Brokers will be happy about this. FirstLine, the biggest broker-centric lender in Canada and a division of CIBC, has lowered their line of credit (LOC) rate to prime + 1% from prime + 1.50%.
The move now brings pricing on FirstLine’s hugely popular Matrix LOC in line with most of the industry. This should considerably increase the appeal of the product, which features atypical benefits for a readvanceable, including portability, no reporting of the LOC to credit bureaus, and semi-annual LOC compounding.
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Last modified: April 26, 2017
I thought they would never lower it! Great news…..
I currently pay at CIBC prime + 1% for LOC, is any other banks that provide it for less?
Thanks.
Is not reporting to credit bureaus a good feature? Under what cicumstance is this beneficial -future fradulent credit applications?
Posterboy – This means if you carry a balance on the LOC then your credit score will not be affected. This is important when qualifying for future credit (like the best car loan or low interest credit cards). There are other reasons for having a good credit score as well, as most are aware of.
Firstlines new rate sheet today is fantastic
Some of these fixed rates have got to be at a bottom
A 2 year quick close under 3% is a steal
whoop-de-doo! now there equivalent to Big Blue. Should have just gone to RBC in the beginning. They’ve never been above P+1.0%.
LOL. Nice to see the RBC shills posting here.
Farkus you need to do some homework. Brokers have always been able to discount Firstline’s prime + 1.50%. More importantly, Firstline’s regular mortgage rates have been lower than RBC for months.
Let’s see…. A homeline fixed/LOC at 3.95% or a FirstLine Matrix at 3.79% or less? Not a tough choice.
Even with RBC’s unevenly-applied branch discretion FirstLine is generally cheaper AND it’s a better mortgage feature-wise.
The Homeline has only one advantage and that is for people who need multiple LOC sub accounts for whatever reason.
Hi Truth: You make some fair points. I would also agree with Farkus that RBC held its pricing at P+1%, and they deserve credit for it. – rob
I’m with Firstline, but am on the old HELOC plan. I pay prime (+0).