HELOC Halifax, Nova Scotia

The Canadian Mortgage Stress Test in 2024

📅 Last Updated: February 15, 2024

✏️ Written By Lisa Rennie

🕵️ Fact-Checked by Caitlin Wood

Table of Contents show

HELOC Halifax - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
23	1700524800	$5,000 - $25,000	24.99% - 29.99%	30 or 60	$5,000 - $25,000
11	1692748800	Up to $250	0%	Up to 61 days	Up to $250
8	1688083200	$150 - $1,600	10 - 35%	3 - 6	$150 - $1,600
100	1686182400	$300 - $3,000	18% + fees	6	$300 - $3,000
100	1686182400	$300 - $3,000	18% + fees	6	$300 - $3,000
100	1686182400	$300 - $3,000	18% + fees	6	$300 - $3,000
6	1683676800	$15,000	6.7%	Up to 60 months	$15,000
1	1670889600	$1,000 - $10,000	19.9% - 46.9%	-	$1,000 - $10,000
7	1666051200	$150	0%	-	$150
100	1643932800	$500 - $15,000	+18.9% APR	6 - 60	$500 - $15,000
100	1642723200	up to $1,500	-	-	up to $1,500
13	1639094400	$1,000 - $15,000	29.9% - 46.9% APR	12 - 60	$1,000 - $15,000
100	1623369600	Varies	0%	6 or 8 weeks	Varies
2	1620777600	Up to $35,000	9.99% - 46.96%	6 - 60	Up to $35,000
17	1607558400	$500 - $50,000	6.99% - 46.99%	12 - 36	$500 - $50,000
100	1600646400	$1,000-$7,500	12.99% - 29.99%	24 - 60	$1,000-$7,500
100	1598918400	$1,000 - $15,000	-	-	$1,000 - $15,000
100	1598832000	$500 – $15,000	+ 25.99%	9 - 60	$500 – $15,000
100	1595980800	$200 - $1,200	25% - 32%	-	$200 - $1,200
100	1593561600	-	0+	2 - 60	-
100	1582243200	-	-	Up to 60	-
100	1580947200	-	-	-	-
100	1580860800	$500 - $5,000	-	12 - 24	$500 - $5,000
100	1580860800	$350 - $1,000	-	2 - 12 weeks	$350 - $1,000
9	1580860800	$1,600 - $25,000	19.99% APR	36 - 60	$1,600 - $25,000
16	1580774400	$1,000 - $25,000	7.5% - 31.5% APR	36 - 60	$1,000 - $25,000
100	1579478400	$100 - $1,500	-	-	$100 - $1,500
100	1579478400	Up to $5,000	29.78% - 44.8%	36 months	Up to $5,000
100	1579219200	$100 - $25,000	+4.9%	-	$100 - $25,000
100	1576713600	-	Up to 35%	-	-
18	1576713600	$500 - $100,000	6.99% - 14.99%	12 - 240	$500 - $100,000
100	1575590400	1800- 2900	15.99%	23 - 36	1800- 2900
100	1560124800	Up to $15,000	29.99% - 46.96%	9 - 60	Up to $15,000
17	1545955200	Up to $20,000	18.99% - 24.99%	36 - 84	Up to $20,000
19	1552262400	$1,000 - $15,000	29.9% or 46.90%	6 - 60	$1,000 - $15,000
100	1551830400	$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1569974400	$500 - $50,000	15 - 30%	-	$500 - $50,000
100	1551830400	$1,000 - $15,000	19% - 46.95%	6 - 60	$1,000 - $15,000
100	1551398400	Up to $1,500	15% - 19%	14 days	Up to $1,500
100	1551398400	$500 - $1,000	28% - 32%	-	$500 - $1,000
100	1551139200	$5,000 - $35,000	9.9%+	6 - 60	$5,000 - $35,000
15	1551139200	Up to $15,000	19.99% APR	Open-end	Up to $15,000
100	1550534400	$300 - $25,000	7.95%+	36 - 60	$300 - $25,000
100	1550534400	$100 - $1,500	-	14 days	$100 - $1,500
100	1550534400	$500 - $1,000	28% - 32%	3 -5	$500 - $1,000
100	1550534400	$300 - $1,000	38% APR	3 - 4	$300 - $1,000
100	1549411200	$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1567555200	$300 - $3,000	18% + fees	6	$300 - $3,000
100	1549238400	$500 - $1,000	28% - 32%	4 - 5	$500 - $1,000
100	1549238400	$250 - $1,000	29% APR	3 - 4	$250 - $1,000
20	1548720000	$500 - $1,000,000	7.9%	12	$500 - $1,000,000
100	1548633600	$300 - $7,500	29.9% - 39.9%	6 - 60	$300 - $7,500
100	1548633600	$50 - $1,500	-	14 days	$50 - $1,500
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
16	1545264000	$2,000 - $10,000	18.9% - 54.9%	12 - 60	$2,000 - $10,000
2	1543622400	Up to $50,000	19.99% - 39.99%	6 - 120	Up to $50,000
10	1545264000	$500 - $12,500	19.99%+	12 - 60	$500 - $12,500
100	1545350400	Up to $1000	30%	3 - 5	Up to $1000
100	1545350400	Up to $5,000	60%	6 - 60	Up to $5,000
5	1545350400	$500 - $1000+	28%-32%	3	$500 - $1000+
100	1545350400	$500 – $750	28% – 34.4%	3	$500 – $750
100	1545350400	$500 – $750	23% - 34.4%	3 – 12	$500 – $750
100	1545350400	$300 - $1500	27% - 35%	3 - 4	$300 - $1500
4	1545264000	$500 - $100,000	Starting at 29.99%	9 - 84	$500 - $100,000
3	1545264000	Up to $3,500	47.72%	-	Up to $3,500
10	1545177600	$1,000 - $35,000	5.99% - 29.19%	36 - 60	$1,000 - $35,000
18	1545177600	$100 - $20,000	Up to 46.8%	Up to 60	$100 - $20,000
100	1569974400	Up to $1,500	15% - 23%	14 days	Up to $1,500

