First Option Bank VIP Personal Loan

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First Option Bank VIP Personal Loans
8.4
Finder Score
Great

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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.

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  • Review
  • Details
    • Product details
  • Compare other personal loans
  • Your reviews
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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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1 - 16 of 16
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Comp. Rate (p.a.)
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NOW Finance No Fee Unsecured Personal Loan
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Harmoney Unsecured Personal Loan
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Interest Rate (p.a.)
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Comp. Rate (p.a.)
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Application Fee
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Monthly Fee
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Monthly Repayment
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Receive competitive interest rates tailored to your personal circumstances, repay the loan early without incurring an early repayment fee, and enjoy no monthly or annual fees.
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MoneyPlace Unsecured Personal Loan
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Interest Rate (p.a.)
6.55%
to 19.99%
Comp. Rate (p.a.)
6.55%
to 21.49%
Application Fee
0% - 5.50%
Monthly Fee
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Monthly Repayment
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MONEYME Personal Loans
Variable3 - 7 Years $5,000 - $50,000
MONEYME logo
Interest Rate (p.a.)
5.99%
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Comp. Rate (p.a.)
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Application Fee
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Monthly Repayment
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Wisr Personal Loan
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6.74%
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Comp. Rate (p.a.)
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Application Fee
$595
Monthly Fee
$0
Monthly Repayment
$941.05
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Latitude Variable Rate Personal Loan
Variable2 - 7 Years $5,000 - $100,000
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Interest Rate (p.a.)
9.49%
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Comp. Rate (p.a.)
10.93%
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Application Fee
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Monthly Fee
$13
Monthly Repayment
$973.85
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Plenti Personal Loan
Fixed1 - 7 Years $5,000 - $65,000
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6.57%
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Comp. Rate (p.a.)
6.57%
to 24.99%
Application Fee
$0 - $595
Monthly Fee
$0
Monthly Repayment
$938.68
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NAB Personal Loan Unsecured Fixed
Fixed1 - 7 Years $5,000 - $55,000
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Interest Rate (p.a.)
7.49%
to 20.49%
Comp. Rate (p.a.)
8.53%
to 21.38%
Application Fee
$0
Monthly Fee
$15
Monthly Repayment
$948.05
Special Offer: For a limited time NAB is waiving the $250 application fee when you apply for a NAB Unsecured Personal Loan. Offer valid from 6 March to 31 May 2025. Other fees and charges still apply.
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Driva Personal Loan
Variable1 - 7 Years $2,001 - $75,000
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Interest Rate (p.a.)
6.57%
to 36%
Comp. Rate (p.a.)
6.78%
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Application Fee
$0 - $395
Monthly Fee
$0
Monthly Repayment
$932.54
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Great Southern Bank Unsecured Fixed Rate Personal Loan
Fixed1 - 7 Years $5,000 - $75,000
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Interest Rate (p.a.)
7.99%
to 19.99%
Comp. Rate (p.a.)
8.31%
to 20.35%
Application Fee
$225
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$0
Monthly Repayment
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OurMoneyMarket Secured Personal Loan ($5,000-$75,000)
Fixed1 - 7 Years $5,000 - $75,000
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Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$934.23
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Plenti Variable Rate Personal Loan
Variable1 - 2 Years $5,000 - $65,000
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Interest Rate (p.a.)
6.57%
to 24.09%
Comp. Rate (p.a.)
6.57%
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Application Fee
$0 - $595
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$0
Monthly Repayment
$938.68
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NAB Personal Loan Unsecured Variable Rate
Variable1 - 7 Years $5,000 - $55,000
NAB logo
Interest Rate (p.a.)
7.49%
to 20.49%
Comp. Rate (p.a.)
8.53%
to 21.38%
Application Fee
$0
Monthly Fee
$15
Monthly Repayment
$948.05
Special Offer: For a limited time NAB is waiving the $250 application fee when you apply for a NAB Unsecured Personal Loan. Offer valid from 6 March to 31 May 2025. Other fees and charges still apply.
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OurMoneyMarket Home Improvement Loan
Fixed1 - 7 Years $5,000 - $100,000
OurMoneyMarket logo
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$934.23
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ANZ Variable Rate Personal Loan
Variable1 - 7 Years $5,000 - $75,000
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Interest Rate (p.a.)
7.49%
to 19.99%
Comp. Rate (p.a.)
8.18%
to 20.58%
Application Fee
$150
Monthly Fee
$10
Monthly Repayment
$947.71
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Richard Fairbairn

Assistant publisher

Richard Fairbairn is Finder’s associate publisher for personal loans. He has been helping people make better financial decisions for over five years. Away from his desk, Richard enjoys all things musical and camping, preferably both at once. See full profile

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