Established In 1965 to support workers within the public sector
First Option exists solely to serve the staff, friends and family that work within the below sectors.
Historically, we commenced as a Credit Union in 1965 & become a bank in 2019
Founded - 1965
As TAB Credit Union
Merger - 2005
With Flying Horse Credit Union
Name Change - 2005
To First Option Credit Union
Name Change - 2019
To First Option Bank
We're different to the big 4!
Our aim is to make a small amount of profit and return the value back to members.
Some FAQ's for you
We've never heard of you?
Our business has historically grown through word of mouth over the years and only began to advertise this year.
Are your deposits guaranteed?
Yes, we're an Authorised Deposit Taking Institution and regulated by APRA.
Do you offer bank accounts?
We offer all of the products and services you would expect from any big bank.
Is a member bank different?
Yes, we operate like a non for profit and aim to make a small profit to cover costs and pass of value to members.
Are you the cheapest?
Our aim is to be super competitive with both loans and deposit rates and assess our rates each month.
Do you have Branches?
We used to have branches in Melbourne and Sydney and found that our members prefered online solutions.
Do you offer cash backs?
We don't offer cashback offers as most of these offers disadvantage people and caution people to do the maths.
Can we chat after hours?
We work around the availability of our members and our lending team is available up until 6.30pm.
We're here for our members and we'd love to have you also.
We recently needed to re-finance our Mortgage and the service and care that was provided… was beyond our expectations.
Steve and Fiona say…
My son Sam and I recently became members and had a loan funded through the team. It is with great pleasure that I now provide this positive feedback and very happy with services provided.
I did all my research before engaging in the idea of an investment property and I found that First Option had the best and most flexible mortgage solution for my needs.
Billy Jay says…
First Option refinanced my home loan and help me set up my monthly budget. Now I can relax knowing that all of my bills are catered for.
I joined when they were TAB Credit Union and now First Option Bank. I’ve had four loans with them in the past three years and recommend them to anyone.