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Loan Product Changes

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First Option recently reviewed its personal loans, car loans and mortgage loans. As a result, the following changes will be effective from 1 August 2018.

1. Fixed Rate Personal Loans

First Option currently offers fixed rate personal loans for 1, 2 and 3 years. From 1 August 2018, First Option will drop its fixed rates by 2.00%. This product allows members to borrow with certainty; knowing that their repayments will not change. Click here to learn more.

2. Fixed Rate Car Loan

For some time, First Option has provided a Car Loan Special Offer of 6.99%pa fixed for 5 years. From 1 August 2018, this will be replaced by a permanent offer of 6.45%pa fixed for up to 7 years. The normal application fee will apply. Click here to learn more.

3. VIP Personal Loan

This is a brand new offering that has all the same great features as our existing personal loans. However, the variable rate will be a low 6.44%pa. This new loan will be available to members who have an existing mortgage loan with First Option. This loan will benefit members that want to keep their borrowings separate. It may also reduce your total interest repayments, compared with adding further debt to your mortgage loan.

While the normal application fee will apply, this will be waived for members that pay an annual packaged mortgage loan fee. Click here to learn more.

4. Interest Only Mortgage Loans

From 1 August 2018, First Option will increase interest-only rates by 0.1%. This change will only apply to new interest-only loans. Existing borrowers will not be affected by this change. Click here to see current loan rates.

5. Intro Period on Mortgage Loans

To make things easier for members when they are starting out, the intro rate fixed period will be increased from 6 months to 12 months. This change will apply to new loans from 1 August 2018. Remember, at First Option you can make extra repayments to your loan at any time, even during the fixed rate period. Click here to see current loan rates.

To apply for a loan at First Option, use our online form.