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Secured Personal Loan Fixed

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Loan Term

years

Repayment Frequency

Secured Personal Loan Fixed Pros and Cons

Pros:
  • No ongoing fees
  • No early exit penalty
  • Can apply online
  • Available for 457 visa holders
  • Suitable for both new or used car
Cons:
  • Application fee charged
  • Requires security to be held
  • Cannot apply in branch

First Option Bank Secured Personal Loan Fixed Fees and Features

New Car
New Car
Used Car
Used Car
Motorcycle
Motorcycle
Boat
Boat
Student Loan
Student Loan
Debt Consolidation
Debt Consolidation
Renovation
Renovation
Shares
Shares
Holidays
Holidays
Medical Bill
Medical Bill
Wedding
Wedding
Upfront Fee
Upfront Fee
$175
Ongoing Fee
Ongoing Fee
$0
Borrowing range
Borrowing range
$2k - $120k
Total Repayments
Total Repayments
$34,848
Early Exit Penalty Fee
Early Exit Penalty Fee
$0
Missed Payment Penalty
Missed Payment Penalty
$0
Redraw Activation Fee
Redraw Activation Fee
$0
Repayment Type
Repayment Type
Fixed
Loan Type
Loan Type
Secured
Available to 457 Visa Holders
Available to 457 Visa Holders
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
Line of Credit
Line of Credit
New Car
New Car
Used Car
Used Car
Motorcycle
Motorcycle
Boat
Boat
Student Loan
Student Loan
Debt Consolidation
Debt Consolidation
Renovation
Renovation
Shares
Shares
Holidays
Holidays
Medical Bill
Medical Bill
Wedding
Wedding
Upfront Fee
Upfront Fee
$175
Ongoing Fee
Ongoing Fee
$0
Borrowing range
Borrowing range
$2k - $120k
Total Repayments
Total Repayments
$34,848
Early Exit Penalty Fee
Early Exit Penalty Fee
$0
Missed Payment Penalty
Missed Payment Penalty
$0
Redraw Activation Fee
Redraw Activation Fee
$0
Repayment Type
Repayment Type
Fixed
Loan Type
Loan Type
Secured
Available to 457 Visa Holders
Available to 457 Visa Holders
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
Line of Credit
Line of Credit

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.

FAQs

The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.

However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.

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