First Option Bank home loans

Your guide to home loan offers from First Option Bank.

First Option Bank exists predominantly to provide Australians with an extensive range of financial services and products that meet their current and future needs. It offers a variety of home loans to suit a wide range of borrowers.

Compare First Option Bank Home Loans

Rates last updated August 18th, 2019
Loan purpose
Offset account
Loan type
Repayment type
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Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
At cost
$375 p.a.
At cost
$375 p.a.
At cost
$0 p.a.
Experience flexibility whether borrowing as an owner occupier or investor.

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Who is First Option Bank?

First Option Bank has been in business for more than 45 years and offers an alternative to the big banks in the home loan market. First Option began in 2005 with the merger of TAB Credit Union (NSW) and Flying Horse Credit Union (Victoria) to form a union focused on the gaming, leisure, hotel, telecommunications and petrochemical industries.

Home loans offered by First Option Bank

Packaged home loan

The Packaged home loan offers a discount off the standard variable rate. A redraw facility and offset account are available and flexible payment options let you pay off the loan at a pace that suits your budget. You can also make early repayments without penalty on this loan, and borrowers are entitled to free transactions and a number of other discounts.

Standard Home and Investment home loan

The Standard Home and Investment home loan boasts plenty of features and a competitive rate. You will not be charged monthly account-keeping fees and there are no application fees with this loan, while there is also a free redraw facility.

The Standard Home and Investment home loan offers the opportunity to make extra repayments without incurring any penalties, and if you need the certainty of sticking to a budget for a specified period of time, you can take advantage of the option that allows you to fix your rate for a set period.

Construction home loan

First Option’s Construction Loan lets you build your new dream home or upgrade your existing home. You will benefit from progressive drawdowns and the absence of monthly account-keeping fees, as well as a competitive interest rate. Construction Loans also offer flexible repayments and redraw facilities.

Interest-only home loan

If you want to trim down your home loan repayments to fund a refurbishment, or if you simply want to sell your property, an Interest-Only loan will let you free up the funds you require. The Interest-Only loan lets you benefit from flexible repayments, redraws without incurring penalties, and the absence of account-keeping fees.

Bridging Loan

The Bridging Loan is suited to individuals who want funds to buy or construct their new homes even if they have not yet finalised the sale of their current homes. This short-term interest-only loan lets you benefit from flexible repayments, offers the ability to make early repayments without penalty, and doesn’t have any account-keeping fees.

How to compare home loans

Pros and cons of First Option Bank home loans


  • No monthly account-keeping fees. First Option home loans do not have monthly maintenance charges, meaning you can pay less in fees and more towards your loan.
  • Flexible repayment schedules. First Option offers a variety of repayment options to suit your needs and financial situation.
  • Focus on meeting the needs of customers. First Option’s profits are returned into the business and used to offer attractive rates and better products and services to its members.


  • Membership costs apply. You need to purchase membership at $2 per share at First Option before you can become eligible for their loans.

How to apply for a First Option Bank home loan

If you would like to apply for a First Option Credit Union home loan, please contact a mortgage broker.

Documents needed to apply for a First Option Bank home loan

Personal information

A loan application from First Option Bank will require you to submit identification such as your driver's licence, passport and/or medicare numbers. You'll also need to provide information about the property being used as security, such as the Contract of Sale or Transfer of Land documents. Finally you'll need to supply supporting documents for your income, such as payslips and recent tax returns.

First Option Bank offers a range of loans for different types of borrowers. Compare a loan from First Option Bank today.

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Home Loan Offers

Important Information*
Logo for UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000

Take advantage of a low-fee mortgage with a special interest rate of just 3.09% p.a. and a 3.09% p.a. comparison rate.

Logo for Athena Variable Home Loan - Refinance (Owner Occupier, P&I)
Athena Variable Home Loan - Refinance (Owner Occupier, P&I)

Low variable rate mortgage for owner occupiers looking to switch. Refinancers only.

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