Lines of Credit

Meritline - Home Equity Line of Credit Expand/Collapse

Use your home equity to finance large purchases or consolidate debt

Want more flexibility with your mortgage? Why not try an OCCU Meritline mortgage.

Let the equity in your home work for you. A Meritline is a perfect solution for the active borrower and guarantees you one of OCCU’s lowest rates.

You can choose your payment by making a fixed monthly payment or as little as interest only. You can re-borrow what you’ve paid down again and again, up to your pre-approved limit.

Borrow up to 80% of the recently appraised value of your home

  • Works as a fully secured Line Of Credit (qualifies for interest based on OCCU prime+)
  • No pre-payment penalties
  • Allows you to access the money you have when you need it
  • Advance the available funding to buy a car, cottage, education fees, vacation or renovations – it’s your choice.

Personal One Expand/Collapse

Up to $25,000 available (unsecured) OAC

This is perfect for many individuals who are looking for flexibility when it comes to borrowing. Home renovations may mean you don't need all of the funds at once, but would like to have access to it when needed. This is when an OCCU line of credit is perfect for you.

Personal One Line of Credit offers:
  • Limits of $25,000
  • Competitive interest rates
  • Accessible 24 hours a day, 7 days a week
  • Repayment 3% of outstanding balance
  • Conditions apply (minimum net worth, minimum beacon score, minimum income level, and maximum ratios)
  • Help cover surprise payments or incidentals
  • No fees for usage

RRSP Loans Expand/Collapse

Apply once and re-use credit annually

RRSP Lines of Credit are available to members up to $25,000 providing:

  • The RRSP is with OCCU
  • The line of credit is only used to access funds for RRSP contributions
  • The RRSP Line of Credit should be repaid within 1 year so access is available for the following year's contribution
  • Automatic transfer from your account or direct payroll deduction
  • Interest rate will be variable at prime plus 1.00%

Student Expand/Collapse

To a maximum of $50,000 (conditions apply)

OCCU offers student loans and line of credit products with both flexible and competitive options to assist with all of your post-secondary education requirements from college to university to trade schools.

OCCU's student loans and lines of credit can be customized to fit the borrower's needs through a combination of fixed term loans and revolving lines of credit. This flexibility has the potential to lower the total amount borrowed and may ultimately save you money.

Product Eligibility

Full-time students: 60% university course load (as designed by their educational institution)
Part-time students - 1 course per semester

Application Requirements

Members need:
  • Confirmation that you are enrolled at a Canadian post-secondary educational institution (college, university, career college, registered apprenticeship)
  • Job training programs (if applicable)
  • An estimate of your education costs (including tuition, supplies, fees, accomodations, food, travel, etc)
  • A list of your financial resources (including savings, bursaries, summer employment, etc)
  • A suitable guarantor or meet standard lending requirements; need a parent(s) or guardian(s) to be a suitable guarantor

Loan or Line of Credit Amounts

Full-time: $10,000 maximum per school year
Part-time: $2,500 maximum per school year (depending on # of courses)

Maximum loan for any full-time student: $50,000

Product Features
  • Prime rate +2% (after graduation/grace period)
  • Interest only while in school
  • Grace period after graduation from 6 months to a maximum of one year

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