Established In 1965 to support workers within the public sector
Our why is to solely serve the staff, friends and family that work within the below sectors.
Health & Services
Gaming & Leisure
Police & Emergency
Historically, we commenced as a Credit Union in 1965 & became 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 minimise fees and pass on the value to our community of members.
Frequently asked questions
Are your deposits guaranteed?
Yes, all deposit products up to $250K is protected by the Australian Government’s Deposit Guarantee.
Are you regulated?
Yes, we're an Authorised Deposit Taking Institution and regulated by APRA.
Do you offer bank accounts?
We offer a range of products and services, similar to what you would expect from any big bank.
Is a member bank different?
We are not like the larger banks that aim to increase their share price. We invest our profit back into our members.
Are you the cheapest?
Every month, we assess our deposit and loan rates and see how much value we can pass on to members.
Do you have Branches?
We don't have branches but we do have staff in Melbourne, Sydney & Canberra if you prefer to meet up.
How do we protect your money?
Our advanced security systems operate 24/7, monitoring card and other transactions and general account activity.
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 community of members.
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.