**Update 5 - Looks like the $225 offer has been reduced to $100 http://www.thirdfederal.com/weboffer/index.cfm?refer=google&ad=119808067-18159597-y&CFID=113888&CFTOKEN=39442206 but the Home Depot offer is still available, new link http://www.thirdfederal.com/equity/ They have also increased their low rate guarantee to $1000 from $500.
I was unsuccessful in getting both offers, I only got the $225 YMMV

**UPdate 4 - It has been reported that possibly this is available in only the following states: CA, CT, FL, IL, KY, MA, NJ, NC, OH and PA. I have not verified this you should call to ask about your state. (thanks to Onlineant)

Some people are reporting trouble with finishing the online application with Firefox, but have had success when using IE (thanks to VanceWade)

I just got a HELOC with Third Federal Savings & Loan. They sent me a snail mail offer. Here are the details.

Prime -1.01% on Balances of $50,000 and over
Prime -.51% on Balances under $50,000
NO Application Fee
NO Closing Cost
NO Doc/Stamp Tax
NO Origination Fee
NO Annual Fee
NO Pre-Payment Penalty
$200 gift card to Home Depot for opening (I would suggest you register first for the $225 than apply for the actual loan through the Home Depot link if you want to try and see if you can get both rebates YMMV)

Guaranteed to be lowest available anywhere or they pay you $500 (now $1,000)

Third Federal Website Says said:This is not an introductory rate or teaser rate, but is available to you for the entire life of the line. And, if you ever find a lower rate, a year from now or even ten years from now, we'll beat it or give you $500.

Third Federal Website Says said:NO Minimum Advance or Draw Required
Most banks require you to take an advance ranging from $5,000 to $15,000 in order to get their best rate.

85% Loan To Value
This means we'll loan you up to 85% of your home's value minus any balance you have on your first mortgage. Click here to see how much you can borrow on your home equity.

10-Year Interest-Only Draw Period & 10-Year Repayment Period
You can borrow and make repayments against your line for up to 10 years. Then instead of the balloon payment required by most banks, Third Federal gives you 10 years to repay your loan.

Need assistance? Home Equity Consultants at: 1-888-794-3562
Lawyer comes to your home to close.

contact Third Federal Savings directly at 877-552-5659

If you go to their website it lists only a few states that are eligible but they offer this in multiple states. I'm in Massachusetts and my state isn't listed on the website. Call the number above to check your state.

UPDATE:

Home Depot offer link (Thanks to dcwilbur)
Home Depot $200 offer OLD LINK BUT SEEMS TO STILL WORK

New Link = http://www.thirdfederal.com/equity/

UPDATE 2:
****$225 is DEAD**** New offer is $100 http://www.thirdfederal.com/weboffer/index.cfm?refer=google&ad=119808067-18159597-y&CFID=113888&CFTOKEN=39442206

Link for $225 after you close your loan. Don't think you can combine with the Home Depot offer but worth the try or just get this instead.
The terms are:
to be added to our list of new home equity customers that will receive this offer. Apply for a Third Federal Home Equity Line or loan. If you have entered your name onto our Offer List, we will automatically mail you a $225 check, one you close on your new line of loan.
$225 on close from Google AD? ******UPDATE 3****** looks like the $225 link won't direct link.
copy and paste
http://www.thirdfederal.com/weboffer/index.cfm?refer=google&ad=107527330-17393493-g&CFID=70436&CFTOKEN=27154946
or
http://www.thirdfederal.com/weboffer/index.cfm?refer=google&ad=119809703-18159601-i&CFID=70436&CFTOKEN=27154946 (thanks to stingee)
or
http://www.thirdfederal.com/weboffer/index.cfm?refer=bankrate&ad=115340101-17844646-v&CFID=70436&CFTOKEN=27154946 (thanks to Royer 714) from bankrate

withdrawn

Prime -1.01% on Balances of $50,000 and over
Prime -.51% on Balances under $50,000

I have a third fed HELOC and I can't find a better rate. Granted, I have never taken a draw but I have also never paid them a dime. Prime -.51 with absolutely no fees is tough to beat.

