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First Option Bank Personal Loans

First Option Bank provides fixed rate and variable rate unsecured personal loans, and you can even apply for a secured loan.

Last updated:

First Option Bank

First Option Credit Union has now been rebranded to First Option Bank. All product information below is correct.

The history of First Option dates back to 1965, although the existing name came into being only in 2005, upon the merger of Flying Horse Credit Union (Victoria) and TAB Credit Union (NSW). First Option was rated as the nation’s leading credit union servicing the hospitality, leisure, gaming, energy, and telecommunications industries.

First Option provides just about every financial service and product you’d associate with a large bank, some of which include personal loans, car loans, home loans, credit cards, transaction accounts, savings accounts, financial planning advice, foreign exchange solutions, and business banking solutions.

What Personal Loans does First Option Bank offer?

You can get an unsecured or secured loan through First Option Bank, which can come with a fixed or variable rate. If you become a member during March, First Option Bank are offering a 3% discount on 1, 2 or 3 year fixed personal loans.

Compare First Option Bank Personal Loans

Updated April 10th, 2020
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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
First Option Bank BeGreen Personal Loan Fixed Rate
From 6.99% (fixed)
7.23%
$2,000
Up to 7 years
$175
$0
You can apply for the BeGreen loan to fund the installation of a solar energy unit, get a water storage tank, improve your home’s insulation, or carry out any other change aimed at energy efficiency or sustainability. Note: All First Option Bank fixed rate personal loans are currently subject to a 2% discount offer.
First Option Bank Cash Secured Loan
From 4.99% (variable)
5.23%
$2,000
Up to 7 years
$175
$0
Variable and fixed interest options, free redraw, highly competitive interest rates and faster securing loan.
First Option Bank Fixed Interest Personal Loan
From 8.99% (fixed)
9.24%
$2,000
1 to 7 years
$175
$0
Provides you with the peace of mind that comes from knowing that your rates and repayments remain the same for a fixed period of up to 7 years. Note: Fixed rate loans on terms of 1, 2 or 3 years are subject to a special offer 2% discount, loans with terms of 4-7 years are not included in the offer
First Option Bank Variable Personal Loan
From 13.99% (variable)
14.25%
$2,000
1 to 5 years
$175
$0
Flexible Loan with no monthly fee. Can be used for a big screen TV, a holiday or even home renovations.
First Option Bank Unsecured Overdraft
From 13.99% (variable)
$500
$0
$0
No monthly account-keeping fees and your choice between two debit cards to access your funds.
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Compare up to 4 providers

Updated April 10th, 2020
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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
First Option Bank New Car Loan
From 8.99% (fixed)
9.24%
$2,000
Up to 7 years
$175
$0
A great interest rate and real flexibility, perfect for new cars or demo models (with less than 1,500 kms).
First Option Bank Used Car Loan
From 8.99% (fixed)
9.24%
$2,000
Up to 7 years
$175
$0
Get a competitive rate with no early repayment fees.
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Compare up to 4 providers

Updated April 10th, 2020
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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
ING Personal Loan
8.99% (fixed)
9.13%
$5,000
2 to 5 years
$100
$0
You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.
Harmoney Unsecured Personal Loan
From 6.99% (fixed)
7.69%
$2,000
3 to 5 years
$500 ($200 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 28.69% 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.
RateSetter Unsecured Personal Loan - 3yr Variable
From 7.37% (variable)
9.38%
$2,001
6 months to 5 years
$299 (Based on $10,000)
$0
You'll receive a variable rate between 7.37% p.a. and 14.99% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
from 3% of loan amount
$0
You'll receive a fixed rate between 7.5% 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.
Wisr Personal Loan
From 7.95% (fixed)
8.78%
$5,000
3 to 5 years
$595 (Establishment Fee)
$0
You'll receive a variable rate between 7.95% p.a. and 19.45% 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.
Coles Personal Loan flybuys Members
From 9.99% (variable)
10.95%
$5,000
3 to 5 years
$199
$10
You will receive a variable interest rate between 9.99% p.a. and 17.99% p.a. based on your risk profile.
Borrow up to $50,000 and benefit from exclusive flybuys member interest rates, extra points and additional savings on your Coles groceries.
Symple Loans Personal Loan
From 5.75% (variable)
7.6%
$5,000
1 to 7 years
from 1% to 5% of the loan amount
$20
You'll receive a personalised interest rate from 5.75% p.a. to 19.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
Coles Personal Loan Non - flybuys Members
From 12.99% (variable)
13.93%
$5,000
3 to 5 years
$199
$10
You will receive a variable interest rate between 12.99% p.a. and 19.99% p.a. based on your risk profile.
Borrow up to $50,000 with additional rewards like flybuys points and savings on your Coles shopping.
CUA Unsecured Fixed Rate Personal Loan
9.89% (fixed)
10.14%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
Australian Military Bank Fixed Rate Personal Loan
From 4.85% (fixed)
5.71%
$4,000
1 to 5 years
$500 (from $100 to $500)
$10
You'll receive a fixed rate between 4.85% p.a. and 11.9% p.a. based on your risk profile
An unsecured loan with a low minimum borrowing amount and flexible repayment options.
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.
CUA Discount Variable Personal Loan (Loans over $30,000)
10.89% (variable)
11.15%
$30,000
1 to 7 years
$175
$0
You'll receive a discounted variable rate of 10.89% p.a.
Borrow over $30,000 and receive a discounted interest rate. No monthly fees and a redraw facility also available.
Australian Military Bank Variable Rate Personal Loan
From 4.85% (variable)
5.71%
$4,000
1 to 7 years
$500 (from $100 to $500)
$10
You'll receive a variable rate between 4.85% p.a. and 11.9% p.a. based on your risk profile
An unsecured loan with flexible repayment options and a low minimum borrowing amount.
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Compare up to 4 providers

