Following the Reserve Bank’s cut to official interest rates on 3 March 2020, First Option Bank commenced a review into the pricing of its deposits and loans.
As a member-owned bank, First Option considers the impact of a rate change on both depositors and borrowers.
Following the review, First Option Bank has made the following decisions:
Owner Occupied Home Loans
New applications effective 17 March 2020. Existing loans effective 1 April 2020.
- Classic Home Loan: 4.29%pa (borrowings $50,000+)
- Premium Home Loan Package: 3.69%pa ($150,000 – $600,000)
- Premium Plus Home Loan Package: 3.49%pa ($600,000 – $800,000)
- Platinum Home Loan Package: 3.29%pa ($800,000+)
- Smart Start Home Loan: 3.69% ($150,000+)
The variable rates above apply to Principal and Interest loans. For Interest-Only loans please add 0.20%.
Investment Loans
New applications effective 17 March 2020. Existing loans effective 1 April 2020.
- Classic Investment Loan: 4.79%pa (borrowings $50,000+)
- Premium Investment Loan Package: 4.19%pa ($150,000 – $600,000)
- Premium Plus Investment Loan Package: 3.99%pa ($600,000 – $800,000)
- Platinum Investment Loan Package: 3.79%pa ($800,000+)
The variable rates above apply to Principal and Interest loans. For Interest-Only loans please add 0.20%.
Deposit Products
Please note the following Deposit rate changes, effective 17 March 2020.
- Bonus Saver (S14)
- iT Saver (S50)
- Kids Bonus Saver (S16)
- Christmas Saver (S9)
- Cash Management (S15)
- Super Cash Hub (S45)
- Business Cash Hub (S55)
- Smart Start Access Saver (S17)
- Retirement Access Saver (S13)
- Standard Term Deposits (personal and business)
- Regular Income Term Deposits (personal and business)
More Information
- For a full listing of current Deposit rates, visit our Disclosure Statements
- For a full listing of current Loan Rates, visit our Disclosure Statements
- Apply for a new Savings or Investment Account
- Apply for a Loan
- Learn more about the Government Deposit Guarantee