Home Equity Line of Credit (HELOC)

Use your home's equity for what's important to you, such as home improvements, debt consolidation, school tuition and more with Hawaii’s 5-time Forbes’ Best-In-State Bank.

Current Promotional Annual Percentage Rate (APR)

5.89% APR1

Fixed for 2 years

Current Variable Annual Percentage Rate

7.75% APR1

As of 12/01/2024, subject to the    
floor rate of 4.50% APR

Plus, 30-Day Ready-to-Sign2

For completed applications, we’ll have your loan documents ready to sign within 30 days2, so you can start achieving your dreams – sooner than later!

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HELOC Product Features & Benefits

  • No closing costs3

  • Get up to $500 to switch from another financial institution4

  • Lines of credit available up to $1,000,0005

  • $50 annual fee waived with automatic payments6

  • Access line of credit by checks

Interested in learning more about HELOC?

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Compare All Loans and Lines

See if a loan or line fits your needs better

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Current HELOC Rates

View our loan and line of credit interest rates

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Calculate Your Home's Equity

Start leveraging the equity in your home

Ways To Maximize Your Home's Equity

  • Upgrade your home: Looking to renovate, upgrade appliances or add to your multi-generational home? Your home's equity can help you achieve your dream home

  • Cover your student's college tuition: Support your student's higher education journey with great rates

  • Consolidate your debt: Pay off your debt sooner with a fixed 3 year rate

  • Make a down payment: Whether you're helping your kids with their down payment on their first home or looking to purchase a second home, a HELOC can help!

Fixed Rate Equity Loan Option

Already have a HELOC and want a fixed rate option?

Current Promotional APR7

5.99%

Fixed for 10 years

Current Non-promotional APR

(As of 11/16/2024)

7.75%

Fixed for 10 years

Product Features & Benefits

  • HELOCs have up to 5 FRELOs available to draw at any time during its draw period; the FRELO maturity date must not go past the HELOC maturity date

  • Loan terms from 3 years to 20 years with predictable fixed monthly payments for the life of the FRELO

  • As you repay your FRELO, your line of credit is replenished during the draw period

  • Sign the FRELO Addendum to lock in your fixed rate

  • FRELO rates and terms

  • No fee to convert to FRELO

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Frequently Asked Questions

Common Questions:

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What's the Difference Between a Home Equity Line of Credit (HELOC) and Refinancing?

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What is a Home Equity Line of Credit (HELOC), and is it Right for Me?

A HELOC is a line of credit that allows homeowners to borrow against the equity in their home. A HELOC is like a credit card, giving you the flexibility...

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Home Equity in Hawaii: How and When to Use It

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  1. Offer is a two-year promotion (Promotion Period): Annual Percentage Rate (APR) is 5.89% fixed for two years, from the date your new HELOC account is opened. All loans are subject to credit and property approval. Offer is for a qualifying first or second lien request on an owner-occupant or an investor application received 11/16/2024 through 12/31/2024 that funds by 01/15/2025. Promotional rates require automatic payments from an ASB personal checking account. If you do not have an ASB personal checking account, a Kalo Checking account must be opened. Please see the Personal Deposit Account Terms and Conditions for other terms, conditions and fees for Kalo Checking accounts. Cancellation of automatic payments anytime during the life of the loan may increase your rate to the current non-discounted rate. Offer is not available for properties listed for sale during the prior six months or to an ASB HELOC account secured by the subject property that was closed during the prior six months. If you have not signed your loan documents and a new promotion begins with a different rate, you may opt for the new promotion. After the Promotion Period ends, the interest rate is variable. Current Variable Rate effective 12/01/2024 is 7.75% APR, and is subject to change monthly based on the highest Prime Rate published in the Wall Street Journal, plus a margin (subject to the floor rate of 4.50% APR; maximum APR is 18.00%). If your line amount is more than $25,000, a fee of $500 will be assessed if you request we close it within three years from the agreement date. This fee will not be assessed if: (i) your line is $25,000 or less, (ii) you sell the collateral to an unrelated/unaffiliated third-party, or (iii) you pay off your loan with proceeds from a real estate secured loan from us. HELOC must be secured by fee simple property located in Hawaii. Fire, hurricane, flood (if in flood hazard zone) and localized peril (if in a lava hazard zone) insurance policies are required at homeowner’s expense.
  2. ASB will process your application, and if approved, have the loan documents ready to schedule your signing appointment within 30 calendar days of receiving the completed application with all necessary documentation. This does not apply to the following: 1) applications for lines greater than $400,000; 2) applications that require an appraisal; 3) applications made simultaneously with an application for a residential first mortgage loan; 4) application delays relating to title, trust, insurance, and property condition reports; or 5) application delays caused by business disruptions. Effective for applications received 11/16/2024 through 12/31/2024.
  3. HELOC accounts up to $400,000 (excluding properties listed for sale within the prior six months), American Savings Bank (ASB) will pay or waive fees and costs for flood certification (up to $9), bank’s title insurance (up to $150), credit report (up to $2.50 per borrower), condo review, mortgage recording, recording fee for the release of third-party mortgage, and valuation through an automated valuation model and property condition report (up to $185) of ASB’s choice; however, at their own cost, customers may request an appraisal at an estimated cost between $500 and $1,500.
  4. For owner-occupant HELOCs up to $400,000 (excluding properties listed for sale within the prior six months), receive a credit of up to $500 at loan signing to offset a third-party lender’s early closing fee when you make an initial advance on your new HELOC to pay off your existing home equity line balance of at least $10,000 with that third-party lender. This early closing fee must be assessed and identified by the third-party lender through its payoff procedure in order to receive the credit at loan closing.
  5. Line of credit amount depends on home equity borrower’s creditworthiness and occupancy.
  6. You will be assessed a $50 annual fee on your first periodic statement and annually thereafter during the draw period. The annual fee may be waived by setting up automatic payments from an ASB Kalo DeluxeSM Checking or Private Banking Checking account at loan signing. If you do not have an ASB Kalo DeluxeSM Checking or Private Banking Checking account, one must be opened. Please see the Personal Deposit Account Terms and Conditions for other terms, conditions and fees. Cancellation of automatic payments from the Kalo Deluxe Checking or Private Banking Checking account anytime during the draw period may cancel the annual fee waiver and the fee will be assessed annually thereafter.
  7. Promotion effective for requests submitted 11/16/2024 through 12/31/2024. The promotional rate applies up to five Fixed Rate Equity Loan Options (FRELO) during the draw period of your HELOC; and is available to existing and new owner-occupant or investor HELOC accounts with automatic payments from an ASB personal checking account. See the FRELO Conversion Addendum for minimum and maximum amounts for conversion to a FRELO. Based on a 10-year fixed rate loan of $10,000 at 5.99% APR, there will be 120 monthly principal and interest payments of $110.97. Current non-promotional rate as of 11/16/2024 is 7.75% APR for a 10-year fixed rate loan. Other FRELO terms and rates are available. FRELO may be added upon your request.