Current Promotional Rates:


1.50% APR*

Fixed for 2 Years


2.00% APR*

Fixed for 3 Years


3.00% APR*

Fixed for 4 Years


4.50% APR*

As of 12/1/20, subject to the floor rate of 4.50% APR

What is a HELOC?

A Home Equity Line of Credit (HELOC) is a line of credit secured by the available equity of your Hawaii home. The available equity of your home is the total value of your house minus the amount you still owe on it. For example, if your home is worth $500,000 and you still owe $200,000, your equity in your home is $300,000. A HELOC is used to access your equity in a credit line that can be used to purchase the things you want or need. Many Hawaii residents use HELOCs to make renovations, complete home improvement projects, or make major purchases.


  • Available for homes in Hawaii
  • Uses the equity in your home
  • Lines of credit available up to $1,000,0001
  • No annual fee
  • Access line of credit by Equity ExpressSM Visa® card or checks
  • Free Online Banking with eStatements

Current HELOC Promotion


  1. Establish automatic payment from any American Savings Bank checking account
  2. And, set up direct deposit in your checking account used for automatic payment of your HELOC

Already have a HELOC and want a fixed rate?
Request a Fixed Rate Equity Loan Option (FRELO) 

A Fixed Rate Equity Loan Option allows you to get a fixed interest rate on any portion of your Home Equity Line of Credit balance. A FRELO is a loan you take out of your HELOC during the draw period. As you pay this back, your HELOC line is replenished. A Fixed Rate Equity Loan Option allows you to enjoy fixed rates for a set amount of time, rather than paying variable rates.


The biggest advantage to a fixed rate equity loan is the consistency of predictable monthly payments. If you are planning to pay for a major purchase or renovation project using HELOC funds, you can lock in a fixed interest rate for a set term. At ASB, we allow you to take out up to 5 fixed rate equity loans on your HELOC at one time. These fixed rate options are available at any time during the draw period of your HELOC. With our competitive FRELO, you can choose loan terms between 3, 5, 7, 10 and 15 years with a fixed interest rate. A fixed rate HELOC loan may be a great option if you have a planned expense but still want access to funds should you need additional money.


3.50% APR**

Fixed for 15 Years


  • Automatic Payments
  • Online Banking with mobile app
  • eStatements
  • Online Bill Pay
  • Phone Banking


  • Home Equity Line of Credit has up to 5 FRELOs available to draw at any time during the draw period of your HELOC. The maturity date of the FRELO must not go past the maturity date of the HELOC
  • Term ranges from 3 to 15 years with predictable fixed monthly payments for the life of the loan
  • No fees to use a FRELO
  • As you repay your Fixed Rate Equity Loan, your line of credit is replenished during the draw period

Learn More about Home Equity Lines of Credit

Request a follow-up from a Personal Banker at American Savings Bank


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Common Questions:


  1. Line of credit amount depends on home equity borrower's creditworthiness and occupancy.


* Offer is a two-year, three-year, or four-year promotion (Promotion Period): Annual Percentage Rate (APR) is 1.50% fixed for two years, 2.00% fixed for three years, or 3.00% fixed for four years, from the date your new Equity ExpressSM (EEX) Home Equity Line of Credit (HELOC) account is opened. Offer is for a qualifying first or second lien request on an owner-occupant or first lien request on investor applications received 12/1/20 through 2/28/21 that fund by 3/31/21. Promotional rates require automatic payment from an American Savings Bank (ASB) checking account. Cancellation of automatic payment anytime during the life of the loan may increase your rate to the non‑discounted rate. Offer is not available for a second lien request on an investor line, on properties listed for sale within the prior six months, to any existing ASB HELOC account opened prior to 12/1/20 and secured by the subject property, or when paying down/off any existing ASB residential mortgage loan balance. If you have not closed your loan 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 11/1/20 is 4.50% 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%; maximum APR is 18.00%). If your line amount is more than $25,000, a fee of $500 will be charged if you request we close it within three years from the agreement date. This fee will not be charged 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. EEX 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.


For owner-occupant EEXs up to $250,000 (excluding properties listed for sale within the prior six months), ASB will pay or waive fees and costs for flood certification (up to $9), bank’s title insurance (up to $125), credit report (up to $2.50 per borrower), trust review, 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. For owner-occupant EEXs up to $250,000 (excluding properties listed for sale within the prior six months), receive a credit of up to $500 at loan closing to offset a third-party lender’s early closing fee when you make an initial advance on your new EEX 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. If you do not have an ASB 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.


** Promotion effective for requests submitted 12/1/20 through 2/28/21. The promotional rates apply up to five Fixed Rate Equity Loan Options (FRELO) during the draw period of your HELOC; it is available to existing and to new owner-occupant EEX accounts with an advance on the line of at least the minimum loan amount and automatic payment from an ASB checking account. Based on a 15-year fixed rate loan of $30,000 at 3.50% APR, there will be 180 monthly principal and interest payments of $214.46. Current non-promotional rate as of 11/1/20 is 5.75% for a 15-year fixed rate loan. Other FRELO terms and rates are available. FRELO may be added upon your request. First three years interest savings is an estimate based on the difference between the Balance x 2.00% and the Balance x 4.50%. This is not a commitment to make you a loan, nor is it an indication of the actual rate for which you may qualify.


Offer valid for HELOC Credit Agreement dates from 12/1/20 to 2/28/21, when 1) you set up a new direct deposit into your ASB checking account used for automatic payment of your HELOC, 2) have a minimum of 2 consecutive calendar months of direct deposit totaling $1,000 each month, and 3) qualifying direct deposit must post to your account within 3 months after the month of your HELOC credit agreement to receive the $100 (gift). Direct deposit means electronic government or payroll deposits made to the account. Gift will be deposited into the account used for automatic payment and where the direct deposits have posted. For credit agreement dates in December 2020, gift will be credited on April 9, 2021, for credit agreement dates in January 2021, gift will be credited on May 7, 2021 and for credit agreement dates in February 2021, gift will be credited on June 11, 2021. Eligible ASB checking account must not have any direct deposit for a minimum of 3 months prior to the start of the promotion. Value of the gift is considered interest and may be reported to the IRS. Limit of one gift per customer and only one account per customer is eligible. Limit of one gift per customer for any 12-month period. Cannot be combined with any other promotional offer. Fees could reduce the earnings on the account.