HESA application process
Get an estimate
Find out if your home is eligible for a HESA and get an instant estimate of how much of your equity you may be able to access with a HESA.
If you’re eligible for a HESA based on the information you provide, we’ll invite you to create an account with us. If we don’t currently operate in your area, we’ll invite you to join the waitlist.
Submit an application
Apply online in minutes, not days. Your time is valuable so we made our application fast with near-instant verification, drag-and-drop file uploading and live collaboration with co-owners.
You’ll tell us about your home, yourself and any debts secured against your home. You’ll also share some documents about your home, like your property tax statement.
Have co-owners? You’ll be able to invite them from the application. We’ll get them set up with an account and added to your HESA application instantly. They can then collaborate on the application with you in real time. All homeowners must be included on the application.
Sign our offer letter
Our offer letter contains a summary of the terms on which we are willing to enter into a HESA with you, subject to the conditions contained in our offer letter. You’ll also agree to reimburse us for the cost of having an independent appraisal and an independent inspection performed for your home.
You should review our offer letter carefully before signing it. We are happy to answer any questions you may have.
If you haven’t already, this is a great time to consult a financial planner to get advice on how well a HESA can help you achieve your financial goals.
Satisfy all conditions
Once you have signed your offer letter, we will arrange for an appraisal and an inspection of your home. In addition to coordinating with us for the appraisal, you’ll need to work on any other conditions contained in our offer letter. For example, if you have a mortgage, you’ll likely need to get your lender’s consent as a condition of our offer.
Sign your HESA
Once all of the conditions in our offer letter have been met, we’ll send you your HESA documents to review and sign. Review these documents carefully with your lawyer, as these are the terms of your HESA.
In addition to you signing the documents, we’ll need your lawyer to provide us with a certificate of independent legal advice confirming you reviewed the HESA with them.
Wait 10 days
We’ll fund your HESA after we receive your fully signed HESA documents and the 10-day waiting period ends. You can cancel your HESA at any point during the 10-day waiting period without penalty. If you cancel, you’ll still be responsible for paying the expenses that you authorized when you signed your offer letter, such as the cost of your home appraisal.
Receive your funds!
We’ll send your funds to your bank account on the first business day after the 10-day waiting period ends. So if your waiting period ends on a Saturday, we’ll initiate the transfer on the following Monday (provided it’s not a holiday). Depending on your bank, it may take a couple of business days for the funds to appear in your account.
The amount you receive will be your HESA amount less our origination fee and the expenses that you agreed to pay, as set out in your HESA documents. We’ll break down all of these numbers in advance, so you’ll know exactly how much to expect.
Built for security and speed
Applying for some financial products can be a grind. Providing stacks of bank statements, crumpled utility bills and wonky scans of your driver’s licence is time-consuming and a pain. We decided to do things differently. We use the latest financial technology to streamline the application and underwriting process.
Always encrypted
Your data is safeguarded in transit (over the Internet) with TLS end-to-end encryption and at rest (in our database) using 256-bit AES.
Lightning fast
Verify your identity quickly day or night, collaborate with co-owners in real time and sign everything effortlessly with e-signatures.
Easy uploads
Drag and drop PDFs straight into your application. Or log in from your mobile device and take a photo of a physical document right in the app.
Auto-save enabled
You’ll never lose your progress because you forgot to press save before digging through a stack of papers for a property tax bill.
Gather your documents
Have these documents ready for a smooth application experience.
* Each homeowner to provide.
We use your ID to verify your identity and prevent fraud. We partner with Didit to collect and analyze your ID and compare it to a selfie that you provide during the application. This allows us to accept a wide range of identity documents and verify your identity quickly. You can read about how we (and Didit) protect your information in our Privacy Policy.
We prefer a Proof of Income Statement from the Canada Revenue Agency, which you can download for free from the government’s myCRA portal. Alternatively, you can provide us with your most recent Notice of Assessment, a recent pay stub, a letter from your employer confirming the details of your employment (including salary) or your most recent Statement of Benefits. There is no minimum income required for a HESA.
Provide your most recent property tax bill from your municipality.
Provide your home’s most recent electricity bill, water bill and natural gas bill (if applicable). If these utilities are paid indirectly (e.g., by your condo corporation), please upload evidence of this arrangement instead.
Provide your most recent statements for any mortgages, HELOCs and similar debt products to help us understand how much debt is secured against your home. We don’t need to see statements for unsecured debts (e.g., credit card), transactional bank accounts (e.g., chequing) or investments accounts (e.g., RRSP).
Protecting you
We take information security seriously. You can read about how we protect your sensitive information in our Privacy Policy.