  • Personal Loan. This variable rate loan does not attract any monthly or annual account-keeping fees and you'll get a competitive rate of 13.99% p.a. You can make extra repayments as and when you like, you can pay the loan off ahead of time, and in both scenarios you don’t have to pay any penalties. You can access the money you pay as additional payments through a redraw facility.
  • Fixed Interest Personal Loan. With this loan comes peace of mind in knowing that your repayments won’t change for the selected term, which can be one, two, or three years. This loan does not attract any ongoing account keeping fees, and it allows you to make extra repayments without worrying about penalties. It comes with a redraw facility and a competitive fixed rate of 8.99% p.a.
  • Cash Secured Loan. You can take advantage of a very competitive interest rate of 4.99% p.a. through this loan, which you need to secure using a First Option fixed Term Deposit. You can choose between fixed and variable interest rates and you also get flexible repayment methods. You don’t have to pay any application or account-keeping fees, there is no penalty for extra repayments. You'll have access to a free redraw facility.

The features and benefits that come with First Option loans

  • Extra repayments. No matter which First Option personal loan you take, you can make as many extra repayments as you like and not worry about paying penalties. This enables you to pay the loan off ahead of time and you can also save what you pay in interest.
  • Redraw facility. The funds you add to the account in the form of extra repayments are easy to access if you need them later through the redraw facility. With cash secured loans, this facility is free.
  • Minimal fees. None of First Option’s personal loans attract any ongoing account-keeping fees, and if you’re considering getting a First Option Cash Secured Loan you don’t have to pay any application fees.
  • Repayment options. The easiest way to make repayments towards your loan is via salary deduction, given that this takes away the need of remembering when to make payments. You can also make repayments and extra payments via phone, Internet, and mobile banking.
  • Variable loan terms. The loan term of a variable rate Personal Loan can vary between 1 to 5 years, and for fixed rate loans the maximum loan term is 7 years. With a Cash Secured Loan, the maximum loan term can extend up to 7 years.
  • Consumer Credit Insurance. Sickness, accident, and involuntary unemployment cover is an optional extra, premiums of which can club with your loan. This insurance cover makes repayments on your behalf in case you or your partner are injured or sick and cannot work.

First Option Bank also offers:

  • Transaction accounts. First Option provides an access saver account that functions as an everyday account while also giving you the ability to earn interest. A Deeming/Over 65 account is for individuals over 65 years of age who receive Government pensions or allowances.
  • Savings accounts. This bank provides an array of savings accounts to suit various needs. While some provide easy access to your money, some others offer bonus rates. This bank offers a special award winning savings accounts for kids, a GST/Tax Saver account, and a Christmas Saver account.
  • Home loans. If you’re looking for home loans, your options with this bank include standard home loans, packaged home loans, investment loans, construction loans, interest-only loans and bridging loans.
  • Credit cards. First Option Bank, in association with Visa, gives its members the ability to apply for cash rewards and low rate Visa credit cards.
  • Other offerings. Some of the other offerings this bank provides include insurance solutions, tax and accounting services, financial planning advice, and business loans and overdrafts.

Want to apply for a Personal Loan? Here's how:

You can visit any First Option Bank branch to apply, you can get started over the phone, and you can apply online. The online application does not take long to complete, and you can start the application for a First Option Bank Personal Loan if you meet the following eligibility criteria:

  • You’re over 18 years old
  • You’re a permanent resident of Australia
  • You don’t have poor creditworthiness

To complete the application successfully you have to provide certain information, so keep the following easily accessible.

  • Proof of income in the form of last two payslips or a letter from your employer confirming the same
  • Self-employed individuals have to submit copies of tax returns for the last two years
  • Details of all existing debts
  • Proof of rent you pay (if applicable)
  • Copy of the current Rates notices for properties you own (if applicable)

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 28.69% 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. ( 10.66% p.a. to 19.59% 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. (13.34% p.a. comparison rate) or less. See Comparison rate warning in (i) above. Application fee of $150 waived off.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 7.5% 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 7.95% p.a. and 16.95% 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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