Kudos to RBC for taking the lead and cutting its secured line of credit (Homeline) rate.
Effective tomorrow, the rate will fall from prime + 1.00% to prime + 0.50% (for new customers).
Marcia Moffat, head of RBC Home Equity, says: “…We are…giving Canadians access to the best priced credit line in the market today.”
This is big news because it will undoubtedly put pressure on other lenders to cut their HELOC rates. Secured LOCs have been stuck around prime + 1.00% since last fall when the credit markets blew up.