Established In 1965 to support workers within the public sector

Member Owned

Industry Specialists

10,000+ Members

Great Rates

First Option exists to solely to serve the staff, friends and family that work within the below sectors.

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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. 

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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.

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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.

Megan says…

We recently needed to re-finance our Mortgage and the service and care that was provided… was beyond our expectations.


 
First Option Bank
5
2019-10-03T13:23:22+10:00
We recently needed to re-finance our Mortgage and the service and care that was provided… was beyond our expectations.

John says…

Two years ago First Option refinanced my investment property in Qld. Saved us a heap – great people to deal with.
First Option Bank
5
2019-09-20T14:25:08+10:00
Two years ago First Option refinanced my investment property in Qld. Saved us a heap – great people to deal with… It’s secure and safe.

Phillippe says…

First Option saved me heaps of money with a better interest rate and no ongoing fees, so I’m better off.
First Option Bank
5
2019-10-03T12:11:18+10:00
First Option saved me heaps of money with a better interest rate and no ongoing fees, so I’m better off.

Steve and Fiona say…

They helped us sort out our finances and refinance our home loan and now used them to get our first investment property. Better than the big banks!
First Option Bank
5
2019-10-03T12:13:49+10:00
They helped us sort out our finances and refinance our home loan. First Option helped us get a loan for our first investment property.

Alan says…

They helped me get a home loan to buy my first apartment in Sydney – have appreciated their support, always available for advice.

 
First Option Bank
5
2019-10-03T12:15:22+10:00
They helped me get a home loan to buy my first apartment in Sydney – have appreciated their support, always available for advice.

Michael says…

It’s great having my own personal banker. First Option organised to refinance my home loan, came to the Agency and did all the paperwork. It was so easy.
First Option Bank
5
2019-10-03T12:16:35+10:00
First Option organised to refinance my home loan. Came to the Agency and did all the paperwork. It was so easy.

Anthony says…

Everything went very smoothly with our loan application… great to see nothing has changed in terms of friendly, prompt and extremely helpful service.
First Option Bank
5
2019-10-03T13:35:05+10:00
Everything went very smoothly with our loan application… great to see nothing has changed in terms of friendly, prompt and extremely helpful service.

Les says…

I applied for a loan with First Option near the end of the financial year, which is a busy time for everyone. Despite this, my application was handled promptly and questions answered instantly.
First Option Bank
5
2019-10-03T13:36:24+10:00
My application was handled promptly and questions answered instantly by friendly and professional staff.

Carrie says…

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.

First Option Bank
5
2019-10-03T13:37:21+10:00
My son Sam and I recently became members of the Credit Union and had a loan funded. We are very happy with services provided.

Monish says…

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.

First Option Bank
5
2019-10-03T13:50:05+10:00
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.

First Option Bank
5
2019-10-03T15:13:03+10:00
First Option arranged to refinance my home loan and set up a budget for me. I can now knock off after a nightshift and go straight to bed knowing there’s nothing I have to do about bills or loans.

Michael says…

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.

First Option Bank
5
2019-10-03T16:00:37+10:00
I’ve had two equipment loans and two car loans in the past three years. It’s been so easy. The credit union is where all Agents should do their banking.
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First Option Bank

We'd love to connect and introduce ourselves.