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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

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.

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 25.69% 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 NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% 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.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

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