First Option Credit Union Home Loan Interest Rates, Calculator & Reviews - Best Find

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First Option Credit Union Home Loans

Packaged Home Loan Fixed - 3 Years

First Option Credit Union's Packaged Home Loan Fixed - 3 Years offers a low rate Fixed - 3 years home loan with rates from 4.96%

Home Loan Overview

Maximum LVR 95%

Maximum insured LVR 95%

Minimum loan amount$150,000

Maximum loan amount$600,000

Minimum loan term 1 year

Maximum loan term 30 years

Interest rate type Fixed - 3 years

Advertised rate4.80%

Comparison rate4.96%

Repayments & Redraws

Monthly repayments (approx)$1,436

Total repayments (approx)$430,932

Total interest (approx)$680,932

Redraw facility Yes

Redraw fee $0

Minimum redraw amount TBA

Offset facility Yes

Extra repayments allowed? Yes

Extra repayment fees TBA

Extra repayments restrictions TBA

Repayments weekly Yes

Repayments biweekly Yes

Repayments monthly Yes

Home Loan Fees

Application fee $0

Legal fee $360

Valuation fee $297

Settlement fee $0

Discharge fee $300

Regular or monthly fee $375 annually

Loan Availability

InvestmentYes

First home buyersYes

Owner occupierYes

RefinanceYes

Line of creditNo

Self-managed superNo

State availabilityNSW, VIC, SA, WA, QLD, ACT, NT, TAS

Other

SponsoredNo

Data accurate as of20/04/2017

Comparison warning Monthly repayments, total repayment amount and comparison rates quoted are based on $150,000 for a term of 25 years. Rates apply to secured loans only. WARNING: 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.

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Packaged Home Loan Fixed - 2 Years

First Option Credit Union's Packaged Home Loan Fixed - 2 Years offers a low rate Fixed - 2 years home loan with rates from 4.91%

Home Loan Overview

Maximum LVR 95%

Maximum insured LVR 95%

Minimum loan amount$150,000

Maximum loan amount$600,000

Minimum loan term 1 year

Maximum loan term 30 years

Interest rate type Fixed - 2 years

Advertised rate4.70%

Comparison rate4.91%

Repayments & Redraws

Monthly repayments (approx)$1,422

Total repayments (approx)$426,606

Total interest (approx)$676,606

Redraw facility Yes

Redraw fee $0

Minimum redraw amount TBA

Offset facility Yes

Extra repayments allowed? Yes

Extra repayment fees TBA

Extra repayments restrictions TBA

Repayments weekly Yes

Repayments biweekly Yes

Repayments monthly Yes

Home Loan Fees

Application fee $0

Legal fee $360

Valuation fee $297

Settlement fee $0

Discharge fee $300

Regular or monthly fee $375 annually

Loan Availability

InvestmentYes

First home buyersYes

Owner occupierYes

RefinanceYes

Line of creditNo

Self-managed superNo

State availabilityNSW, VIC, SA, WA, QLD, ACT, NT, TAS

Other

SponsoredNo

Data accurate as of20/04/2017

Comparison warning Monthly repayments, total repayment amount and comparison rates quoted are based on $150,000 for a term of 25 years. Rates apply to secured loans only. WARNING: 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.

Hide info ˄

Packaged Home Loan Fixed - 1 Year

First Option Credit Union's Packaged Home Loan Fixed - 1 Year offers a low rate Fixed - 1 year home loan with rates from 4.88%

Home Loan Overview

Maximum LVR 95%

Maximum insured LVR 95%

Minimum loan amount$150,000

Maximum loan amount$600,000

Minimum loan term 1 year

Maximum loan term 30 years

Interest rate type Fixed - 1 year

Advertised rate4.60%

Comparison rate4.88%

Repayments & Redraws

Monthly repayments (approx)$1,407

Total repayments (approx)$422,301

Total interest (approx)$672,301

Redraw facility Yes

Redraw fee $0

Minimum redraw amount TBA

Offset facility Yes

Extra repayments allowed? Yes

Extra repayment fees TBA

Extra repayments restrictions TBA

Repayments weekly Yes

Repayments biweekly Yes

Repayments monthly Yes

Home Loan Fees

Application fee $0

Legal fee $360

Valuation fee $297

Settlement fee $0

Discharge fee $300

Regular or monthly fee $375 annually

Loan Availability

InvestmentYes

First home buyersYes

Owner occupierYes

RefinanceYes

Line of creditNo

Self-managed superNo

State availabilityNSW, VIC, SA, WA, QLD, ACT, NT, TAS

Other

SponsoredNo

Data accurate as of20/04/2017

Comparison warning Monthly repayments, total repayment amount and comparison rates quoted are based on $150,000 for a term of 25 years. Rates apply to secured loans only. WARNING: 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.

