Home Equity Line of Credit – HELOC

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Complete your HELOC application today to secure up to $400,000 without an appraisal for most properties.*

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Put your equity to work with our HELOC special introductory rates and fixed rate loan options.

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Did you know you can refinance with a HELOC?

If you owe up to $400,000 on your existing mortgage, a HELOC could be the smarter way to refinance.

Learn how to refinance with a HELOC

Our new, larger HELOC helps you do more

Now offering nearly double our previous line limit, our new HELOC allows you to access up to $400,000 of your home’s equity without an appraisal for most properties.* Plus, with our new 60-month introductory rate period, you’ll spend less time worrying about rising rates and more time living your happy. Remodel, refinance, reinvent yourself—if you can dream it, we want to help you achieve it.

See all available rates below.

*Available for a qualifying Bankoh Home EquityLine secured by property located in the State of Hawaii only. Line limits are based on occupancy and property location. Based on these and other factors, you may be eligible for a line less than $400,000 without an appraisal. In some cases, we may determine a full appraisal is required, resulting in estimated costs to you ranging from $500 – $1,500. You may incur other closing costs.


Browse rates by term
Introductory and fully indexed rates
Introductory APR Current Fully Indexed Variable APR
24 Months1 6.35%2 8.75%1
36 Months1 6.45%2 8.75%1
48 Months1 6.55%2 8.75%1
60 Months1 6.65%2 8.75%1

Understanding HELOC rates and options >

Browse rates by term
Long-term fixed rate loan options<sup>1</sup>
Standard HELOC2 1st Lien/Refinance HELOC3
30 Years 7.05%2 6.90%3

Understanding HELOC rates and options >

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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 type of loan 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 limited 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 into 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

Understanding HELOC rates and options

HELOCs typically come with a low introductory promotional interest rate, which generally lasts for one to five years. After the promotional rate ends, the interest rate usually increases to a variable rate (aka the market rate) and fluctuates as the prime index rate adjusts, because the variable rate is tied to the index.

Typically your variable rate will include both the floating index portion and an additional "spread" or "margin" above the index. Over the years, the interest rate on your HELOC may change many times.

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

Some HELOCs come with a fixed-rate loan option, or FRLO, allowing you to convert all or part of the balance of your line of credit into a loan with a fixed interest rate. This can help you lock in a low rate, so you won’t have to worry about a variable rate going up in the future. There may be a limit on the number of fixed-rate loan options you can have at one time—usually three to five—and you'll want to inquire about whether conversion involves any fees.

Read our article 3 reasons you might want to convert your HELOC balance to a fixed rate loan option

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 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 as 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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*#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.

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