Promotional Rates for HECOEFCU Members

1 Year – 1.00% APR
2 Year – 2.00% APR
3 Year – 3.00% APR

*Rate will change once the promotional period has ended, to the Wall Street Journal prime rate + 1% margin.
APR = Annual Percentage Rate

Our HELOC offers you added convenience and benefits by using a Platinum Visa credit card to draw on your line of credit.

  • 10-year draw period, then variable monthly amortized payments over 15 years;
  • Minimum monthly payment is 1% of the balance or $100, whichever is greater;
  • No annual fees or closing costs unless closed within 2 years of open date;
  • No appraisal cost;
  • 80% LTV with a maximum lending amount of $200,000;
  • Approval time as fast as 2 weeks upon receiving all documentation. 


For more information please call our office at 808-451-3693. Or click here to access the HELOC application and required documents.

Important things to know when considering a HELOC with HECOEFCU:

Our current promotional rates are 1 year at 1.00% APR, 2 year 2.00% APR, and 3 year at 3.00% APR.  This means that at closing, you will need to decide which special you would like to go into.  For example: If you chose 3 years at 3.00% APR, the first 36 months of the loan you will only pay 3.00% on any purchases/balance transfers, or cash.  On the 37th month, the rate will change to the Wall Street Journal (WSJ) prime rate plus a 1% margin. 

Our HELOCs are a 10 year draw, and 15 year payback period.  For the first 10 years, it functions like a credit card.  You use it, you pay it back, repeat.  The minimum payment is 1% of the outstanding balance or $100 whichever is greater.  For example: If your balance is $200,000, they minimum due would be $2,000.  On  year 11, the payment will become amortized over 15 years.  This means that you can no longer use the line, and the remaining balance will be spread out over 15 years where you will pay principal and interest.

We provide a HECOEFCU Platinum Visa credit card to you following closing so that you have an added convenience to access your line of credit. You may use the line with your credit card or the Credit Union can transfer the funds from your line to your HECOEFCU account. Members may withdrawal from their account as needed (cash or check available).

There is a pre-payment penalty if you close your HELOC within the first 2 years. You will want to keep this in mind when considering the HELOC product.