First Option Bank VIP Personal Loan
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- Interest Rate (p.a.)
- 7.99%
- Comparison rate (p.a.)
- 7.99%
- Min Loan Amount
- $1,000
Summary
Score an interest rate from 7.99% p.a. with this personal loan for existing customers.With features placing it in the top half of our database for its low interest rate and in the top 25% for its low application fee, the First Option Bank VIP Personal Loan scores well in our analysis.
These competitive data points and lack of ongoing fees contribute to its Finder Score of 8.2. However, this loan is only available to existing First Option Bank home loan package customers.
Details
Product details
| Product Name | First Option Bank VIP Personal Loans |
| Interest Rate (p.a.) | 7.99% |
| Comparison rate (p.a.) | 7.99% |
| Interest Rate Type | Variable |
| Min Loan Amount | $1,000 |
| Max. Loan Amount | $70,000 |
| Loan Security | Secured |
How does First Option Bank VIP Personal Loans compare?
- Competitive interest rate. Its minimum interest rate of 7.99% is in the top half of lower rates in our database.
- Lower application fee. The application fee of $175 is in the top 25% of lower fees we track.
- Limited eligibility. This loan is only available if you're an existing First Option Bank home loan package customer.
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.
Sources
Your reviews
Richard Finder
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