Fifth Third HELOC review: A solid choice but limited availability

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Fifth Third HELOCs at a glance

  • Fixed or variable rate: Both
  • How to withdraw funds: Checks, Fifth Third Equity Flexline Mastercard, online, in person, ATM
  • Origination fee: None, but fixed-rate lock fee is $95; annual fee of $65 (waived for the first year)
  • Loan-to-value ratio: To be eligible for the best rate, your LTV ratio should be no higher than 70%
  • Time to fund: Unclear

Fifth Third Bank is a full-service bank based in Cincinnati, Ohio. It has more than 1,100 branches in 11 states. If you want to access your home equity, a Fifth Third Equity Flexline is worth a look.

The Fifth Third Equity Flexline is a revolving line of credit that offers the opportunity to earn cash-back rewards. And Fifth Third customers with an eligible checking account qualify to receive additional discounts.


  • You can earn rewards points
  • Fixed-rate option available
  • No closing costs


  • Unclear credit requirements
  • Not available in all states
  • Fifth Third charges some fees

4 things to know about a Fifth Third HELOC

1. Earn cash-back rewards

When you take out a Fifth Third HELOC, you can receive the funds via check, online transfer, in person, at an ATM or by using the Fifth Third Flexline Mastercard. And if you use the Flexline Mastercard, you could earn cash-back rewards. 

You’ll earn one point for every $3 you spend in purchases, and bonus points on your first qualifying purchase. But your account must be in good standing, and it’ll take six to eight weeks to receive the bonus points.

2. A fixed-rate option is available

HELOCs usually come with variable rates, which means your interest rate will go up and down over the life of the loan. If you want consistent monthly payments, Fifth Third offers an option to fix your rate. If you qualify, the fixed-rate lock comes with a one-time $95 fee.  

3. Wide range of credit lines available

A Fifth Third HELOC offers credit lines from $10,000 to $500,000, with 30-year terms. The first 10 years are a draw period where you can make interest-only payments. But if you only pay interest during the draw period, your payments likely will go up during the 20-year repayment period since you’ll pay a combination of principal and interest.

4. Limited availability for borrowers

A Fifth Third HELOC could be a good option for many borrowers, but it only serves the following 11 states:

  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Kentucky
  • Michigan
  • North Carolina
  • Ohio
  • South Carolina
  • Tennessee
  • West Virginia

Who is a Fifth Third HELOC good for?

A Fifth Third HELOC could be a good option for anyone living in one of the 11 states Fifth Third serves, but current customers will receive the biggest benefits — for instance, you’ll earn a 0.25% rate discount if you set up automatic payments from an eligible Fifth Third check account. And if you have a Fifth Third Preferred Checking account, you may be eligible for additional benefits.

The Fifth Third HELOC also could be a good choice if you’re looking to take advantage of cash-back rewards. And most HELOCs come with variable interest rates, so you may want to take advantage of it if you’re looking for a fixed rate and set monthly payments.

How to apply for a Fifth Third HELOC

If you want to apply for a Fifth Third Equity Flexline, you’ll start by filling out an online application. The online form will ask you some basic questions about your loan, including the purpose of your loan, where you live and how much you would like to borrow.

From there, you’ll enter your contact information and a loan adviser will review your information and reach out during normal business hours. At this point, Fifth Third doesn’t have a fully online application process.

Not sure if Fifth Third is right for you? Consider these alternatives.

  • Bank of America HELOC: Bank of America offers HELOCs with competitive interest rates, no closing costs and no annual fee
  • Figure HELOC: When you apply for a HELOC through Figure, the application process is 100% online, and you could receive the funds quickly.

About the author: Jamie Johnson is a Kansas City-based freelance writer who specializes in finance and business. She covers a variety of personal finance topics, including building credit, credit cards, personal loans and student loans… Read more.