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Learn about TD Home Equity FlexLine 

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What is a TD Home Equity FlexLine (HELOC) and how to use it?

A TD Home Equity FlexLine (HELOC) is an effective way to leverage your home's value, offering both flexibility and stability. It features a Revolving Portion for easy access to your available credit1 and has optional Term Portions, which have some similar features to mortgages.

  • Purchase a home with a TD Home Equity FlexLine

    If you have 20% or more of the home's value2 for a downpayment, you have the option to buy a home with either a mortgage or a TD Home Equity FlexLine.

    The great part of purchasing a home with a TD Home Equity FlexLine? As you pay it down, credit becomes available up to the credit limit, giving you access when you need it.1

  • Tap into your existing home equity with a TD Home Equity FlexLine

    With a TD Home Equity FlexLine, you can access up to 80% of your home's value4 to meet your financial needs like renovating your kitchen, buying a car, or consolidating debt.

    Similar to a mortgage, a TD Home Equity FlexLine allows you to borrow against your home equity which often means a lower interest rate compared to unsecured credit, making it a cost-effective option.

What is Revolving Portion?

The Revolving Portion offers:

Flexible Payment Options:
  • Access to Credit: Withdraw funds up to your credit limit anytime without needing to reapply.1
  • Competitive Rate: A variable interest rate based on the TD Prime Rate. 

Either the minimum required monthly payment of interest only or as much of the balance as you like, without any prepayment charges.

What is Term Portion?

The Term Portion3 offers:

Flexible Payment Options:
  • Regular principal and interest payments at a fixed or variable interest rate.  
  • Can be set up when you first open your TD Home Equity FlexLine to access up to 80% of the home's value4 or, anytime afterward up to your credit limit using the outstanding balance in your Revolving Portion.3
  • Make a lump sum payment of up to 15% of your original Term Portion amount annually, with no prepayment charges if you have a closed Term Portion.
  • Prepay as much as you want if you have an open Term Portion.
  • Change your payment frequency to make an extra month’s payment each year with our rapid payment options.

Benefits of a TD Home Equity FlexLine (HELOC)

  • Convenient access

    Accessing your credit is easy. You can use your TD Access Card5, write cheques, or log into EasyWeb Online banking or the TD app—whatever works best for you.

  • Lower interest rate

    Borrowing that's secured by your home provides lower interest rates compared to most unsecured borrowing products (ex. credit cards).

  • Cover large expenses

    Whether you've used a TD Home Equity FlexLine to purchase your home or you decide to get it later. It may be a good solution for also covering large purchases like home renovations or a new car.

TD Line of Credit Protection

Whether you’re single or have a  partner or a family to care for, TD Line of Credit Protection can help reduce the financial burden for you and your loved ones should you experience an unexpected covered event.

TD Line of Credit Protection is an optional coverage that offers Line of Credit Critical Illness and Life Insurance, which could help pay off or reduce your outstanding TD Line of Credit balance should you pass away or suffer a covered critical illness or accidental dismemberment.6

Learn more about TD Line of Credit Protection

Frequently asked questions

Equity is the market value of a home, minus any outstanding debts or charges on the property.

The equity may increase if you reduce those debts or charges, or the value of the property increases.

Not sure how much your home is worth? You can look up recent sales of similar homes in your area for a rough idea. However, a lender will need to assess your property’s value. At TD, a valuation is part of your TD Home Equity FlexLine application, in order to determine how much you can borrow.

With a TD Home Equity FlexLine, you can access funds for different purposes. From buying a new home to using it for other financing purposes, it’s a flexible option that can continue to let you use your home as a powerful borrowing tool.

You can easily access your TD Home Equity FlexLine using your TD Access Card5, cheques, EasyWeb Online banking, or the TD app.

Absolutely, you can have both a TD Mortgage and a TD Home Equity FlexLine. For personalized advice tailored to your financial situation, feel free to reach out to a TD Mortgage Specialist. They’re here to help!

If having both is daunting, you may be able to replace your mortgage with a TD Home Equity FlexLine. Just keep in mind that this could involve some mortgage prepayment charges. Talk to a TD Mortgage Specialist to learn how to minimize costs.

The TD Home Equity FlexLine is a type of home equity line of credit (HELOC). Both are a secured line of credit that uses your home as collateral so you can borrow what you need as you need it.1 However, with a TD Home Equity FlexLine, you may be able to borrow up to 80% of the home's value by using a Term Portion.

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