First Option Bank is a financial institution which offers services like personal loans, car loans, home loans, credit cards, transaction accounts, savings accounts and business banking solutions.
First Option Bank offers a standard personal loan as well as a VIP personal loan. The minimum borrowing amount is $1,000. For an unsecured loan, the maximum loan amount is $70,000, while the loan limit for a secured loan will depend on the security offered.
The bank's personal loans have a maximum loan term of 7 years.
The loans' interest rates start at 7.99% p.a.. This lowest rate is for its VIP personal loans, which are for borrowers who already have a First Option home loan.
Borrowers with a package home loan will also benefit from no application fee for the VIP personal loan.
Otherwise, the personal loans have an application fee of $175. There are no ongoing fees though, including to make extra repayments. However there is a $10 redraw fee.
To borrow, you will have to become a member of the First Option Bank (if you're not a member already).
We currently don't have that product, but here are others to consider:
How we picked theseYou can apply for a First Option Personal Loan on the bank's website. The online application does not take long to complete. You must meet the following eligibility criteria:
To complete the application successfully you have to provide certain information, so keep the following easily accessible.
Are secured personal loans better than unsecured personal loans and how do they work?
Personal loans offer a range of loan amounts to suit different purposes and budgets. Here's how to get the loan amount you need.
If you're wanting to bolster your application, buy an asset with your partner or apply for a loan you're not eligible for by yourself, you can consider a joint application personal loan.
Temporary Australian residents may be eligible to apply for personal loans, depending on the visa they hold.
Not all personal loans come with endless documentation. Some lenders specialise in quick and easy application processes.
Get a variable rate personal loan with personalised rates and same-day funding.
Compare unsecured personal loans from some of Australia's top lenders. Find the best deal on rates, fees and features in seconds.
Use a personal loan calculator to work out your repayments or compare loans with a comparison calculator.
We’ve written about fixed rate personal loans and what their advantages are.
Find a low interest loan by comparing your options with Finder. See interest rates, fees, and features for loans across Australia, plus guides to help you get the best deal.
i am on an income of $5600 per month from veterans affairs, am82 and would like to borrow $15000 for dental treatment, anyone help at all?
Hi Keith,
You can view a range of personal loan options for low income owners here. You can also get more information about applying for a loan when you’re income is from a government source in this guide.
As an alternative, you may be eligible for a Good Shepherd 0% interest loan, of up to $3000 – these are usually available to help with urgent medical bills and housing costs, like rent.
Hope this helps!