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Compare 100s of home loans

Did you know you can compare 100s of mortgages? Review, calculate interest rate repayments, apply online and save by visiting our main home loans comparison page.

Compare and review First Option Credit Union home loans

Looking to finance a new home? When comparing First Option Credit Union home loans, there are other key facts to consider and understand, other than just First Option Credit Union’s interest rates.

What home loan options does First Option Credit Union offer?

First Option Credit Union has 3 home loan products:

  • First Option Credit Union Packaged Home Loan Fixed – 3 Years
  • First Option Credit Union Packaged Home Loan Fixed – 2 Years
  • First Option Credit Union Packaged Home Loan Fixed – 1 Year

View the above table for detailed product information and a comparison of the interest rates, fees and features.

You can also review and compare First Option Credit Union personal loansFirst Option Credit Union car loan and First Option Credit Union credit cards.

Do you have a First Option Credit Union home loans calculator?

Yes. Use the filter to adjust your loan amount and term to calculate your approximate monthly repayments. When you apply the filter, you will see a breakdown of your approximate monthly repayments as well as the total amount of interest and fees paid.

For a more accurate quote, contact First Option Credit Union directly.

How to apply for a First Option Credit Union home loan?

If you’d like to apply online for a First Option Credit Union home loan, just scroll up and click on “Learn more” to be taken to First Option Credit Union’s secure online application form. Before you apply, be sure to learn about First Option Credit Union’s loan products, fees and eligibility criteria. Give yourself around 30-60 minutes to complete the home loan application.

First Option Credit Union’s home loan eligibility criteria

Before you apply for a home loan, be sure to understand and meet the First Option Credit Union’s lending criteria. Below is high-level overview of First Option Credit Union’s criteria:

First Option Credit Union’s minimum requirements for a home loan

  • Minimum age of 18
  • You have a decent credit history
  • You’re a permanent Australian resident or valid work visa holder (457 or other diplomatic visas)
  • Regular source of income
  • A sufficient deposit

Financial Information you’ll need to provide

Whether at the First Option Credit Union branch or online, you will need to show your finances in order for the bank to establish your home loan borrowing capacity:

  • Proof of income, at least 3 months of payslips and/or rental income (if applicable)
  • Tax returns not older than 18 months and an ATO Notice of assessment Personal
  • Proof of ID (Driver License or ID card) passport, contact information and address
  • A list of your expenses, assets and liabilities (such as other loans or credit cards)
  • Any equity or deposit or existing property you already own to support and secure your loan

Have rental income?

If you also have rental income, please provide one of the following:

  • A formal signed lease (either current or new)
  • Most recent rental statement
  • Rental credits to your account for the past 3 months

If you’re self-employed, you will also need to provide:

  • Financial statements for the last year (no older than 18 months)
  • Your most recent personal/business tax return (no older than 18 months)

Other things to keeping mind when applying

  • Approval time can take up to two weeks.
  • It’s advantageous to have a good credit history. For example, you have no recent defaults and no frequent requests for credit
  • Credit cards with large credit limits are viewed as liabilities, even if there’s nothing owing. If you have existing liabilities, be certain you can pay them off and close unnecessary credit cards

There are many additional factors First Option Credit Union consider when accessing your application, but the above are the most important. If you feel like you may not meet their eligibility criteria, it may be best to save a little while longer!

Additional First Option Credit Union home loan information

First Option Credit Union’s minimum and maximum home loan amounts and terms

How much can you borrow? Between $150,000 and $600,000, over terms between 1 year and 30 years. Use our filter as a repayment calculator to see your estimated monthly repayments and rates.

Repayment schedule

First Option Credit Union allow weekly, fortnightly or monthly repayment.

Extra repayment or early penalties

First Option Credit Union allows you to make additional or early repayments. There are fees associated with completely repaying your loan off early. View their terms and conditions to learn more about early termination.

Refinancing

If you want to refinance your home loan and you’re not with First Option Credit Union, you will need to provide:

  • Mortgage statements for the last 3 months
  • A current payout quote for any loans you plan to refinance, including all current fees and charges and any early repayment costs or exit fees

Details about your property purchase or construction

You’ll need to provide First Option Credit Union with some information about the property you’re buying or building. This may be required before First Option Credit Union can finalise your mortgage offer.

If you’re buying:

  • Signed Contract of Sale
  • Copy of Transfer of Land
  • Proof of Property Insurance

If you’re building:

  • Council approved building plans, specifications or Building Permit
  • Fixed Price Builders Contract

Insurance documents

Please bring any documents that can provide information about your current insurance policies, including:

  • Home and contents insurance
  • Investment property insurance
  • Income protection
  • Life insurance
  • Total and permanent disablement cover
  • Trauma cover