Loans

Current at 1 December, 2023

Interest Rates 

Simple Home Loan

Principal and interest Interest only
60% LVR or lower 5.99% p.a. interest and comparison rate 6.19% p.a. interest and comparison rate
60% to 70% LVR 6.09% p.a. interest and comparison rate 6.29% p.a. interest and comparison rate
Greater than 70.01% LVR 6.19% p.a. interest and comparison rate 6.39% p.a. interest and comparison rate

*LVR or Loan to Value Ratio is the amount of the mortgage as a percentage of the value of the property. A property purchased with a 30% deposit therefore has a mortgage LVR of 70%.    

The Complete Package

Principal and interest Interest only
60% LVR or lower 6.49% p.a. interest and 6.81% p.a. comparison rate# 6.69% p.a. interest and 7.01% p.a. comparison rate#
60 to 70% LVR 6.60% p.a. interest and 6.92% p.a. comparison rate# 6.80% p.a. interest and 7.12% p.a. comparison rate#
Greater than 70.01% LVR 6.80% p.a. interest and 7.12% p.a. comparison rate# 7.00% p.a. interest and 7.31% p.a. comparison rate#

*LVR or Loan to Value Ratio is the amount of the mortgage as a percentage of the value of the property. A property purchased with a 30% deposit therefore has a mortgage LVR of 70%.    

Fixed Rates

You can also choose to lock-in your home loan rate for up to three years starting from 6.24% p.a. (interest and comparison rate for Simple loans of 60% LVR or lower). This works for our Simple Loans (without offset) and our Complete Package which includes offset account and low-rate Visa credit card. Also available for interest-only and also investment property loan, depending your requirements. Talk to our team to discuss your needs and our options.

BeGreen Loans

BeGreen sustainable home improvement loan

An unsecured loan for environmentally sustainable home improvements
5.99% p.a. interest (6.23% comparison rate) for borrowers with a First Option mortgage
8.04% p.a. interest (8.29% comparison rate) without a First Option mortgage
Application fee: $175 (added to loan amount)

BeGreen electric vehicle loan

A secured loan for Electric Vehicles (EVs), plug-in hybrid and other electric transport
5.99% p.a. interest (6.23% comparison rate) for borrowers with a First Option mortgage
8.04% p.a. interest (8.29% comparison rate) without a First Option mortgage
Application fee: $175 (added to loan amount)

Personal loans

Low-rate Visa credit card

Low ongoing rate, accepted worldwide
Up to 45 days interest free on purchases
Annual fee: $48.00
Interest rate on purchases .......... 10.49% p.a.
Interest rate on cash advances .......... 17.99% p.a.

Overdraft

Interest rate .......... 13.99% p.a.
(Interest and comparison rate)

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Fixed Rate Car Loan

Fixed rate for up to 7 years
New and used cars up to 7 years old
Make extra repayments without penalty
Redraw facility available

Fixed interest rate .......... 10.99% p.a.
(11.24% p.a. comparison rate)

Personal loan

Available for secured, and unsecured loans
No monthly fees
Make extra repayments without penalty

Variable interest rate .......... 13.99% p.a.
(14.25% p.a. comparison rate)

VIP personal loan

Available to members with an existing mortgage
Admin fee waived if paying annual mortgage package fee

Variable interest rate .......... 7.99% p.a.
(8.24% p.a. comparison rate, the interest and comparison rate is the same for members with mortgages as admin fees are waived)

Business loans

Business loan

Please add 0.20% for Interest Only Loans
Residential security is required

Variable interest rate .......... 8.24% p.a.
(9.08% p.a. comparison rate)

Business car loan

Fixed rate for up to 7 years
New and used cars up to 7 years old
Make extra repayments without penalty
Redraw facility available

Fixed interest rate .......... 11.99% p.a.
(12.87% p.a. comparison rate)

Business overdraft

Residential security is required

Variable interest rate .......... 8.24% p.a.
(9.08% p.a. comparison rate)

Notes:
The interest rates listed are indicative only. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. All loan applications are subject to assessment, including your capacity to repay. All loans are subject to our normal lending terms and conditions. Contact First Option for the relevant terms and conditions. Your loan contract schedule will specify what interest rates apply to your loan. All loan, overdraft and credit card interest is calculated on the daily balance and charged a month in arrears. The above products are provided by First Option Bank Ltd. ABN 95 087 650 735, Australian Credit Licence 236 509.
Terms, conditions, fees, and charges apply and can be obtained from First Option Bank.