Finty

First Option Bank Complete Package Home Loan

Variable rateOffsetRedraw

A home loan from First Option Bank with variable rates from 6.14% a year.

Written byDavid Boyd
Interest rate a year, from
6.14%
Comparison rate
6.49%
Upfront fees
$1,250
Annual fee
$375
Monthly fee
Not published

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.14% (variable, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,651
Total repayments
$1,314,535
Interest
$714,535

Rates

Every rate First Option Bank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interestUp to 60%6.14%6.49%
VariableLive inPrincipal and interest60% to 70%6.19%6.54%
VariableLive inPrincipal and interest70% to 95%6.24%6.59%
VariableLive inInterest onlyUp to 60%6.34%6.69%
VariableLive inInterest only60% to 70%6.39%6.74%
VariableLive inInterest only70% to 95%6.44%6.78%
VariableInvestmentPrincipal and interestUp to 60%6.39%6.76%
VariableInvestmentPrincipal and interest60% to 70%6.44%6.81%
VariableInvestmentPrincipal and interest70% to 95%6.49%6.86%
VariableInvestmentInterest onlyUp to 60%6.59%6.96%
VariableInvestmentInterest only60% to 70%6.64%7.01%
VariableInvestmentInterest only70% to 95%6.69%7.06%

Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fees and features

Fees

Upfront fees
$1,250
Annual fee
$375
Monthly fee
Not published

Features

Offset account
Yes
Redraw
Yes
Highest LVR
95%
Loan amount
From $5,000

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Variable rate

6.24%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

6.59%

For the same rate. Typical is 6.70%.

Upfront fees

$1,250

Typical upfront fees are $600.

Annual fee

$375

A typical annual fee is $350.

Smallest deposit

5%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • A lower variable rate. 6.24%, below the typical 6.62%. On a $600,000 loan, every 0.10% less saves about $600 a year in interest.
  • An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
  • Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.

Cons

  • Higher upfront fees. $1,250, above the typical $600, which adds to the cash you need at settlement.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.