Known lump sum, lowest rate
Refinance
Best when you need a known lump sum and want the lowest possible rate with a fixed schedule.
St. Thomas & Southwestern Ontario
HELOC in St. Thomas, Ontario
A home equity line of credit is revolving credit secured against your home. You're approved for a limit, draw only what you need, and pay interest only on the drawn balance.
It's flexible and it's secured by your house — both facts matter.
Nandan Bajani · Licensed Mortgage Agent | Ontario · The Mortgage Firm Inc.
St. Thomas, Ontario — Daily Update
Compare Today's Mortgage Rates
As of September 18, 2026
2.25% overnight rate held steady, prime near 4.45%, but rising bond yields (5-year GoC near 3.65%) are pushing fixed rates higher
HELOC rates are variable and priced off prime, not these fixed/discounted mortgage rates — ask me for today's specific HELOC rate.
TermFixed RateVariable Rate
2-Year
Fixed
4.09%Lowest
Big 6 Bank
Variable
—
3-Year
Fixed
4.19%
Big 6 Bank
Variable
3.84%
Canadian Lender
5-Year
Fixed
4.24%
Canadian Lender
Variable
3.40%Lowest
Canadian Lender
Rates shown are for insured mortgages (down payment under 20%). Conventional/uninsured pricing may differ — contact me for your exact rate.
Source: Ratehub.ca public rate table. Rates shown are examples from a public table and are subject to qualification and change.
Plan your numbers
Run Your Numbers
From equity to access
How a HELOC Comes Together
- 1
Estimate your equity
65% standalone, or up to 80% combined with a mortgage
- 2
Apply & appraisal ordered
Confirms the home's current value
- 3
Qualification & stress test
Approval isn't automatic just because the equity exists
- 4
Credit limit set
Draw only what you need, when you need it
- 5
Interest on the drawn balance only
Undrawn credit costs nothing
How much you can qualify for
A standalone HELOC is generally limited to 65% of the appraised value of the home. In a combined mortgage-plus-HELOC product, the total of the mortgage and the credit limit can typically reach 80% of value, with the revolving portion still capped at 65%. Qualification uses the stress test, so approval is not automatic just because the equity exists.
65%
Standalone HELOC, revolving portion
80%
Combined mortgage + HELOC, total
Documents You'll Need
Recent pay stubs or T4s/Notices of Assessment
Government-issued photo ID
Current mortgage statement
Proof of property tax and home insurance
Appraisal, ordered by the lender
Combined mortgage and HELOC structures
Many lenders offer a readvanceable product: as you pay down the mortgage portion, the available credit limit grows automatically. It's efficient for people who reuse equity, but it does tie your mortgage and credit line to one lender, which can make a future switch more involved.
Sensible uses
Staged renovations where you don't know the final total up front
Bridge-style cash flow between selling and buying, where a formal bridge doesn't fit
A standby emergency reserve at a far lower rate than credit cards
Down payment for an investment property, as part of a plan you can carry
Risks to take seriously
HELOC rates are variable and move with prime
Interest-only minimum payments mean the balance never reduces on its own
The debt is secured by your home
HELOC vs refinance
Flexible, repeated access
HELOC
Best when you need flexible, repeated access and want to avoid paying interest on funds you haven't used.
Related reading
Questions people ask
How much of my home's value can a HELOC access?+
Typically up to 65% of appraised value on the revolving portion, or up to 80% in total when combined with a mortgage portion.
Do I have to use the full HELOC limit?+
No. You pay interest only on what you actually draw.
Can I get a HELOC if I'm self-employed?+
Yes, subject to income documentation. Alternative lenders exist where prime income verification doesn't fit, usually at a higher cost.
Does a HELOC affect my credit score?+
It appears on your credit report and high utilization can affect your score and future qualification, just like other revolving credit.
See whether a HELOC or refinance fits your St. Thomas plan
A short conversation is usually enough to know what's realistic. No obligation, no pressure.