It takes time and effort to turn your home into a valuable asset, so tapping into that equity as a way to borrow money should be done with careful consideration.

With no annual fees and no upfront closing costs, a home equity line of credit can be an affordable way to borrow when you need extra cash for home improvements, a major purchase, or a special occasion. You may be able to borrow up to 80% of your home’s equity and your interest may be deductible.* HELOCs have variable rates and allow you to draw up to the amount available on your line as you need the cash, rather than receiving the money all at once.

Salal offers two convenient HELOC options:

The Online Access HELOC offers flexibility with payments, rates, terms and easy access via Online Banking. This HELOC features no balloon payment and no annual fee.

The Visa® Access HELOC comes with a Visa Equity card which can be used like a credit card to access your available line amount. Depending on your situation, the balloon payment and longer draw period with this line may be beneficial.

*Consult your tax advisor about the possibility of tax deductions.

You can apply for HELOC using our secure online application portal.



APR = Annual Percentage Rate. Rates are current as of February 20th, 2017, and are subject to change at any time. All Salal loans are subject to credit approval.

Home Equity Line of Credit


*Actual APR will be based on creditworthiness, loan-to-value (LTV), and the owner occupancy status of the subject property.

**Index=Wall Street Journal Prime Rate.

Maximum LTV available based on approved credit and valuation of the property. Homeowners insurance required. Residential real estate only. Subject property must be located in Washington state and vested in borrower's name. If a full appraisal is required on your owner-occupied property, your cost may be $225-350. All costs and fees for loans secured by investment properties are paid by borrower. Fees range from $600-1000.
ONLINE ACCESS HOME EQUITY LINE OF CREDIT - VARIABLE RATE**4.00% - 6.00%*Revolving with 10 year draw period
15 year amortization after end of draw period
VISA ACCESS HOME EQUITY LINE OF CREDIT - VARIABLE RATE**4.25% - 5.25%*Revolving - 15 years
Outstanding balance due in full upon maturity