First Option Bank Fixed Interest Personal Loan Review | finder.com.au

First Option Bank Fixed Rate Personal Loan

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A competitive rate from 10.99% p.a. for up to 3 years with 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 fixed rate personal loans.

This fixed rate unsecured personal loan that First Option Bank provides comes with loan terms of 1 year up to 3 years, and the minimum you can borrow through this loan is $2,000. This loan does not attract any monthly or annual fees, and you won't be charged penalties for extra or early repayments.


From 10.99% (fixed)

Interest Rate (p.a.)

11.24%

Comparison Rate (p.a.)

$2,000

Min Loan Amount

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Details

Product NameFirst Option Bank Fixed Rate Personal Loan
Interest Rate (p.a.)
From 10.99% (fixed)
Comparison Rate (p.a.)11.24%
Interest Rate TypeFixed
Min Loan Amount$2,000

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 fixed rate personal loans.

Looking to borrow?

If you want the peace of mind that comes from knowing your loan's interest rate or repayments will not change during your term, then considering applying for a fixed rate loan. What helps is that you don't have to pay any ongoing account-keeping fees, you can make extra and early repayments, and you can even access your extra payments through a redraw facility.
You can use proceeds from this loan for just about any worthwhile purpose like taking a vacation, paying bills, or getting by a temporary setback.

What features come with the Fixed Interest Personal Loan?

The Fixed Interest Personal Loan from First Option comes with a number of features, and this is what you need to know:

  • No account-keeping fees. When you get this loan you can take heart in knowing that you don't have to pay any monthly or annual account-keeping fees, which goes a long way in keeping your ongoing costs down.
  • Varied loan terms. Since loan term can have a telling effect on repayment size and the total interest payable, choose one as per your needs. Your options include 1 year up to 3 years.
  • Low minimum loan amount. With a First Option Fixed Interest Personal Loan you don't have to borrow more than you need, simply because you can borrow as little as $2,000.
  • Multiple repayment options. While you can make repayments via salary deductions and direct debits, you can also make payments via online, mobile and phone banking.
  • Repayment flexibility. First Option gives you the ability to make repayments as per your pay schedule, allowing you to choose between monthly, fortnightly, and weekly repayments.
  • Extra repayments and early payouts. You can make extra payments towards this fixed rate loan without paying penalties, and this is also the case if you plan to make an early payout.
  • Redraw facility. If you, at any point, need the money that you've paid as extra repayments, you can access it easily using a redraw facility. You have to a redraw a minimum amount and a redraw fee applies.

Are there any fees and charges?

When it comes to repaying this loan, like any other, you have to repay more than just the amount you borrow. While the interest rate is one aspect you should know of, take into account all other fees and charges associated with this loan. First Option gives you a clear picture of all associated fees and charges through the offer contract, and here's what you can expect to pay over time.

  • Monthly fee: $0
  • Annual fee: $0
  • Loan administration fee: $175
  • Redraw fee: $10
  • Early payout penalty: $0

How to apply for the Fixed Interest Personal Loan

You can walk into any First Option branch to apply, you can apply over the phone, and you can even apply online. Applying online is easy, but if you're considering applying, make sure you meet the following eligibility criteria:

  • You're a permanent resident of Australia
  • You're over 18 years old
  • You have good creditworthiness
  • You have a regular source of income

The application process requires you to part with different kinds of information, so it's best that you keep the following close at hand.

  • Your Australian driver's license, passport, or Medicare card
  • Last two payslips (self-employed individuals should provide tax returns for the last two years)
  • Proof of residence (rent receipts or proof of ownership)

Getting this fixed rate loan that offers repayment flexibility and allows extra repayments can give you the financial assistance you need, but since this is not a one-of-its-kind loan, compare it with a few others before deciding.

Compare other personal loans

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

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.

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.
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.
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.
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.
Pepper Money No Fee Personal Loan
From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
$0
$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 $50,000 and use for a range of purposes. Pay no upfront, early repayment or ongoing fees.
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
NAB Personal Loan Unsecured Variable Rate
From 6.99% (variable)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a variable 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. Benefit from fee-free additional repayments and a redraw facility. 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.
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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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