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Home Equity HELOCs

Central Pacific Bank Home Equity Review

Central Pacific Bank logo
on Central Pacific Bank’s website
Editorial Rating

Editorial Rating

What we like:

Low fees

Rates (APR)Starting at 4.65%
Loan amounts$10,000 minimum
Repayment term20 years
Minimum credit scoreNot stated
See how Central Pacific Bank compares to other HELOC lenders.

Hawaii-based Central Pacific Bank’s story is unique. Founded by Japanese-American World War II veterans who served in the 442nd Regimental Combat Team, 100th Infantry Battalion and Military Intelligence Service, it’s now one of Hawaii’s premier banks. It provides various personal and business banking services.

We researched Central Pacific Bank’s home equity lending options to help you compare them with the competition.

In this review:

How does Central Pacific Bank help me access my home equity?

A home equity line of credit (HELOC) is similar to a credit card, but the home’s equity acts as collateral. Central Pacific Bank only offers HELOCs, not home equity loans, which are paid out in a lump sum rather than an open line of credit.

When you open a Central Pacific Bank HELOC, you have a 10-year draw period, during which you can access the available funds and make interest-only payments each month. Once the draw period ends, you’ll start the 20-year repayment period and begin paying principal and interest.

The amount you can borrow in a HELOC depends on your home’s value and remaining mortgage balance. (Read our resource on what borrowers can use a HELOC for.)

Central Pacific Bank HELOC terms
Rates (APR)Choose from variable or fixed.

Rates starting at 4.65%.
Rate discountsAvailable if you have a Central Pacific Bank checking account.
Loan amounts$10,000 minimum
Draw period10 years
Repayment period20 years
Maximum LTV90%
Minimum credit scoreNot stated
Minimum incomeNot stated
FeesNo fees for owner-occupied HELOCs of $400,000 or less. 

No annual fee. 

Prepayment penalty of $1,000 or 2% of the original HELOC amount if you close the loan within 3 years.

Pros and cons of a Central Pacific Bank HELOC


  • High loan-to-value (LTV) limit.

  • Maximum $250,000 HELOC limit.

  • Fixed-rate options.

  • No fees for owner-occupied HELOCs of $400,000 or less.


  • Higher rate for secondary residences and investment properties.

  • Prepayment fee if HELOC is closed within three years.

  • Only available to Hawaii residents.

If you’re unsure whether Central Pacific is the right bank for your needs, check out our list of home equity companies.

What do Central Pacific Bank’s customers say about the company?

Central Pacific Bank customers haven’t reviewed the company on the Better Business Bureau (BBB) website, Google, or Trustpilot.

However, its BBB rating is A+, and Forbes Advisor named it the best bank in Hawaii in 2022

Ask your friends and family members if they have any experience with Central Pacific Bank, as this may be the best way to find customer service information.

Do I qualify for a HELOC from Central Pacific Bank?

Central Pacific Bank does not share its minimum credit score or income requirements.

Only Hawaii residents can apply for a HELOC with Central Pacific Bank, so if you live elsewhere, you won’t qualify.

Primary, secondary, and investment properties are eligible for HELOCs. 

Central Pacific Bank doesn’t seem to offer a preapproval option. You can only find out whether you’re eligible by completing and submitting the application. 

How do I apply with Central Pacific Bank?

The HELOC application process is similar to applying for a mortgage or other type of loan. You’ll need to share your basic personal, contact, and demographic information, including your name, mailing address, email address, and phone number.

You will also provide employment details, including your employer’s name and address, your length of employment, and your salary. If you have other sources of income, you must list them.

Then you’ll share information about the property including the remaining mortgage balance, estimated value, and minimum monthly payment.

How does Central Pacific Bank determine how much I can borrow?

Like other lenders, Central Bank Pacific will use your credit score and income to help decide if you’re eligible for a HELOC. 

Another important factor is your LTV, which helps determine whether you qualify for a HELOC and how much you can borrow.

Central Pacific Bank allows a 90% maximum combined LTV (CLTV), while many other banks allow 80% LTV. 

For example, if your mortgage balance is $200,000 on a home worth $350,000, your LTV is 57% based on the following calculation:

($200,000 remaining mortgage balance / $350,000 current home value) x 100 = 57% LTV

In this instance, the maximum amount you can take out is $115,000 based on the math below:

$350,000 current home value x 90% max CLTV =  $315,000 max liens allowed

$315,000 – $200,000 mortgage balance = $115,000 tappable equity

What does the appraisal process look like?

The application form will ask for an estimated home value, but the lender might determine it needs an in-person appraisal. If so, it will send an appraiser. The lender will use the information from their appraisal to determine the HELOC amount.

The appraiser will visit your home to determine the state of the property. They will research similar homes sold in the area to calculate your market value. If you feel the appraised value is too low, you may be able to file an appeal and have another appraisal conducted. 

Does Central Pacific Bank charge any fees?

Central Pacific Bank charges no fees for owner-occupied HELOCs of $400,000 or less and no annual fee, which is different from many other lenders. 

The bank charges a prepayment penalty of $1,000 or 2% of the original HELOC amount if you close the HELOC within three years.

Does Central Pacific Bank have a customer service team?

Potential and current customers can contact Central Pacific Bank using the information below:

  • Phone: 1-800-342-8422. Monday through Friday, 7:30 a.m. to 7 p.m. Hawaii-Aleutian time. Saturday and Sunday, 9 a.m. to 3 p.m. Hawaii-Aleutian.
  • Live chat: Monday through Friday, 8 a.m. to 5 p.m. Hawaii-Aleutian.