First Option Bank Cash Secured Loan Review and Rates| finder.com.au

First Option Bank Cash Secured Loan

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Get a highly competitive interest rate when you secure a First Option loan with a Fixed Term Deposit

  • This product is no longer available. The information on this page has been kept for the benefit of those who are interested and historical records only. However, you can compare personal loans.
First Option Bank provides a Cash Secured Loan that you can secure using a First Option Fixed Term Deposit. This loan offers a competitive interest rate and you won't be charged any application fees or ongoing account-keeping fees.


From 4.99% (variable)

Interest Rate (p.a.)

5.23%

Comparison Rate (p.a.)

$2,000

Min Loan Amount

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Details

Product NameFirst Option Bank Cash Secured Loan
Interest Rate (p.a.)
From 4.99% (variable)
Comparison Rate (p.a.)5.23%
Interest Rate TypeVariable
Min Loan Amount$2,000
Loan SecuritySecured

First Option Credit Union has now been rebranded to First Option Bank.

  • This product is no longer available. The information on this page has been kept for the benefit of those who are interested and historical records only. However, you can compare personal loans.

What should you know about the Cash Secured Loan?

This loan is ideal for people who have some capital to put in a term deposit for a given period of time, given that the term deposit works in securing this loan and you're able to get a competitive interest rate in return. You can choose between a fixed rate and variable rate loan, depending on which suits you better.

You can make extra repayments towards your loan at any time, and you can access these funds through a free redraw service. The loan terms for a the variable rate loan can extend up to 30 years.

Features that come with this loan

  • Competitive interest rate. Since you’re using a First Option Fixed Term Deposit to work as security towards this loan, you can look forward to getting a highly competitive interest rate of 4.99% p.a.
  • Low fees. This personal loan does not attract any application fees and you don’t have to pay any ongoing account keeping fees.
  • Low minimum amount. The minimum you can borrow is $2,000. This lets you borrow no more than you need.
  • Variable loan term. While First Option Cash Secured Loans come with loan terms of to 7 years, the fixed rate loan terms vary from one to three years.
  • Repayment methods. You can sign up for direct debits or salary deductions so you don’t have to remember to make your repayments. You can also make repayments via phone, the Internet, and mobile banking.
  • Repayment flexibility. Depending on how often you receive your pay, you can make repayments every week, fortnight or month.
  • Extra repayments. Extra repayments that you make towards your loan don’t attract any penalties, letting you reduce what you pay in interest if you are able to make them.
  • Early payouts. You can pay out a variable rate loan ahead of time without paying any penalty, but if you end up paying a fixed rate loan before schedule you will have to pay a penalty.
  • Redraws. Your Cash Secured Loan comes with a free redraw facility, but there is a limit to the minimum you can redraw.

How much the Cash Secured Loan will cost you

This Cash Secured loan provided by First Option Bank is low on fees, and you can find out just what you might end up paying by going through the loan offer in advance. The fee structure of this loan looks like this:

  • Administration fee: $0
  • Monthly fee: $0
  • Annual fee: $0
  • Redraw fee: $0
  • Direct debit dishonour fee: $25

What you need to do to apply

Applying for this Cash Secured Loan is easy, and you can do so online, over the phone, or by visiting any First Option branch. The following eligibility criteria will need to be met in order for you to apply:

  • You are 18 years or older
  • You are a permanent resident of Australia
  • You don’t have poor creditworthiness

As part of the application process you have to submit different kinds of information, which includes the following:

  • Personal details like your name, date of birth, marital status, and number of dependants
  • Contact details like your home address, email address, and phone number
  • Your employment status, your occupation, your employer’s name, and your employer’s contact details
  • Details of income from all sources
  • Details of expenses (to include details of all existing liabilities)

The Cash Secured Personal Loan comes with a competitive interest rate, but since you have other similar options from which to choose, take a little time to compare a few.

Compare other personal loans

Data updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Harmoney Unsecured Personal Loan

From 6.99% (fixed)
7.79%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 24.79% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
Citi Personal Loan Plus
8.90% (variable)
9.18%
$5,000
3 to 5 years
$199
$0
You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a.
A credit limit up to $40,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 30 September 2021.
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
OurMoneyMarket Personal Loan

From 5.35% (fixed)
6.31%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 5.35% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.


⭐ Finder Exclusive: Apply before April 30th to secure a discounted rate of 5.35% p.a. (comparison rate: 6.31% p.a.) for the first 12 months.
Alex Personal Loan

From 5.49% (fixed)
5.49%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 5.49% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 3 May 2021
NOW Finance No Fee Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
No Establishment Fee
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.


⭐ Finder Exclusive: Get a free $200 Westfield e-gift card once your loan application has settled. Offer ends on 30 April 2021. T&Cs apply.
Plenti Personal Loan

From 6.39% (fixed)
6.39%
$2,001
3 to 7 years
$0 to $999
$0
You'll receive a fixed rate between 6.39% p.a. and 17.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
Latitude Personal Loan (Unsecured)

From 7.99% (fixed)
9.24%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 7.99% p.a. and 22.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly. You can check your interest rate before applying with no impact to your credit score.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.39% (fixed)
6.39%
$5,000
2 to 3 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.39% p.a. and 17.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
SocietyOne Unsecured Personal Loan (5 years)

From 6.39% (fixed)
6.39%
$5,000
5 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.39% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Wisr Personal Loan

From 6.49% (fixed)
6.76%
$5,000
3 to 5 years
$595
$0
You'll receive a fixed rate between 6.49% p.a. and 19.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
from $295 to $495
$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.
CUA Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.39% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
Plenti Variable Rate Personal Loan

From 6.39% (variable)
6.39%
$2,001
1 to 3 years
$0 to $999
$0
You'll receive a variable rate from 6.39% p.a and 16.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
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Compare up to 4 providers

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 24.79% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

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