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
2	1669852800	$5,000 - $300,000	-	3 - 24 months	$5,000 - $300,000
100	1648512000	$10,000 - $250,000	Varies	6-12	$10,000 - $250,000
100	1620345600	-	-	12 - 60	-
100	1611878400	$5,000 - $30,000,000	-	Up to 18	$5,000 - $30,000,000
17	1607558400	$500 - $50,000	6.99% - 46.99%	6 - 36	$500 - $50,000
100	1598918400	-	-	-	-
100	1585612800	-	0.9% - 12%	6 months - 5 years	-
100	1581984000	$10,000 - $10,000,000	6% - 12.5%	-	$10,000 - $10,000,000
100	1581033600	-	-	-	-
100	1581033600	-	-	-	-
100	1581033600	-	-	-	-
100	1580947200	-	-	-	-
100	1580947200	$10,000 - $1,000,000	-	-	$10,000 - $1,000,000
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	$5,000 - $1,000,000	-	-	$5,000 - $1,000,000
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	up to $250,000	-	-	up to $250,000
100	1580860800	-	-	-	-
100	1580688000	Up to $10,000	-	-	Up to $10,000
100	1580256000	$5,000 - $500,000	-	6 - 18 months	$5,000 - $500,000
100	1579478400	-	-	-	-
100	1579478400	-	-	12 - 120	-
100	1579478400	-	-	24 to 60	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1579046400	-	-	-	-
100	1577059200	-	-	-	-
100	1577059200	-	-	-	-
100	1577059200	-	-	-	-
100	1575849600	$5,000 - $150,000	15% +	6 - 24	$5,000 - $150,000
100	1575849600	Up to $250,000	-	-	Up to $250,000
100	1575590400	-	-	-	-
100	1575590400	-	-	-	-
1	1545955200	$5,000 - $150,000	Fee-Based: Starting at 9%	12 - 60	$5,000 - $150,000
100	1552262400	Up to $250,000	-	Up to 10 years	Up to $250,000
100	1552262400	-	-	-	-
100	1552262400	Up to $1,000,000	-	-	Up to $1,000,000
100	1551830400	$10,000+	-	Up to 15 years	$10,000+
100	1551830400	Up to $1,000,000	-	Up to 15 years	Up to $1,000,000
100	1551830400	Up to $500,000	-	Up to 10 years	Up to $500,000
100	1551830400	$5,000 - $10,000	-	Up to 7 years	$5,000 - $10,000
100	1551398400	$3,500+	-	-	$3,500+
100	1551398400	$10,000 - $1,000,000	4% - 14%	12 - 84	$10,000 - $1,000,000
100	1551139200	Up to $75,000	-	Up to 18	Up to $75,000
100	1550534400	$500-$50,000	0.5% weekly	12 week cycles	$500-$50,000
100	1550534400	$1,000 - $1,000,000	6% - 20%	-	$1,000 - $1,000,000
100	1550534400	Up to $5,000,000	4.5%	24 - 72	Up to $5,000,000
100	1550534400	$5,000 - $200,000	-	-	$5,000 - $200,000
100	1549411200	$50,000 - $12,000,000	-	24 - 96	$50,000 - $12,000,000
100	1549411200	$5,000 - $1,000,000+	-	1 - 60	$5,000 - $1,000,000+
100	1549238400	$5,000 - $1,000,000	-	3 - 24	$5,000 - $1,000,000
100	1548720000	$5,000 - $5,000,000	-	4 - 18	$5,000 - $5,000,000
100	1548720000	Up to $100,000	6.05% +	60	Up to $100,000
100	1548720000	$10,000+	18% - 22%	-	$10,000+
100	1548720000	$10,000 - $300,000	4.70% - 5.45%	-	$10,000 - $300,000
10	1545177600	$1,000 - $35,000	5.6% – 25.5%	36 – 60	$1,000 - $35,000
100	1545264000	$5,000 - $250,000	-	3-18	$5,000 - $250,000
100	1545264000	$5,000 - $150,000	-	3 - 24	$5,000 - $150,000
6	1545350400	$5,000 – $100,000	15% +	12 – 18	$5,000 – $100,000
100	1545264000	$5,000 – $100,000	Starting at 6.87%	3 – 18	$5,000 – $100,000
5	1545177600	$5,000-$250,000	8% - 29% APR	6 - 18	$5,000-$250,000
4	1545177600	$5,000 – $500,000	Starting at 5.9%	3 – 60	$5,000 – $500,000
100	1561507200	Up to $300,000	-	-	Up to $300,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
2	1679529600	Varies	8.49% +	24 - 96 months	Varies
3	1632960000	Up to $50,000	15.99% +	12 -72	Up to $50,000
8	1624233600	Up to $50,000	29.99% – 46.96%	12 - 96	Up to $50,000
17	1607558400	$500 - $50,000	-	24 - 60	$500 - $50,000
100	1600646400	$1,000-$7,500	12.99% - 29.99%	12 - 84	$1,000-$7,500
6	1597104000	-	4.99%+	-	-
100	1594339200	-	-	-	-
6	1582761600	-	11.9% - 22.9%	Up to 84	-
100	1581033600	-	+ 4.9%	-	-
100	1581033600	-	-	-	-
100	1580688000	-	-	-	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1578873600	-	+8.99%	-	-
100	1578873600	-	-	-	-
100	1551830400	$5,000 - $10,000	-	up to 84	$5,000 - $10,000
100	1552262400	Up to $250,000	-	12 - 60	Up to $250,000
100	1552262400	Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1551830400	Up to $100,000	-	6 - 96	Up to $100,000
100	1551830400	$10,000+	-	12 - 96	$10,000+
100	1551830400	Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1577059200	-	-	up to 72	-
100	1577059200	-	-	-	-
100	1575849600	-	Starting at 4%	Up to 84	-
100	1575849600	$5000 - $45,000	4.90 % - 29.95% APR	36 - 72	$5000 - $45,000
100	1575849600	-	-	-	-
100	1575590400	-	-	-	-
100	1575590400	-	-	-	-
100	1575590400	-	14.5% to 29.9%	-	-
100	1575504000	-	-	-	-
6	1569974400	$7500 - $59,995	3.95% +	12 - 96	$7500 - $59,995
100	1562112000	-	Up to 49.9%	-	-
100	1561507200	-	-	-	-
100	1561507200	-	-	Up to 84	-
1	1560124800	Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400	Up to $30,000	-	-	Up to $30,000
100	1548720000	-	-	-	-
100	1548633600	-	4.2%+	-	-
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
100	1545177600	Up to $50,000	-	-	Up to $50,000
100	1545177600	$5,000 – $40,000	-	12 – 72	$5,000 – $40,000
100	1545177600	-	-	Maximum 84	-

