Home Equity Line of Credit – HELOC

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If you can dream it, we want to help you achieve it. Our team of local lending experts are focused on helping Hawaii homeowners unlock their home’s equity. We’ll get to know you, help you find out how much equity you can access, and walk you through the application process. Remodel, renew, reinvent yourself— we’ll take care of the rest.

+#1 Residential Lender ranking is for total number of residential loans and total dollars made by a lender in the State of Hawaii in 2022. Information compiled by Title Guaranty derived from Hawaii Bureau of Conveyances tax data recorded information for 2022. Information is deemed reliable but not guaranteed.


Browse rates by term
HELOC Introductory Rates
Introductory APR Current Fully Indexed Variable APR

24 Months1



36 Months1



48 Months1



60 Months1



Understanding HELOC rates and options >

Browse rates by term
HELOC Fixed Rate Loan Option Special Rate<sup>3</sup>
Annual Percentage Rate

15 Years


25 Years


Understanding HELOC rates and options >

Fixed Rate Loan Option - FRLO

Lock in peace of mind

7.50% APR for 15 years3,4

Avoid fluctuating rates by locking in $10,000 or more of your HELOC balance with a FRLO.

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3 Applicable for HELOC applications received 5/1/2024-5/31/2024, HST. Available for new accounts and line increases, with a minimum amount of $10,000 at loan closing only. Monthly payments for Fixed Rate Loan Options (“FRLO”) are in addition to your minimum monthly payment on the variable rate portion of your home equity line. Other Fixed Rate Loan Options with varying rates and terms are available upon request. Other requirements and restrictions may apply.

4 The monthly payment for a 15-year Fixed Rate Loan Option ("FRLO") is approximately $92.70 per $10,000 borrowed (180 monthly payments of principal and interest).


Local, digital, personal

Convenient online tools and trusted local experts to help guide you through the HELOC application process.

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Applying with SimpliFi

With SimpliFiSM by Bank of Hawaii:

  • Start your application from the comfort of home
  • Speak with our local lending experts anytime throughout the process
  • Use your mobile, tablet or desktop device to apply

When you first click to apply, you'll be asked for some basic information to get started. If you are an existing customer with a Bank of Hawaii checking or savings account, we can automatically fill in some of your information to make the process easier and faster. All you need is your ATM or debit card along with your account PIN or e-Bankoh User ID and password to get started.

Once you've started your application, you can save your information and come back at any time to resume your application

What you'll need initially:

  • Social Security Number or Tax Identification Number
  • Valid email address for all applicants
  • Property information that will secure your loan (including estimated property value)
  • Income information

What is a HELOC?

A HELOC is a line of credit that allows a homeowner (like you) to borrow against the equity in your home. HELOCs function much like a credit card: You can withdraw as many times as you like, within your credit limit. (Some lenders also have a minimum draw amount) As any outstanding balances are paid, the amount of credit available is also replenished.

This feature exists for a set amount of time, called the draw period, which varies in length depending on the term set by the lender. During the draw period, you may only be required to make interest payments, but can make additional payments toward the principal if you wish. After the draw period, you enter the repayment period, during which you can no longer draw on your line and your required monthly payments increase to include interest and principal.

What makes HELOCs attractive to most homeowners is that typically they come with a low introductory promotional interest rate, which generally lasts for one to four years. After the promotional rate ends, the interest rate typically increases to a variable rate (aka the market rate) and fluctuates as the prime index rate adjusts, because the interest rate is tied to that index. Typically your variable rate will include both the floating index rate portion and an additional "spread" or "margin" above the index rate.

Read our articles The essential steps to follow when getting and using a HELOC and 3 Good uses for a HELOC

Planning for your HELOC

When applying for a HELOC, it's smart to plan, and then plan some more.

How much do you need to borrow? In many cases, a smaller line of credit can give you more of a buffer if your financial situation changes, but it all depends.

How will you pay off a HELOC? The required monthly payments at the beginning of your HELOC's term will likely be relatively small, because you generally are only required to repay the interest on the loan, but that monthly payment will grow larger once you reach the repayment period of the loan and are paying off the principal as well.

If you're planning on selling the home at some point, will the cost of the sale cover the HELOC, as well as closing costs? Also think about the life stages you may be entering during the term of the HELOC, and the financial impact that might have.

Read our article The essential steps to follow when getting and using a HELOC

How to use a HELOC for debt consolidation

One of the smartest ways to use a HELOC is to pay off high-interest debts like credit cards. This is called debt consolidation, and it lets you pay off your credit card accounts, personal loans, car loans and other debt with one loan or line of credit, giving you a single convenient monthly payment, often at a lower interest rate than you would have otherwise paid.

Read our article 3 Good Uses for a HELOC

How to use a HELOC to refinance

Traditionally, homeowners use home equity lines of credits, or HELOCs, for home improvement projects, debt consolidation and to cover educational costs such as school tuition. But another smart use of a HELOC can be to pay off the remaining balance of your existing mortgage.

Even though you're taking out a line of credit rather than another closed-end mortgage, you can benefit from many of the same features a conventional refinance would offer, including:

  • Interest rates that are competitive with current mortgage rates.
  • Lower closing costs than a typical mortgage refinance.
  • Repayment terms that are more convenient for your goals and budget—anywhere from 3, 5 or 7 years up to 15, 20 or 30 years.
  • The ability to access cash by applying and qualifying for a HELOC larger than the remaining balance on your mortgage.

Read our article How to save money on your mortgage refinance

The Complete Guide to Getting and Using a HELOC

What is a Fixed Rate Loan Option?

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In 2023, Bank of Hawaii was the No. 1 local bank in mortgage loans.+

+#1 Residential Lender ranking is for total number of residential loans and total dollars made by a lender in the State of Hawaii in 2023. Information compiled by Title Guaranty derived from Hawaii Bureau of Conveyances tax data recorded information for 2023. Information is deemed reliable but not guaranteed.

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