Overdraft FAQs

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Do I have to be a member to take out an Overdraft?

First Option is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. You must become a member of First Option to have an Overdraft. Learn more about becoming a member.

How much can I borrow?

The maximum amount you can borrow is dependent on your ability to meet your repayments.

How is the interest calculated on my account?

Interest is calculated daily and charged monthly.

How long do I have to repay my balance?

An Overdraft is a continuous credit contract which means as you pay it back you can redraw on it up to your agreed limit.

How do I make repayments to the account?

You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account, internet or telephone banking transfer, at any of our branches or using Bank@Post. Learn more about these repayment methods under the Everyday Banking menu..

How often will I receive information on my account?

Statements are issued monthly. Duplicate statements can be requested at any time from our office. Account balances and statements are also available through our Internet and Phonelink services.

What security is required to take out an Overdraft?

Security is required for a mortgage secured overdraft only. This overdraft facility can be secured by your home or investment property.

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