First Option Bank Smart Start Home Loan

Features

The First Option Bank Smart Start Home Loan is designed for first time property buyers aged 18 to 35 years with a discount off the variable interest rate for the first six months.

In addition to this you get a 100 per cent mortgage offset account and you can make unlimited repayments on your home loan. There are no ongoing fees and there is a free redraw facility so you can access any additional repayments should you need them.

You’ll also get a pre-approved Visa Credit card with no monthly fees as well as a free consultation with a financial planner. You’ll also get 5 per cent discount off lenders mortgage insurance if need to take it out.

Who is the First Option Bank Smart Start Home Loan good for?

The First Option Bank Smart Start Home Loan is designed specifically with first home buyers in mind. Investors may be put off by the fact there is no interest only option available.  But all up, it’s a flexible loan loaded with attractive features for all home buyers who want to keep their banking in one place.

Review - What RateCity says

The First Option Credit Union Smart Start Home Loan has a lot of flexibility built in to it making it attractive for first home buyers. While the initial variable rate is low, after six months it will increase so you will need to make sure you can meet these extra repayments and are happy with the ongoing rate.

The other downside of this loan is the moderate upfront fees which should also be factored in when deciding if this product is right for you.

First Option Bank Smart Start Home Loan Options

The First Option Bank Smart Start Home Loan offers you flexible deposit options and a rate lock feature.

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Fixed Rates from

4.60%

Advertised rate

3.96%

Comparison rate

Variable Rates from

3.89%

Advertised rate

3.89%

Comparison rate
Pros
  • Free redraws and offset account.
  • Unlimited extra repayments.
  • Discounts for borrowing more.
Cons
  • Lower rates only apply to large loans.
  • Limited branch network.
  • Entry and exit fees.
Eligibility

Must meet serviceability criteria.

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

First Option Bank charges moderate upfront fees on its Smart Start Home Loan. While there are no ongoing fees, there is a moderate discharge fee and you’ll also pay a fee to lock in a fixed rate if you decide to split your loan.

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

First Option Bank is owned by its customers, meaning that First Option passes its profits back to customers. As a member, you have a right to attend meetings and vote on changes within the Bank, so you can have your say and be heard by fellow members and the management of the organisation.

The First Option Bank Smart Start Home Loan has a call centre that is open five days a week, for eight hours a day. There is limited branch access, however. But you can contact First Option by email or access your accounts via internet banking as well as a mobile app and 24/7 phone banking service.

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