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
100	1578873600	$1,000 - $35,000	-	24 - 60	$1,000 - $35,000
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
100	1545264000	Up to $25,000	-	12 - 60	Up to $25,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	N/A	N/A	N/A	N/A
5	1700524800	-	-	-	-
100	1695772800	-	-	-	-
4	1690934400	Varies	5.54%+	Varies	Varies
2	1688601600	Min $100,000	5.34%+	2 - 10 years	Min $100,000
100	1627344000	-	1.94% - 2.45%	12 - 60	-
100	1581033600	-	2.74% - 6.30%	12 - 120	-
100	1580947200	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	2.64% - 4.45%	12 - 120	-
100	1580860800	$50,000+	2.74% - 3.49%	12- 120	$50,000+
100	1580860800	-	-	36 - 60	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580688000	-	2.79% - 6.00%	6 - 60	-
100	1579478400	-	2.74% - 3.70%	6 - 120	-
100	1578873600	-	-	-	-
100	1578873600	-	2.69% - 3.95%	6 - 120	-
100	1577059200	-	-	-	-
100	1577059200	-	2.84% - 7.30%	-	-
100	1574899200	min 25,000	3.89.% - 4.84%	12 - 60	min 25,000
100	1560124800	-	2.89% - 3.79%	-	-
100	1548806400	$10,000 - $1,500,000	Varies	12 - 24	$10,000 - $1,500,000
100	1548720000	-	2.41% - 3.84%	-	-
1	1517097600	$10,000+	Based on equity	-	$10,000+

