First Option Bank Packaged Loan

Features

The Packaged Home Loan starts with an introductory low interest rate available for the first six months of the loan. After this period, you can opt for a fixed rate loan term or go with a variable interest rate.

If you decide to take out the Packaged Home Loan and want to lock in a low interest rate, First Option Bank can provide a ‘rate lock guarantee’. For a fee you’re able to lock in a fixed rate upon applying for the loan which stays the same until settlement. If per chance the fixed rate dips in the meantime, First Option Bank will pass on the lower rate too.

You can choose to repay the principle and interest or interest-only. The variable loan allows you to make as many repayments as you like to get your loan paid-off quicker. However, fees may apply if you intend to do the same for a fixed rate home loan. First Option Bank lets you make repayments via automatic salary deduction, phone or internet banking. 

The Packaged Home Loan also gives you a range of complimentary banking services such as a free 100 per cent offset account, free redraw facility, and free transactions to an Everyday Access account. However, there is an ongoing annual fee attached to these free services. Another sweetener offered by First Option Bank is a pre-approved Cash Rewards Visa Credit Card with no monthly fee for approved customers. 

Who is the First Option Bank Packaged Loan good for?

The Packaged Home Loan caters for first home buyers, owner-occupiers, investors and refinancers who want flexibility and a honeymoon rate. 

Review - What RateCity says

The packaged Home Loan begins with a low six-month fixed introductory rate. For a large ongoing annual fee, you receive a redraw facility, offset account and transaction account. First Option Credit Union also automatically pre-approve a Cash Rewards Visa Credit Card with no monthly fee – should you wish to take up this offer once you get your mortgage. 

First Option Bank Packaged Loan Options

The First Option Bank Packaged Loan lets you borrow $150,000 or more on a variable or fixed interest rate Packaged Home Loan for up to 30-years. 

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Fixed Rates from

4.45%

Advertised rate

4.42%

Comparison rate

Variable Rates from

3.75%

Advertised rate

4.12%

Comparison rate
Pros
  • Free redraw facility.
  • 100 per cent offset account.
  • Interest-only option.
Cons
  • Moderate upfront fees.
  • Ongoing and discharge fees.
  • Limited branches.
Eligibility

Fixed rate discount for first six months.

Maximum 30-year loan term.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $0 - $1017.00
  • Discharge fees: $300
  • Ongoing fees: $375 annually

You can expect to pay a moderate upfront establishment fee, a large ongoing annual fee, a rate-lock fee (if requested) and a standard discharge fee at the end of the loan term.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About First Option Bank Ltd

The First Option Bank Packaged Loan lets you borrow $150,000 or more on a variable or fixed interest rate Packaged Home Loan for up to 30-years. 

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