First Option Credit Union has now been rebranded to First Option Bank. All product information below is correct.
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.
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.
- Money Magazine Best of the Best Awards, 2014 and 2015. Awarded to First Option Credit Union’s Kids Bonus Saver account in the Best Kids Savings Account category.
What Personal Loans does First Option Bank offer?
You can get an unsecured loan through First Option Bank, which can come with a fixed or variable rate, and you can also consider getting a secured loan. Details of your options are as follows.
Compare First Option Bank Personal Loans
- 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 OffersImportant Information*
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 $70,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% 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.
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.
You'll receive a fixed rate between 8.95% 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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