Someone asked why I posted these both here and in the Hot Deals section....

Because it is related to Finance and in my opinion, it is a HOT DEAL. My objective was to help other posters and I know as a user of FATWALLET since the very early days (lost my original password and wasn't able to recover my original user name) that often I don't look in other forums. With respect to turtlebugs comment of moving the discussion to the other thread.... I think its fine to reference the deal there however in my opinion the use of these consolidated threads to discuss multiple companies/deals I personally finding aggravating from an ease of use standpoint. I don't want to have to look through a bazillion posts that are mixed deal/topic/company. Hey that’s just me, you may feel they actually make it easier, I don't. Part of the reason I seldom post deals is that I simply don't want the hassle of having to worry that maybe I didn't post it where "you" would like or that I didn't give the details the way "you" would want. I recognize that to keep some semblance of order there needs to be rules but often it seems to me that forums go over board. I just want to exchange deals and find what I’m looking for. The process for me is to scan the new threads. I know I could scan all new posts but I don't have that kind of time. If deals like this are added only to old threads, I don't see them or possibly, I've read the old thread and don't think that there might be something of interest. There are often deals that I wouldn't normally consider but then I'll find that the offer is simply too good to pass up. I believe this one is that type of offering. Even if you never thought about getting a HELOC this deal just makes sense if you have equity in your home. It's easy, it doesn't cost anything, it allows you to have an emergency fund, there are no penalties, fees, our hidden costs and I got a $200 Home Depot gift card. No brainer for me.

Anyway hope some of you found it helpful. I think this is a great community and I just was hoping to help some people out.

Thanks Mark OP is updated

1/16/08 post in consolidated HELOC thread mentions $225 bonus at Third Federal through 1/31. Don't know if that's still in effect..

If it is "ANY" HELOC.. then I would point you to Spencer Savings (Yes, I know there is region restrictions i.e. NJ and that is why I said "ANY")

http://spencersavings.com/home_equity_rates.html

Prime MINUS 1.50%*
Program is for new Spencer Home Equity Credit Line customers and must be secured by a 1-4 family NJ owner occupied home. Other terms available for current customers and secured by investment properties - call for details. Minimum conversion balance = $25,000. There is a conversion fee of $75 ($125 in the first year). The rate is the highest Prime Rate as published on the last business day of each month in the Wall Street Journal MINUS 1.50%. As of January 23, 2008 the Prime Rate was 6.50% resulting in a rate of 5.50% (Floor Rate). There is a Floor Rate of 5.50% and a Maximum Rate of 13.99%. Application Fee for loans in excess of $150,000; 1 family $175; 2-4 family $325. There is a closing fee of $125 which will be waived if a minimum draw of $25,000 is taken at closing payable to a creditor other than Spencer Savings Bank. Early Termination Fee - if the account is closed less than 24 months from the date of the note, a fee of $300 will be charged for lines of $100,000 or less and $500 for lines in excess of $100,000. Property insurance may be required. Flood Insurance may be required. APR = Annual Percentage Rate. Terms of Spencer Flex Line of Credit are subject to change at any time.

Butterface said:You know what... I don't even know why I bother. I won't be posting anymore deals on Fatwallet, back to lurking. The idea that you can't post in two forums, one a specific forum and the other a more general forum about a hot deal is silly. The purpose here is to help each other get great deals, sometimes it makes sense to post in more that one area. The fact that people gave me bad ratings in the HOT DEALS section for posting an outstanding deal is just ridiculous. I remember now why I stopped posting in the past.

Some of us, do really appreciate your post. Thanks!

No I believe it's available in most states. I'm in Mass, but to be sure about your own state just give them a call.

**see update 4 in OP***