First Option Bank VIP Personal Loan
- Interest Rate (p.a.)
- 7.99%
- Comp. Rate (p.a.)
- 8.24%
- Min Loan Amount
- $1,000
Summary
Zero fees for First Option VIPs. Interest charges apply.
This VIP Personal Loan is for First Option home loan package holders only. It offers a discounted interest rate and zero fees. You can make extra repayments and repay your loan early without charge. Charges include interest rate and, if applicable, a redraw fee.
Details
Product details
| Product Name | First Option Bank VIP Personal Loans |
| Interest Rate (p.a.) | 7.99% |
| Comp. Rate (p.a.) | 8.24% |
| Interest Rate Type | Variable |
| Min Loan Amount | $1,000 |
| Max. Loan Amount | $70,000 |
| Loan Security | Secured |
How does the First Option VIP Personal Loan work?
If you have a current First Option home loan package, you can get a discounted rate on your personal loan. No fees apply if you’ve paid your annual home loan package fee. This loan also allows you to make unlimited extra repayments for free and repay your loan early.
What features does the First Option VIP Personal Loan offer?
- Low rate for home loan package holders. If you already have a current home loan with First Option Bank, you can get a personal loan with discounted rates. The rate for an average personal loan is 13.99% p.a., while the VIP loan comes in at 7.99% p.a.
- Zero fees. This loan comes with zero fees.
- Terms up to 7 years. Loan terms range from 1 year to 7 years.
- Unlimited repayments. You can make unlimited repayments for free.
- No early exit fee. You can repay the loan early for free.
- Redraw facility. You can redraw your additional repayments for a $0 fee.
How much does the First Option VIP Personal Loan cost?
The costs to consider include:
- Loan principal
- Interest rate of 7.99% p.a..
No other fees are charged for this loan. If you wish to access the redraw facility, you will be charged $10.
What are the pros and cons of the First Option VIP Personal Loan?
Pros
- No fees. There are no fees associated with this loan.
- Discounted interest rate. You get a discounted interest rate, compared to the standard personal loan rates.
Cons
- Limited eligibility. You’re only eligible if you already have a home loan package with First Option Bank.
Am I eligible for the First Option VIP Personal Loan?
To be eligible for this loan, you need to be over the age of 18, have a home loan package with the lender and be a member of First Option Bank.
How do I apply for the First Option VIP Personal Loan?
You can apply for the loan online, through the First Option Bank website. Keep your documents on hand to speed up the process.
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