Home Renovations

RBC Homeline Plan

Manage your mortgage and home improvement line of credit under one plan.

• Low interest rates compared to most other types of credit
• Available credit grows with your equity¹
• Flexibility in payments – make interest only payments if you wish²
• Pay down the balance as fast as you want through the Line of Credit portion. Or pay it down through your regular mortgage payments
• You can reuse your available credit (up to your limit) once you pay down your balance

• Large amounts of available credit can make it easier to spend higher amounts, which can lead to carrying debt for a long time
• Variable interest rates can change, which could increase your monthly interest payments

Royal Credit Line

A solution best suited to renovations that will be done over time and/or when you don't need all the money at once.

• Lower interest rate compared to most credit cards.
• Flexibility in payments – you can make interest only payments if you wish²
• You can reuse your available credit (up to your limit) once you pay down your balance

• Requires discipline to pay it off
• Variable interest rates can change which could increase your monthly interest payments
• Your lender can reduce your credit limit at any time

Personal Loan

A personal loan could be ideal if you need the funds all at once and want a structured repayment plan.

• Flexibility to have a variable or fixed rate loan
• Borrow only what you need
• A set payment schedule means you know when your loan will be paid in full
• No collateral required – you are not borrowing against the equity in your home
• No early prepayment penalty – the loan can be paid in full at any time without penalty.

• May have higher interest rates compared to secured loan options

RBC Credit Card

Pay for your smaller renovations with any of our credit cards, which include cash back, rewards, and no annual fee options.

• With one of our Rewards cards, you could earn Avion points on your renovation spending, which can be redeemed for merchandise, gift cards, and more depending on the number of Avion points you have.³
• You could earn cash back on purchases made using one of our cash back credit cards.
• Some of our credit cards also include insurance benefits such as extended warranty.⁴

• Some credit cards may have annual fees.
• Interest rates may be higher than other forms of financing if you carry a balance.

Cash

Put money aside for your next renovation in an RBC bank account.

• A chequing account serves as a quick and easy way to access your money
• Savings accounts allow you to set aside renovation funds while providing you with easy access, 24/7

• Your cash might be worth preserving and investing for future growth, such as in a retirement or investment account