Premium Plus Home Loan (Principal and Interest)
- Last updated on 02 Apr 2020
Discount Variable Home Loan
specialRate cut to 2.59% p.a effective on 3 April 2020
Make the move to UBank's award winning home loan
Owner Occupier Discounted Variable Rate
based on $300,000 loan amount for 25 years
- No upfront fees
- 100% full offset account
- Suitable for low deposits
- Parents can sign as guarantor
- Annual fee charged
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Interest rate structure
$600k - $800k
Principal & interest
Loan term range
1 - 30 years
100% offset account
Unlimited extra repayments
Redraw fee: $0
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Estimated upfront fees
Minimum SMSF Amount
Pre-approved Cash Rewards Visa Credit Card (upto $5,000) with no monthly fee,Free consultation with Bridges Financial Planning, 50% discount off Credit Union fees charged forForeign Exchange/Currency services, 5% discount off Mortgage Insurance
Compare and review home loans with similar features
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.
A redraw facility attached to your loan allows you to borrow back any additional repayments that you have already paid on your loan. This can be a beneficial feature because, by paying down the principal with additional repayments, you will be charged less interest. However you will still be able to access the extra money when needed.
Work out your mortgage repayments using a home loan calculator that takes into account your deposit size, property value and interest rate. This is divided by the loan term you choose (for example, there are 360 months in a 30-year mortgage) to determine the monthly repayments over this time frame.
Over the course of your loan, your monthly repayment amount will be affected by changes to your interest rate, plus any circumstances where you opt to pay interest-only for a period of time, instead of principal and interest.
Also known as a construction home loan, a building in course of erection (BICOE) loan loan allows you to draw down funds as a building project advances in order to pay the builders. This option is available on selected variable rate loans.
The quickest way to pay off your home loan is to make regular extra contributions in addition to your monthly repayments to pay down the principal as fast as possible. This in turn reduces the amount of interest paid overall and shortens the length of the loan.
Another option may be to increase the frequency of your payments to fortnightly or weekly, rather than monthly, which may then reduce the amount of interest you are charged, depending on how your lender calculates repayments.