Money when you need it, for as long as you need it
When you have a major expense, it’s good to know you have access to money to pay for it. Once you’ve set it up, a line of credit is always available. Borrow up to your limit at a competitive interest rate to buy a new sofa or major appliance, repair a furnace or roof, or pay off your credit card balances and other higher interest rate loans.
Our Access Lines of Credit let you:
- Access your money and manage your account 24/7
- Make interest-only or interest-plus-principal payments
- Pay back lump sums whenever you want
Is our Access Lines of Credit right for you?
Yes, if you:
- Have investments or permanent life insurance to secure your line of credit
- Have enough income to make your loan payments
- Want access to borrowed money that costs nothing until you use it
Benefits of our Access Lines of Credit
Our Access Lines of Credit offers a competitive interest rate on the money you borrow.
|$25,000 to $99,999||5.45% (Prime +1.50%)|
|$100,000 to $249,999||5.20% (Prime +1.25%)|
|$250,000 and greater||4.95% (Prime +1.00%)|
Access Line of Credit is available with a credit limit of $25,000 to $100,000 while Access Line of Credit Plus has an available credit limit of $100,000 plus.
Please review our Services and Fee Guide for a complete list of all services and associated fees.
1Interest is calculated on the closing daily balance and paid monthly. The applicable tier rate is paid on every dollar. All rates are annual rates unless otherwise stated and are subject to change without notice
2Corporate lines of credit do not have ABM and debit privileges. View our complete listing of service charges and fees.
The policy withdrawal value, funds market value, or contract maturity guarantee must be a minimum of $10,000 to be eligible.
A secured line of credit, like the Access Line of Credit and Access Line of Credit Plus, is guaranteed by assets you own, such as investments or permanent life insurance. If you default on your loan, your investments or life insurance will pay it off for you. The advantage of a secured line of credit is that it generally offers a significantly lower interest rate than an unsecured line of credit.
People often have many different debts, including credit card balances, car loans and student loans. Consolidating debt at a lower interest rate can save you money, and a line of credit makes it easy. First, check to see which debts let you repay early without penalties and fees. Then apply for a credit limit large enough to cover these debts, use your line of credit to pay them off through online, mobile or telephone banking or write a cheque, and simplify your life with one monthly payment at a lower interest rate.
You can lower your limit at any time with a simple letter of direction - a letter that gives instruction letting Manulife Bank know you would like to lower your credit limit. To increase your limit, you have to apply for the extra borrowing room.
You may also like
Simplify your banking with Manulife One
Combine your deposits and borrowing into a single account so that every dollar you earn automatically goes towards paying down your debt. You could save thousands in interest and be debt-free years sooner.
Build your retirement savings with an RRSP loan
Make this year’s RRSP contribution deadline or catch up on contribution room from previous years with an RRSP loan. You can use the tax refund you get for your contribution to help pay off the loan.
Create wealth faster with an investment loan
Invest a larger amount longer for greater compound returns in your non-registered account. You may even be able to deduct the interest you pay on your investment loan.