National Bank already has one of the top readvanceable mortgages in Canada. Now it’s better.
NBC has cut its line of credit (LOC) rate down to prime + 0.85% (3.10% as of today). This is the lowest fully-open LOC rate that we’re aware of.
If you add a 4, 5, 6, 7, or 10-year fixed portion, or a variable-rate portion, you can get the AIO LOC rate even lower–to prime + 0.75%. (The AIO can be split into multiple portions.)
National is the 2nd bank that’s reduced its HELOC rate below prime + 1%. That’s good to see. Hopefully it inspires other lenders to price their LOCs more competitively.