		Services	Rating
0	0	Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Referrer)
100	1576540800	Credit Counselling, Bankruptcy, Consumer Proposal
100	1576540800	Credit Counselling, Debt Management Program
100	1576368000	Credit Counselling, Debt Management Program
100	1576454400	Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

In Halifax, there are so many loan options available that the choice between one over the other can often be a daunting task. That said, some loans in Halifax may be better than others, depending on consumers’ specific financial situations.

One unique type of way to borrow money in Halifax is through a HELOC. If you currently own a home and have built up a decent amount of equity over the years, you may be eligible to take out a HELOC to gain access to funds required to cover a large expense.

So, what exactly is a HELOC and is it the right loan option for you?

What is a HELOC?

Short for a ‘home equity line of credit’, a HELOC is a type of loan in Halifax that allows you to borrow against the equity in your home. Depending on how much equity has been accumulated, you may be eligible for a HELOC to get your hands on necessary funds.

Home equity refers to the difference between what you currently own on your mortgage and the value of your home. Generally speaking, homeowners must have at least 20% equity in their homes in order to qualify for a HELOC in Halifax.

Learn how to borrow using your home equity, click here.

How Does a HELOC Work in Halifax?

A HELOC works similarly to a credit card. Basically, you’ll be given a credit limit amount which you can borrow up to against your home equity. You can withdraw the entire amount all at once, or only take out a portion of it as the need arises.

You will only be charged interest on the portion that you withdraw and are required to pay that money back at some point. You’re then free to borrow against your credit limit repeatedly, just like a credit card.

To see more differences between credit cards and lines of credit, read this.

How Does a HELOC Differ From a Home Equity Loan?

Also referred to as a second mortgages, both HELOCs and home equity loans involve borrowing money against the equity in the home. However, they differ in that home equity loans involve a lump sum of money being provided to the borrower all at once, with the entire amount being charged interest and being repaid via installment payments.

What Can HELOCs Be Used For in Halifax?

There are a number of things that the money borrowed from home equity can be used for in Halifax. Some of the more common reasons why homeowners in Halifax borrow against their home equity in the form of a HELOC include the following:

Home renovations
Auto repairs
College or university tuition
Investments
Starting or growing a business
Consolidating debt

Interested in the price of purchasing a house in a certain province? Check out this infographic.

Is it a Good Idea to Take Out a HELOC in Halifax?

While you can literally use the funds from a HELOC in Halifax to be put towards just about anything, certain expenses hold more value than others. For instance, it wouldn’t be wise to borrow money against your home equity – and therefore increase how much you owe on your mortgage – to blow on a gambling spree. Ideally, the money you borrow should be spent on something that will add some value.

Using the funds to cover the cost of a home improvement project, for instance, would be a wise way to spend the money. By improving your home, you may be able to add value to it. Further, using the funds to invest in a safe, risk-free, and profitable investment can be another great way to use the money.

Click here for a look at safe vs. risky investments.

Otherwise, the funds should be used for expenses that you would need to cover anyway, rather than spending it on frivolous things that aren’t necessary. Further, this type of financing should only be considered if you’re financially comfortable with adding another debt payment into the mix. If you’re already struggling to meet your monthly payment deadlines, perhaps adding another payment might not be the right choice.

For more information about mortgages in Halifax, read this page.

Looking to Secure a HELOC Halifax?

If you’ve taken the time to assess your finances in great detail and have determined that you’re capable of handling another payment and are going to put the money to good use, then perhaps a HELOC in Halifax may be right for you. If that’s the case, let Loans Canada help you find the right lender and HELOC loan product in Halifax that suits your situation.

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