First Option Bank is a member-owned mutual bank that was founded in 1965. The ‘First Option Credit Union’ name emerged in 2005 after a merger between TAB Credit Union and Flying Horse Credit Union. Previously, several other smaller industry-based credit unions had been merged into what is now known as First Option Bank.
As a mutual bank, its members are its shareholders and profits re-invested into the business. While it was initially created to serve employees of some well-known Australian companies, it is now open to everyone.
It provides a variety of financial services, including home loans, car loans, personal loans, savings and transaction accounts, insurance and financial planning.
First Option Home Loan Calculator
Interested in a First Option home loan? RateCity has a suite of calculators that can show you what your repayments would be and how First Option compares to its competitors. Simply plug in your borrowing amount below.
First Option Bank home loans rates
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- Flexible loan options.
- Multiple points of contact.
- Rate discounts available.
- Limited branch network.
First Option Bank has a small branch network in Victoria and NSW. However, customer service representatives can be phoned between 9am and 4.30pm Monday to Friday. Alternatively, customers can fill out an online enquiry form. Internet banking is also available and customers have access to the RediATM network.
- Customer service centre (phone)
- Online banking
How to Apply
Customers can apply for a First Option Bank loan online or at a branch. Before applying for any loan, borrowers should calculate the repayments and determine whether they have the capacity to repay the loan. They will also need to provide certain documentation. This will include:
- Proof of income.
- Proof of identity.
- Employment details.
- Asset and liability information.
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