To successfully apply for a HELOC Canadian borrowers are required to meet a few qualifications. Here is what a lender is looking for in a borrower HELOC: Ultimately, how much equity is available on your home is the key criterion for a HELOC. It determines borrowing capacity. But lenders weigh the other factors too to know if a borrower is in a good position to repay the debt. The easiest way to get a HELOC in Canada is to compare online HELOC rates.