First Option Credit Union Personal Loans

Rates and Fees verified correct on December 7th, 2016

First Option Credit Union 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 now rates 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.

Awards

  • 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 Credit Union offer?

You can get an unsecured loan through First Option Credit Union, 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 Credit Union Personal Loans

Rates last updated December 7th, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
First Option CU Unsecured Overdraft
No monthly account-keeping fees and your choice between two debit cards to access your funds.
From 13.99% (variable) $500 $0 More
From 8.99% (variable) 9.24% $1,000 7 years $175 More
From 11.25% (variable) 10.46% $1,000 7 years $175 More
First Option CU New Car Loan
A great interest rate and real flexibility, perfect for new cars or demo models (with less than 1,500 kms).
From 6.99% (variable) 7.4% $1,000 5 years $295 More
First Option CU Cash Secured Loan
Variable and fixed interest options, free redraw, highly competitive interest rates and faster securing loan.
From 4.99% (variable) 4.99% $1,000 30 years $0 More
First Option CU Fixed Interest Personal Loan
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 3 years
From 9.99% (variable) 10.24% $1,000 1 to 3 years $175 More
First Option CU Personal Loan
Flexible Loan with no monthly fee. Can be used for a big screen TV, a holiday or even home renovations.
From 13.99% (variable) 14.25% $1,000 7 years $175 More
Rates last updated December 7th, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
HSBC Personal Loan
A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000
From 11.99% (fixed) 12.54% $5,000 1 to 5 years $150 Go to site More
Latitude Personal Loans (Unsecured)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your count in as little as 24 hours.
From 13.99% (fixed) 15.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
CUA Discount Fixed Personal Loan (Loans over $30,000)
Take advantage of a competitive fixed rate and no monthly fees when you borrow over $30,000
From 10.99% (fixed) 10.99% $30,000 1 to 7 years $0 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $150 Go to site More
MoneyPlace P2P Loan
Interest rates from 8.90% p.a to 17.25% p.a. Comp rates from 8.90% p.a to 19.01% p.a depending on your credit score.
From 8.9% (fixed) 8.9% $5,000 3 to 5 years 0% - 3.75% of loan amount Go to site More
RateSetter Personal Loan
Ratesetter allow you to get a personalised rate based on your credit score.
From 9.42% (fixed) 9.42% $2,001 0.5 to 5 years $0 (fees may be charged) Go to site More
NOW FINANCE Personal Loans
Get rewarded with a low interest rate for your good credit history.
From 9.95% (fixed) 11.41% $4,000 1.5 to 7 years $395 (Based on $10,000) Go to site More
RACQ Unsecured Loan
An unsecured personal loan that lets you borrow funds for what you need. Repay the loan on terms up to seven years.
From 13.95% (fixed) 14.52% $5,000 1 to 7 years $378 Go to site More
CUA Discount Variable Personal Loan (Loans over $30,000)
Apply for a loan over $30,000 and enjoy a discounted interest rate
From 10.89% (variable) 10.89% $30,000 1 to 7 years $0 Go to site More
St.George Get Set Loan Personal Loan
A revolving line of credit that lets you access your funds as and when you need to.
From 17% (variable) $5,000 $150 Go to site More
ANZ Variable Rate Personal Loan
A variable rate loan that lets you make and redraw additional repayments.
From 14.69% (variable) 15.55% $5,000 1 to 7 years $150 Go to site More
  • 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 9.99% 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 one and seven years, and for fixed rate loans the maximum loan term is three years. With a Cash Secured Loan, the maximum loan term can extend up to 30 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 Credit Union 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 credit union provides an array of savings accounts to suit various needs. While some provide easy access to your money, some others offer bonus rates. This credit union 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 credit union include standard home loans, packaged home loans, investment loans, construction loans, interest-only loans and bridging loans.
  • Credit cards. First Option Credit Union, 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 credit union 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 Credit Union 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 Credit Union 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)
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This page was last modified on 21 March 2016 at 13:55.

HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

CUA Discount Variable Personal Loan (Loans over $30,000)

Apply for a loan over $30,000 and enjoy a discounted interest rate

SocietyOne Unsecured Personal Loan

Interest rates for a 3 year loan range from 7.88% p.a. to 25.49% p.a. Comparison rate from 9.9% p.a. to 26.74% p.a. depending on your credit score

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