Our Home Equity Line of Credit, or HELOC, allows you draw as you need over a 10-year period up to an approved amount based on qualification. Use the equity in your home to finance home improvements, your children’s college expenses, or any other purchase that may arise. Important things to know before you apply is that our maximum loan amount is $250,000 with a repayment of $9 per month per $1,000 borrowed. Your home must be owner-occupied and must be located in the state of Hawaii. The property must also be fee-simple and a 1-4 permitted dwelling residence.
The loan-to-value ratio that we use is 80% of tax assessed. If value is determined by an appraisal, the loan-to-value ratio that we will use is 70%. We will also pay up to $500 for the costs to originate your HELOC for the first time only, once per household. To show the value of your home, we will accept your most recent tax assessment card, however, if you would like to use an appraisal, that cost would be your responsibility.
The interest rate is a variable interest rate that may be adjusted annually, tied to an index. For more information, please call one of our Member Service Representatives.
