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.

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 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

Rates last updated February 17th, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
First Option Bank BeGreen Personal Loan Fixed Rate
From 6.99% (fixed)
7.23%
$2,000
7 years
$0
$175
First Option Bank Used Car Loan
From 6.45% (fixed)
6.69%
$2,000
7 years
$0
$175
First Option Bank New Car Loan
From 6.45% (fixed)
6.69%
$2,000
7 years
$0
$175
A great interest rate and real flexibility, perfect for new cars or demo models (with less than 1,500 kms).
First Option Bank Cash Secured Loan
From 4.99% (variable)
5.23%
$2,000
30 years
$0
$175
Variable and fixed interest options, free redraw, highly competitive interest rates and faster securing loan.
First Option Bank Fixed Interest Personal Loan
From 9.99% (fixed)
10.24%
$2,000
1 to 3 years
$0
$175
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
First Option Bank Personal Loan
From 13.99% (variable)
14.25%
$2,000
1 to 7 years
$0
$175
Flexible Loan with no monthly fee. Can be used for a big screen TV, a holiday or even home renovations.
First Option Bank Unsecured Overdraft
From 13.99% (variable)
$500
$0
$0
No monthly account-keeping fees and your choice between two debit cards to access your funds.

Compare up to 4 providers

Rates last updated February 17th, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
ANZ Fixed Rate Personal Loan
12.45% (fixed)
13.32%
$5,000
1 to 7 years
$10
$150
You'll receive a fixed rate of 12.45% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
Citi Personal Loan Plus
From 8.99% (variable)
9.96%
$5,000
3 to 5 years
$10
$199
You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.
RateSetter Unsecured Personal Loan - 3yr Fixed
From 7.59% (fixed)
8.19%
$2,001
0.5 to 5 years
$0
$89
You'll receive a fixed rate from 7.59% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
3% (of loan amount)
You'll receive a fixed rate between 7.5% p.a. and 19.99% 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.
Latitude Low Rate Personal Loan (Unsecured)
10.99% (fixed)
12.21%
$20,000
2 to 7 years
$13
$250
You'll receive a fixed rate of 10.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of $20,000. Benefit from flexible repayments and fast approval.
Westpac Unsecured Personal Loan
11.99% (fixed)
13.15%
$4,000
1 to 7 years
$12
$250
You'll receive a fixed rate of 11.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts. Note: Listed rate of 11.99% p.a. includes a 1% discount available if you apply and are approved before 21st March, 2019.
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
9.99%
$5,000
1 to 7 years
$0
$0
You'll receive a fixed rate between 9.99% p.a. and 27.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no monthly or application fees.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.56%
$5,000
1.5 to 7 years
$13
$495 (Based on $10,000)
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required. Note: Get your loan approved and settled before 28 February 2019 and receive a $200 Coles gift card.
St.George Unsecured Personal Loan - Fixed Rate
From 11.99% (fixed)
13.07%
$2,000
1 to 5 years
$12
$195
You'll receive a fixed rate between 11.99% p.a. and 18.99% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes. Note: Listed rate of 11.99% p.a. includes a 1% discount available if you apply and are approved before 31st March, 2019.
NAB Personal Loan Unsecured Fixed
Headline rate 13.49% (fixed)
14.36%
$5,000
1 to 7 years
$10
$150
You'll receive a fixed rate between 11.49% p.a. and 18.99% p.a. 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.
RACQ Bank Unsecured Personal Loan
12.95% (variable)
13.25%
$3,000
5 years
$0
$200
You'll receive a variable rate of 12.95% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents
ANZ Variable Rate Personal Loan
15.99% (variable)
16.84%
$5,000
1 to 7 years
$10
$150
You'll receive a variable rate of 15.99% p.a.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.
Pepper Money Unsecured Variable Personal Loan
From 9.99% (variable)
9.99%
$5,000
1 to 7 years
$0
$0
You'll receive a variable rate between 9.99% p.a. and 27.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make extra repayments and repay early at any time.
NAB Personal Loan Unsecured Variable Rate
Headline rate 12.69% (variable)
13.56%
$5,000
1 to 7 years
$10
$150
You'll receive a variable rate based on your risk profile. The headline rate is 12.69% p.a.
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility.
HSBC Personal Loan
From 8.5% (fixed)
9.06%
$5,000
1 to 5 years
$5
$150
You'll receive a fixed rate between 8.5% p.a. and 16.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.

Compare up to 4 providers

  • 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 1 year(s) and 7 year(s), and for fixed rate loans the maximum loan term is 3 year(s). With a Cash Secured Loan, the maximum loan term can extend up to 30 year(s).
  • 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)
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Personal Loan Offers

Important Information*
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 12.45% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

RateSetter Unsecured Personal Loan - 3yr Fixed

You'll receive a fixed rate from 7.59% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.

Latitude Personal Loan (Unsecured)

You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.

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