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First Option Bank home loans

Learn more about First Option Bank and its home loans. Rates start from 5.99%.

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Richard Whitten

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First Option Bank is a member-owned Australian bank. Find information about First Option Bank home loans and its other products below.

First Option Bank home loan rates

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1 - 5 of 6
Updated regularly
Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
First Option Bank Simple Home Loan
Principal & Interest40% min. depositOwner-occupier
Interest Rate
5.99%
Comparison Rate
5.99%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$900
First Option Bank Simple Home Loan
Interest only40% min. depositInvestment
Interest Rate
6.44%
Comparison Rate
6.47%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$944
First Option Bank Simple Home Loan
Principal & Interest10% min. depositOwner-occupier
Interest Rate
6.19%
Comparison Rate
6.19%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$919
First Option Bank Simple Home Loan
Principal & Interest30% min. depositOwner-occupier
Interest Rate
6.09%
Comparison Rate
6.09%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$909
First Option Bank Simple Home Loan
Interest only30% min. depositOwner-occupier
Interest Rate
6.29%
Comparison Rate
6.29%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$929
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Showing 5 of 6 results

Contact First Option Bank directly to learn more about its mortgages and current interest rates.

First Option Bank key facts

  • First Option Bank is a member-owned organisation created out of several credit unions. It began in 1965 supporting TAB agents.
  • First Option Bank has offices in Melbourne, Victoria and Granville, New South Wales.
  • First Option Bank helps customers with loans, business finance, wealth management and more. A member-owned institution, anyone can apply to join First Option bank.

How do I apply for a mortgage from First Option Bank?

When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.

Eligibility

The following information is general in nature and applies to most home loans. There may be specific criteria that apply for this lender.

  • Age. You must be over 18 years of age.
  • Residency. You should be a resident of Australia.
  • Employment. You should have a regular source of income.

Documents required

When you apply for a mortgage with First Option Bank you are required to provide certain information so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:

📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.

📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.

📄 Proof of income documents. Recent payslips can establish your income.

📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).

How to apply for a home loan

More lenders to compare

Check out Finder's main home loans guide if you want to compare more home loans from a range of lenders. Or you could try one of the following lenders:

  • ING. This online bank is part of the global, Dutch financial group of the same name.
  • Commonwealth Bank. The nation's largest bank has a large selection of home loans and a convenient banking app.
  • UBank. This online bank is actually owned by NAB.
  • Athena. This digital fintech lender offers low-rate mortgages and an entirely online, convenient service.
  • Tic:Toc. This lender's online application tool can process your mortgage application fast. Backed by the Bendigo and Adelaide Bank.
  • Bank of Queensland. Outside of the Big Four this is one of Australia's larger banks. BOQ owns Virgin Money.
  • HSBC. The local Australian banking arm of this international bank offers various home loans.

More guides on Finder

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