Get the Finder app 🥳

Track your credit score, free

Free

First Option Bank Unsecured Overdraft

Last updated:  

Do you want an unsecured overdraft without paying ongoing account-keeping fees? This one offers access to funds through a Visa debit card or a Redicard.

First Option Bank provides an unsecured overdraft facility that comes linked to the Access Saver account, with the balance in your Access account automatically reducing the overdraft amount. You don’t have to pay any application fees or account-keeping fees to open and maintain this overdraft facility.


From 13.99% (variable)

Interest Rate (p.a.)

$500

Min Loan Amount

Details

Product NameFirst Option Bank Unsecured Overdraft
Interest Rate (p.a.)
From 13.99% (variable)
Interest Rate TypeVariable
Min Loan Amount$500
Loan SecurityUnsecured
First Option Credit Union has now been rebranded to First Option Bank. All product information here is correct.

A few things to consider

If you’re looking for an overdraft facility to get through times when of cash flow difficulties, taking a look at First Option’s unsecured overdraft makes sense. As with any overdraft, you are free to use funds up to the approved limit for just about any purpose.

The overdraft comes linked to a First Option Access account and a Visa debit card or Redicard, so you get easy access to funds as and when you need them through ATMs, EFTPOS terminals, online banking, and phone banking. You also have a number of options when it comes to making deposits.

Benefits and features:

Various aspects of the First Option Bank Unsecured Overdraft facility require your attention, and here’s what you should know:

  • Linked to an access account. This overdraft facility comes with the First Option Access Saver account and comes into effect when there’s no balance in the access account. Funds deposited in the account then work to reduce the overdraft balance.
  • Accessing funds. When you apply, you can choose between getting a Visa debit card and a Redicard, and you get access to the overdraft facility and your account through both. You can also access funds up to your overdraft limit through phone and online banking, cheques, BPAY, First Option branches, Australia Post outlets using Bank@Post, and direct debits.
  • Accessing account information. You can, at any time, go through your account’s transaction details using internet and phone banking, and you also get regular statements with details.
  • Making deposits. You can make deposits using First Option’s phone and internet banking platforms. Other options include payroll deduction, direct credit, mail, Bank@Post, and First Option branches.
  • Low minimum limit. You can apply for an overdraft facility of as little as $500 so you don’t have to worry about not having access to funds.
  • Low fees. This overdraft facility does not attract any application fee, and you don’t have to pay any ongoing monthly or annual fees.

The costs you'll need to pay

First Option Bank gives you a clear indication of all associated fees and charges at the onset and you should go through these carefully before you take on the loan. While a number of transactions like direct debits, direct credits, BPAY payments and branch transactions are free, you will have to pay for certain others, such as when you use cheques and non-member ATMs.

What helps is that this overdraft facility tries to keep fees to a minimum, and its regular fee structure looks like this:

  • Application or establishment fee: $0
  • Monthly or annual fee: $0
  • PhoneLink - phone banking: Free
  • Internet and mobile banking: Free

How to apply for the First Option Bank Unsecured Overdraft

You can apply for the First Option Bank Unsecured Overdraft by visiting your nearest First Option branch, over the phone, or online. As part of the application process, you’ll have to provide a host of information, which includes the following:

  • Personal details like your name and date of birth
  • Your home address and contact information
  • Proof of your income
  • A current statement of all existing debts
  • Evidence of rent you pay or a rates notice if you own property

This overdraft facility by First Option gives you the means to get by cash flow fluctuations with relative ease, but since there are other similar offerings out there, take some time to compare a few.

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.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site