Simple Home Loan

Our Lowest Rate Home Loan

  • Fast Approval

  • New Home Loans Only

  • Free Redraw when your loan is in advance

5.54% p.a.

2-Year Discounted3 Variable Interest Rate
Owner Occupied. LVR <60%

5.90% p.a.

Comparison Rate1
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Save on Fees

No application, ongoing or monthly fees.

Flexibility

Available for owner occupied, investment and interest only repayments.

Free Redraw

Access your money via internet banking at any time.

Save on interest

Make additional repayments at any time.

Owner Occupied P&I

2 year discounted, variable principal & interest, < 60% LVR

5.54% p.a.

Interest Rate

5.90% p.a.

Comparison Rate1
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Investment P&I

2 year discounted variable principal & interest, < 60% LVR

5.79% p.a.

Interest Rate

6.18% p.a.

Comparison Rate1
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Home Loan Process

Step 1 

Submit your application online to let us know about your income, expenses and debts.

Step 2 

If everything looks good, we will offer you conditional approval while we assess your financial position.

Step 3

We’ll provide you with formal approval and work with you to get you into your home as soon as possible.
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Eligibility

  • You don't currently have a First Option Home Loan for the property you are using as security for the loan. 

  • You’re applying as a personal customer and not wanting to use dual security or to apply as a company or trust.

  • You're buying or refinancing an established property (not off the plan or under construction).

  • You're buying a home or investment property in a capital city or major regional centre.

  • You have at least a 20% deposit or equity, plus savings to cover fees and charges such as stamp duty.

  • You want to borrow between $250,000 and $2 million.

  • You're currently employed, either through PAYG or self-employment.

  • You're an Australian citizen or permanent resident who lives in Australia.

Ready to Apply?

Complete Online Application

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Important Info

  1. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. This comparison rate has been calculated on the basis of a $150,000 loan for a term of 25 years.
  2. Credit criteria, terms and conditions, fees and charges apply and are available on request. Any advice or information does not take into account your personal objectives, financial situation or needs. Before acquiring this product, you should consider whether or not the product is appropriate for you. Please refer to disclosure statements on our website. First Option Bank Ltd | ABN 95 087 650 735 | AFSL / Australian Credit Licence 236 509
  3. This promotional offer provides a discount of 0.45% on the Simple Variable Loan for the purchase or refinance of owner-occupied or investment properties with a Loan-to-Value Ratio (LVR) of up to 80%, that are not already used as security for an existing First Option loan. The promotion is valid from 30th September 2024 to 30th November 2024. This offer is exclusively available for new loan applications and cannot be combined with any other offers or discounts. All applications are subject to credit approval and standard lending criteria.