodology
The Genius Rating system is robust but straightforward. We begin by breaking each product and service into its component features, then comparing those against similar options available in the Canadian market. Each feature is then given a comparative score out of 5 points, and when we average those scores together, we have our final product rating out of a possible 5 stars.
Learn more about our rating methodology.
The pros of RBC Homeline Plan
There are several perks to this unique product from RBC.
Pros
Interest-related Perks
Because you're consolidating your debt and bundling 2 more more loan products into one, you're paying less interest in the long run. Plus, you can take advantage of fixed and variable rates if you like, since you'll have at least 2 different mortgage products involved.
Apply once, borrow repeatedly
You can either apply for the RBC Homeline Plan when you first get a mortgage or later when you're looking for a HELOC. But whenever you do apply, you're then able to continuously borrow money against your home equity for as long as you own the home, meaning that one initial application can provide years and years of funding opportunities.
Super convenient access to funds
There's no need to drive to an RBC branch and wait in line for a teller. You can access your RBC Homeline Plan funds in a variety of convenient ways: online banking, the RBC mobile app, at RBC ATMs, or with a cheque. And, of course, you can always visit a branch if you like.
The cons of RBC Homeline Plan
Despite its perks, the RBC Homeline Plan isn't a perfect product.
Cons
Maximum borrowing limit
While we can't expect that they'd alter traditional HELOC rules so much that borrowers can access 100% of their home's equity, a limit is still a limit and it's still a bummer. You can borrow up to 80% of your home's value with an RBC Homeline Plan. That's a big number, but it's still not 100%.
Puts your home at risk
Because the RBC Homeline Plan is a form of HELOC, this means you're providing your house or property as collateral. And this, in turn, means that if your financial situation takes a turn for the worse, you could actually lose your home. It's a scary thought and a huge risk that you'll want to take time to seriously consider before signing any papers.
RBC Homeline Plan alternatives
 |  |  |  | |
|---|---|---|---|---|
| Account | RBC Homeline Plan | Scotiabank Total Equity Plan (STEP) | BMO Homeowner ReadiLine | TD Home Equity FlexLine |
| Genius Rating | ||||
| Why You Want It | Take advantage of low interest rates + Flexible repayment options. | Borrow up to 80% of your home's equity + Easy online loan management. | Get a flexible mortgage from a reputable company + Competitive interest rates. | Access low interest rates + Borrow up to 80% of your home’s value. |
| Bank Prime Rate | 4.45% | 4.45% | 4.45% | 4.45% |
| Online Banking Access? | | | | |
| Cheques Access? | | | | |
| Debit Card Access? | | | | See Issuer for Details |
| ATMs Access? | | | | See Issuer for Details |
Show More | ||||
| See rates & details See more RBC products Compare | Learn More See more Scotiabank products Compare | Learn More See more BMO products Compare | Learn More See more TD products Compare |
FAQ
What is the RBC Homeline plan?
The RBC Homeline plan is loan product that combines a mortgage with a home equity line of credit. It provides a revolving line of credit to homeowners so they can take advantage of the equity in their home time after time.
So is the RBC Homeline Plan readvanceable?
Yes, this is a readvanceable mortgage. As you pay down the principle of your mortgage, you immediately get access to those funds in the form of a line of credit. So the more you pay down your mortgage, the higher the dollar amount that you can borrow.
What are the RBC Homeline Plan pros and cons?
There are pros and cons to every loan option, and the RBC Homeline Plan is no different. One perk is that borrowers are able to take advantage of low interest rates. But on the other hand, your home is being used as collateral, so it's a difficult risk to take.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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