Republic Bank: 2025 Home Equity Review

Republic Bank overview

Republic Bank & Trust — or Republic Bank, as the financial institution more commonly refers to itself — was founded in 1982. Today, it operates 47 banking centers in five states: Kentucky (where it’s headquartered, in Louisville), Indiana, Ohio, Tennessee and Florida. It provides mortgage banking services to consumers in more than 25 states.

Home equity loan products offered

Republic Bank offers both HELOCs and home equity loans. 

The HELOC can let you borrow up to $500,000 (or a maximum combined loan-to-value ratio of 90 percent). However, its terms are a bit different from the norm. Most HELOCs have a draw period, during which you can access funds (and repay them if you choose), and a repayment period: Withdrawals end and you must pay back the borrowed funds on an amortized schedule. Republic’s product has a single 10-year term. You can access funds the whole time, and just make minimum payments of $50 or the amount of accrued interest, whichever is greater. If you just make the minimum payment, however, it might not be enough to pay down the balance, which is due in full at the end of the 10-year term. As a result, you may need to make a large balloon payment – paying the bulk of your borrowings back at once – when the term ends.

These HELOCs start with a 6-month introductory period, during which the borrower has a fixed interest rate. After that point, the rate adjusts based on the current prime rate plus a margin based on the borrower’s credit score and loan-to-value ratio, and fluctuates for the rest of the HELOC term, in line with the prime’s movements.

Republic Bank’s HELOCs come with a $50 annual fee after the first year. 

The fixed-rate home equity loans come as large as $250,000 with repayment terms of 5–15 years.

Pros and cons of Republic Bank

How Bankrate scored Republic Bank

Affordability: 5/5

• APR: For its HELOCs, Republic Bank currently advertises annual percentage rates (APRs) that are lower than Bankrate’s national average. You need to speak with a loan officer to get HE Loan rates. 
• Introductory APR: The lender offers a fixed introductory rate percent for the first six months for its HELOCs. After that point, the borrower’s rate becomes the current prime rate plus a margin of 0–1.50 percent. That margin is dependent on their credit score and loan-to-value ratio.
• Fees: Republic Bank charges a $50 annual fee on the HELOC after the first year, and there might be a prepayment penalty (but you’ll need to call to find out if that applies to you).

Because Republic Bank offers interest rates that are currently coming in below average — and an introductory rate for its HELOC that’s well below that — we scored them 5 out of 5 for affordability. 

Availability: 2.1/5

• Loan products: Republic offers both HELOCs and home equity loans. 
• Footprint: Republic Bank offers HE Loans and HELOCs to borrowers in Kentucky, Ohio, Indiana, Tennessee and Florida — only five states.
• Credit score: Borrowers need a credit score of at least 660 to qualify for a home equity-backed loan; that’s on the high-average side.
• Loan minimum: Republic Bank doesn’t set minimum loan amounts for its HE Loans or HELOCs, which is unusual.
• Draw requirement: Borrowers are only subject to a draw requirement on their HELOCs if they live in Florida. In that case, they need to initially draw 25 percent of their total line of credit. 

We gave Republic Bank 2.1 out of 5 points for availability, mainly because its home equity products aren’t available in most of the country.

Borrower experience: 3/5

• Rate transparency: Republic Bank is fairly transparent about its rates for HELOCs, advertising the lowest APR the lender offers and the margin range that borrowers can expect above the prime rate. It doesn’t, however, offer any rates for its home equity loans online. 
• Convenience: Borrowers can apply for their loan or line of credit online. Alternatively, they can fill out an online form requesting that a Republic Bank employee contacts them with more information, or call 866-758-3970 to speak with a loan officer and move the process forward.
• Customer service: Republic Bank has a live chat option available from 8:00 a.m. to 5:00 p.m. ET Monday through Friday, excluding holidays. Borrowers can also call the support line at 502-584-3600 or 888-584-3600 from 7:00 a.m. to 7:00 p.m. ET Monday though Friday and from 8:30 a.m. to 5:00 p.m. ET on Saturday and Sunday, again excluding holidays. Finally, it can be reached by email at EasySupport@republicbank.com. 
• Fixed-rate options: Republic offers fixed-rate home equity loans. It also offers a six-month fixed-rate introductory period on its HELOCs. However, you can’t freeze the variable HELOC rate thereafter–a feature other lenders offer.

Republic Bank is open about its starting APRs and has a number of contact options. We marked it down to 3 out of 5 for borrower experience, though, because it doesn’t offer any online information about its home equity loans; nor does it offer a HELOC rate lock-in.

How to qualify with Republic Bank

You must be a resident of one of Republic’s four states to obtain one of its home equity products. You can enter your ZIP code on the bank’s website to find out if financing is available in your area.

You also need a credit score of 660 or greater for Republic’s HE Loans and HELOCs. And, if you’re getting a HE Loan, you’ll need a debt-to-income ratio (DTI) of 43 percent or less. 

How to apply with Republic Bank

To apply for a HELOC with Republic Bank, you can start by creating an account online or calling a loan officer at 866-758-3970, Monday through Friday from 7 a.m. to 7 p.m. ET and Saturday and Sunday from 8 a.m. to 5 p.m. ET.

Republic Bank reputation

With only three reviews on Trustpilot — including one in French that’s almost certainly for a different financial institution — it’s hard to put much faith in that metric. Republic Bank does have an A+ rating with the Better Business Bureau, meaning it’s responsive to consumer complaints. But BBB customers have given Republic an average of 1.43 stars out of 5. 

That said, the financial institution was recently recognized as one of the top 50 best-performing community banks in the latest S&P Global Market Intelligence ranking. It’s also been named one of the best places to work in Kentucky by the Kentucky Society for Human Resource Management and the Kentucky Chamber of Commerce and it won a 2024 Diversity, Equity and Inclusion Award from the American Bankers Association.

However, In 2024, Republic Bank came under some scrutiny in its plans to manage the Louisville Economic Development Alliance (LEDA)’s multi-million dollar account. Certain LEDA leaders had previously sat on the bank’s Board of Directors, sparking concerns of conflicts of interest in the selection of the bank.