meritLINE

This product is similar to NORTHERNLINE, except that it allows you to secure your line of credit with property that you own. This allows for a higher amount of credit.

MERITLINE works a lot like a bank account – when making a purchase you simply take the money from this account, and then pay it back in whole or in part. Unlike a conventional loan, once you decrease the balance owing by paying into the account, that money then becomes available for you to use again. MERITLINE is also mortgage secured.

Who’s eligible?

Any person, business or organization who is a member and owns property.

Rates

When you’re approved for the line of credit, you’ll receive a variable rate, set on an individual basis (based on the Consumer Loan Target Rate – it’s an industry standard). You’ll only be charged interest on the amount that you borrow from your line of credit, and only for the amount of time it takes you to pay it back.

Payments

Payment amounts, frequency and dates are agreed to when you’re approved. And they’re flexible – you can opt to pay a fixed amount, a percentage of the total amount owing or interest only. Your payments are taken automatically from another Northern Deposit Account of your choice, but only if there’s a balance owing.

You also have the freedom to make extra payments, or pay the balance owing at any time, without penalty.

Disability Insurance

If you find yourself injured or seriously ill, it can be very difficult to make your payments. That’s why we offer you the opportunity to buy disability insurance. This coverage activates if you’re off work for an extended period of time due to sickness or injury, and will cover your payments until you’re better, or until your line of credit is paid-off (certain conditions apply). We strongly recommend you purchase this coverage.

Life Insurance

This coverage is similar to the disability coverage, but covers you in the case of your death, ensuring your loved ones are not stuck with your debt. We strongly recommend you purchase this coverage.