First Option Credit Union has now been rebranded to First Option Bank. All product information below is correct.
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.
What personal loans does First Option Bank offer?
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).
Compare First Option Bank personal loans
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The features and benefits that come with First Option loans
Extra repayments. You can make as many extra repayments as you like towards your personal loan. This enables you to pay the loan off ahead of time and you can also save what you pay in interest.
Redraw facility. The extra repayments you make are easy to access if you need the cash later through the redraw facility. There is a $10 fee to redraw cash.
Minimal fees. None of First Option's personal loans attract any ongoing account-keeping fees.
Variable loan terms. The loan term of a variable rate Personal Loan can vary between 1 to 7 years.
First Option Bank also offers:
Transaction accounts. First Option Bank provides a Spend account and a Bills account. The Spend account is dedicated to your income and your everyday spending. You can use the Bills account to set up direct debits for any bills that need paying. There's also a Retirement account for people aged over 65 years who no longer work full time.
Savings accounts. This bank provides an array of savings accounts to suit needs. While some provide easy access to your money, some others offer bonus rates. This bank offers a children's savings accounts, a 'special purpose' account and a Christmas Saver account.
Business accounts. If you run a business you could take advantage of the bank's GST/Tax Saver account, as well as an everyday transaction account, bonus saver account and business term deposits.
Home loans. If you're looking for home loans, your options with this bank include its Simple Home Loan and its Complete Home Loan. Its Complete Home Loan is a package home loan which comes with a 100% offset account and fee-free credit card.
You 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:
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)
Elizabeth Barry is an experienced journalist with over 10 years of expertise in personal finance, contributing to outlets like the ABC, Sydney Morning Herald, and 7News. She holds a Master of Arts in Creative Writing and a Bachelor of Arts in Communication from the University of Technology Sydney, and has earned multiple award nominations, including a Highly Commended recognition at the 2017 Lizzies. Elizabeth began her career at Finder in 2013, progressing through roles to become Lead Editor, where she oversaw a wide range of personal finance coverage until 2024. See full bio
Elizabeth's expertise
Elizabeth has written 210 Finder guides across topics including:
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?
Finder
SarahFebruary 15, 2024Finder
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.
This secured loan may be used for any worthwhile purchase and requires security against a vehicle. It uses risk-based pricing, so your interest rate will be set based on your credit score and history.
Why not be rewarded for your good credit history? MoneyPlace offers unsecured personal loans with rates starting at 8.49% p.a. – finance a range of personal purposes and borrow up to $80,000. Read the review and see if you're eligible to apply.
Are you in need of a larger loan but concerned about your credit history? There still may be options available, no matter your credit history. Read our guide to find out what might be available to you.
The Variable Rate Personal Loan features flexible loan and repayment terms and the ability to choose a loan amount up to $50,000. You are able to make unlimited additional repayments to help pay off your loan amount even faster, and you can redraw from your additional repayments if the need arises.
The Commonwealth Bank Fixed Rate Personal Loan offers a convenient financing solution to help you fund anything you need – borrow between $4,000 and $50,000 and have it funded on the same day you apply.
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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!