Best HELOC Rates and Lenders in Hawaii for 2024

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Edited byAshley Jacobs
Edited byAshley Jacobs

Updated: April 20, 2024

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Because a HELOC lets you withdraw a variable amount of funds during the draw period, it can be used for different purposes. This includes home improvements, emergencies, education, building credit, business expenses and down payments, to name a few.

HELOC rates in Hawaii range from 0.99% to 18%. Our study found that Bank of America is the overall best HELOC lender in the state due to its incentives and low rates.

Since different lenders have different requirements and offerings, it’s best to shop around first to find a company that best matches your needs before applying for a HELOC.


Home Equity Line of Credit (HELOC) Rates for 2024

The table below provides an overview of rates, requirements as well as other relevant data for various HELOC lenders to help you find the best option for you. MoneyGeek last updated this information in May 2022.

While rates and other features offered by lenders may change with time, we regularly update the table to keep the data relevant.

Loan Amount
Min. Credit Score Requirement
Repayment Terms
Annual Fees
Pre-Approval Time

3.75% to 18%

$25,000 to $1,000,000


10-year draw period
and 20-year repayment period



Not specified

Not specified

Not specified

Not specified

Not specified

Not specified

1.99% special
introductory variable
APR for 6 months,
then as low as
4.35% variable

$25,000 to $1,000,000

Not specified

10-year draw period,
20-year repayment period

Not specified

Not specified

3.65% to 8.80%

$15,000 to $750,000


10-year draw period,
unspecified repayment period


Not specified

Starting at 3.99%

$10,000 to $500,000

Not specified

10-year draw period
and 20-year repayment period


Not specified

MoneyGeek’s Picks for Best HELOC Lenders in Hawaii

MoneyGeek compiled a list of the top home equity line of credit lenders in Hawaii to help you find the right lender for your preferred needs.

Remember that not many lenders provide HELOC, and those that do are primarily national banks that only lend to customers with good to exceptional credit. If a national lender rejects your HELOC application, MoneyGeek recommends looking at local credit unions as an alternative.

Best Overall HELOC Lender in Hawaii: Bank of America

  • Bank of America

    Bank of America offers a 1.99% introductory APR and no annual fees.

    • 7.49% (introductory rate) then 9.90%APR Range
    • Generally $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • UndisclosedPre-Approval Time

    Overall, MoneyGeek's best HELOC lender in Hawaii is Bank of America. For homeowners who want to manage their accounts online, this lender is ideal. Bank of America also provides a mobile app that allows you to send and receive money from practically anywhere.

    It features an introductory variable APR of 1.99% for the first six months and followed by a minimum of 4.35% after that, making Bank of America one of the cheapest lenders in the state. Bank of America is also a good option for those looking for larger loans, as their maximum is $1,000,000.

    However, because Bank of America is secretive about the minimum credit score necessary to qualify, it's hard to know if you are eligible for its offerings. To determine if you qualify, you'll need to contact a representative directly.


    • Up to $1,000,000 credit line
    • Fixed-rate option
    • Low introductory APRs
    • No annual or application fee
    • Autopay discount


    • Credit score requirement not specified online
    • $450 early closure fee
    • No transparency on other eligibility requirements
    • Doesn’t disclose pre-approval timelines
    • High minimum credit line
    Bank of America

Best HELOC Lender for Good Credit in Hawaii: U.S. Bank

  • U.S. Bank

    Borrowers with U.S. Bank can have up to a $750,000 credit limit.

    • 8.95% to 12.70%APR Range
    • $15,000 to $750,000 ($1 million in California)Loan Amount Range
    • 10-year draw period; up to 30 years repayment periodsRepayment Terms
    • Up to $75Annual Fees
    • UndisclosedPre-Approval Time

    For homeowners with strong credit and a U.S. Bank personal checking account, U.S. Bank is an excellent home equity line of credit provider in Hawaii since it offers some of the lowest interest rates.

    It has a reasonable APR that starts at 4.20%. When applying for a HELOC with this lender, you have the option of visiting a U.S. branch location, calling 800-642-3547 or applying online.

    Even though U.S. Bank is a great HELOC lender option in Hawaii, it may not be right for everyone. If your credit score is below 730 or you don't want to pay the $90 yearly charge, look for an alternative lender.


    • Autopay discount of 0.50%
    • No closing costs
    • Fixed-rate option
    • Relatively low interest rate
    • No application fees


    • High credit requirement
    • $90 annual fee
    • Unspecified repayment period
    • Early closure could cost $500
    • Minimum credit score requirement of 730
    U.S. Bank

Best HELOC Lender for Bad Credit in Hawaii: Figure

  • Figure

    For borrowers with weak credit, this is an excellent extended-payment alternative.

    • 6.10% to 14.74%APR Range
    • $20,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time

    Figure provides HELOC loans in Hawaii starting at $15,000 and going up to $400,000. There are no account opening fees, maintenance fees or penalties for paying early. It charges a 3% to 4.99% origination fee based on your credit and location.

