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First Option Bank Ltd Personal Loans

First Option Bank is a member-owned bank that has delivered financial services for Australia for over 50 years. It was previously known by the name First Option Credit Union.

First Option has four branches to visit, all located within Victoria and New South Wales. As such, First Option is an online bank for Australians outside those two states.

In addition to personal loans, members of First Option Bank have access to services such as home loans, financial planning, bank accounts, term deposits and savings accounts.

First Option Bank Ltd personal loan repayment calculator

Thinking about taking out a personal loan with First Option Bank Ltd? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how First Option Bank Ltd personal loans compare with other options.

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First Option Bank Personal Loans rates

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Features of a First Option Bank personal loan

First Option Bank has a variety of personal lending options, including secured and unsecured loans with variable or fixed interest rates.

First Option Bank personal loan rates vary from very low to moderately high, depending on the type of loan.

Some personal loans from First Option come with an upfront fee. However, all First Option Bank personal loans are free of ongoing fees.

There are no early exit penalty fees for members who wish to pay off their loans before the end of the loan term.

Redraw facilities are available, and some personal loans come with an activation fee to borrow back money paid on the loan.

First Option Bank personal loans - customer service

Members of First Option Bank have only four branches to visit, and they are all located within Victoria and New South Wales.

First Option acts as an online bank for the rest of Australia. Those who prefer to talk to a person can also do so by phone.

Who is eligible for a First Option Bank personal loan?

First Option Bank personal loans come with the following eligibility criteria:

  • Must be at least 18
  • Must be a member of First Option Credit Union
  • Must pass a credit check
  • Must be employed
  • Term deposit might be needed for a secured loan

How to apply for a First Option Bank personal loan

An application for a First Option Bank personal loan can be completed in the following ways:

  • Online at the First Option Bank website
  • By phone
  • By visiting a branch

First Option Bank personal loans review

There is a variety of personal loans for First Option members to choose from. This includes secured and unsecured loans, with fixed and variable interest rates.

Very low to moderately high interest rates are available for members of First Option Bank. Those looking to reduce the risk of added debt might be pleased with the lower interest rates available on some personal loans from First Option Bank. No ongoing or early exit penalty fees could also be useful for customers looking to save money on their loan.

With only four branches in NSW and Victoria, potential borrowers in Australia will most likely need to be comfortable with managing their personal loan online or over the phone.

Redraw facilities are available for those who might want to borrow back money paid on the loan. Most loans available come with a redraw activation fee.

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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