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Rate Change Notice 17 March 2020

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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)

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