    You can set up automatic payments with Figure and receive a 0.25% discount. Plus, if you join a credit union, you can save an additional 0.5% on your interest rate. As a result, you might save up to 0.75%.

    Borrowers from Hawaii who have a credit score of at least 620 should apply for a Figure HELOC. However, those who have a co-op, multifamily real estate property, commercial real estate property, timeshare, manufactured home, log home, earth or dome home, houseboat or mixed-use property should look into other lenders.


    • 0.25% autopay discount
    • Fair credit eligibility
    • APR starts at 3.24%
    • Get pre-approved within 24 hours
    • Receive funds in five days


    • Charges an origination fee
    • Sometimes charges recording fees
    • May charge subordination fees
    • Charges an annual fee
    • Lower maximum loan amount compared to competitors

Best HELOC Lender for Competitive Rates in Hawaii: PenFed

  • PenFed Credit Union

    For the first six months, PenFed Credit Union provides a 0.99% introductory APR.

    • Starting at 8.625%APR Range
    • $25,000 to $500,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • UndisclosedPre-Approval Time

    With a relatively low 4.25% APR after the introductory 0.99% APR for six months, PenFed Credit Union is MoneyGeek’s top pick for HELOC lender with the most competitive rates. This is also an appealing home equity line of credit loan option for individuals seeking large funds thanks to PenFed’s maximum $1,000,000 credit line.

    Plus, with its low interest rate combined with a high loan amount, the lender is surprisingly lenient with its credit requirement, allowing borrowers with a credit score of at least 660 to qualify.

    The main drawback of PenFed is that it requires borrowers to be members first before they are eligible to apply. You will also have to visit a physical branch or request a phone call because applying online is not an option.


    • Credit lines up to $1,000,000
    • Has a fixed-rate option
    • 0.99% introductory APR for the first six months
    • Covers most of the HELOC-related closing costs
    • Fair credit score requirement


    • May pay an annual fee
    • Membership is required
    • No online application
    • Higher minimum credit line
    • You might need to pay an appraisal fee if an appraisal is requested by PenFed
    PenFed Credit Union

HELOC vs. Home Equity Loans

Home equity loans (HELOANs) and home equity lines of credit (HELOCs) are excellent ways to fund major expenses with your home as collateral. However, there are differences between the two.

A home equity loan is a one-time payment made to the borrower. Over the life of the loan, the interest and monthly payments are usually fixed.

A home equity line of credit is a revolving credit line that functions like a credit card. You can withdraw money as often as you need within a certain time period and up to a certain limit (similar to a credit card). You must repay the amount borrowed. HELOC rates are often variable, meaning they might fluctuate according to economic conditions.

There is more information about their differences in the table below.

Home Equity Loan

Interest Rate

Adjustable interest rate,
but fixed-rate options are available

Fixed interest rate

Monthly Payment

Changes depending
on the amount of money borrowed

Fixed monthly payments

Repayment Terms

During the draw period, borrowers pay
interest on the money they borrowed;
after the draw period, they repay any
principal owed in addition to interest

Repayment starts as soon as
the money is given to the borrower

Fund Disbursements

Line of credit

Lump sum delivery

How to Apply for a HELOC

Applying for a home equity line of credit is relatively simple. Most lenders enable applicants to provide basic information via online forms. Here’s how to apply for a HELOC.


Determine how much you need

You must know your intended credit line amount and how you will utilize it before applying for a HELOC. Remember that a HELOC may be used for a variety of financial needs, such as debt consolidation, home improvements and college tuition.


Assess your financial standing

Evaluate your financial status in addition to deciding how much you need to borrow. Are you financially secure? Do you have any other credit cards open? To determine your capacity to repay the loan, most lenders have minimum credit score requirements. If you can take action to improve your credit before applying for a HELOC, you may be able to get a better interest rate.


Shop around and compare lenders

MoneyGeek advises taking the time to evaluate lenders and compare their offerings. This might also help you figure out which lenders and terms are the most suitable for your needs. It's critical to shop around for the best prices so you can lock in low rates before applying.



Although the majority of HELOC applications may be done online, certain lenders need you to contact them directly or visit a physical location. Typically, the application procedure requires you to provide details about your income and assets.


Use funds wisely

When using HELOC funds, make sure to keep track of your finances at all times. It's best not to think of it as a piggy bank that you can use for frivolous purchases like vacations and new cars. Also, keep in mind that interest rates may, without any notice, increase.

Frequently Asked Questions About HELOCs

For first-time consumers, understanding how a home equity line of credit works might be confusing. MoneyGeek provides answers to some frequently asked questions below.

What’s a good HELOC rate in Hawaii?
What can I use a HELOC for in Hawaii?
Is HELOC interest tax-deductible in Hawaii?
How much money can I borrow with a HELOC in Hawaii?
Is a HELOC better than a home equity loan (HELOAN)?
Are HELOC rates fixed?