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First Option Bank Simple Home Loan (Variable)

Advertiser disclosure
The details shown below are for an owner occupier taking out a principal & interest loan between $150,000 and $3,500,000 with an LVR below 60%
The details shown below are for an owner occupier taking out a principal & interest loan between $150,000 and $3,500,000 with an LVR below 70%
The details shown below are for an owner occupier taking out a principal & interest loan between $150,000 and $3,500,000 with an LVR below 90%
The details shown below are for an owner occupier taking out a interest only loan between $150,000 and $3,500,000 with an LVR below 60%
The details shown below are for an owner occupier taking out a interest only loan between $150,000 and $3,500,000 with an LVR below 70%
The details shown below are for an owner occupier taking out a interest only loan between $150,000 and $3,500,000 with an LVR below 90%
The details shown below are for an investor taking out a principal & interest loan between $150,000 and $3,500,000 with an LVR below 60%
The details shown below are for an investor taking out a principal & interest loan between $150,000 and $3,500,000 with an LVR below 70%
The details shown below are for an investor taking out a principal & interest loan between $150,000 and $3,500,000 with an LVR below 90%
The details shown below are for an investor taking out a interest only loan between $150,000 and $3,500,000 with an LVR below 60%
The details shown below are for an investor taking out a interest only loan between $150,000 and $3,500,000 with an LVR below 70%
The details shown below are for an investor taking out a interest only loan between $150,000 and $3,500,000 with an LVR below 90%

Choose the version of this loan that suits you best

Availability Loan type LVR Min loan amount Max loan amount
Owner Occupier Principal & Interest < 60% $150,000 $3,500,000
Owner Occupier Principal & Interest 60%-70% $150,000 $3,500,000
Owner Occupier Principal & Interest 70%-90% $150,000 $3,500,000
Owner Occupier Interest Only < 60% $150,000 $3,500,000
Owner Occupier Interest Only 60%-70% $150,000 $3,500,000
Owner Occupier Interest Only 70%-90% $150,000 $3,500,000
Investor Principal & Interest < 60% $150,000 $3,500,000
Investor Principal & Interest 60%-70% $150,000 $3,500,000
Investor Principal & Interest 70%-90% $150,000 $3,500,000
Investor Interest Only < 60% $150,000 $3,500,000
Investor Interest Only 60%-70% $150,000 $3,500,000
Investor Interest Only 70%-90% $150,000 $3,500,000
  • Owner Occupier (Principal & Interest)
    LVR < 60%
    Loan: $150,000 $3,500,000
  • Owner Occupier (Principal & Interest)
    LVR 60%-70%
    Loan: $150,000 $3,500,000
  • Owner Occupier (Principal & Interest)
    LVR 70%-90%
    Loan: $150,000 $3,500,000
  • Owner Occupier (Interest Only)
    LVR < 60%
    Loan: $150,000 $3,500,000
  • Owner Occupier (Interest Only)
    LVR 60%-70%
    Loan: $150,000 $3,500,000
  • Owner Occupier (Interest Only)
    LVR 70%-90%
    Loan: $150,000 $3,500,000
  • Investor (Principal & Interest)
    LVR < 60%
    Loan: $150,000 $3,500,000
  • Investor (Principal & Interest)
    LVR 60%-70%
    Loan: $150,000 $3,500,000
  • Investor (Principal & Interest)
    LVR 70%-90%
    Loan: $150,000 $3,500,000
  • Investor (Interest Only)
    LVR < 60%
    Loan: $150,000 $3,500,000
  • Investor (Interest Only)
    LVR 60%-70%
    Loan: $150,000 $3,500,000
  • Investor (Interest Only)
    LVR 70%-90%
    Loan: $150,000 $3,500,000
Rate
5.99% p.a.
Comparison Rate
5.99% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
6.09% p.a.
Comparison Rate
6.09% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
6.19% p.a.
Comparison Rate
6.19% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
6.19% p.a.
Comparison Rate
6.19% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
6.29% p.a.
Comparison Rate
6.29% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
6.39% p.a.
Comparison Rate
6.39% p.a.
Service fee
$0.00
Upfront fee
$0
Rate
6.24% p.a.
Comparison Rate
6.27% p.a.
Service fee
$0.00
Upfront fee
$400
Rate
6.34% p.a.
Comparison Rate
6.37% p.a.
Service fee
$0.00
Upfront fee
$400
Rate
6.44% p.a.
Comparison Rate
6.47% p.a.
Service fee
$0.00
Upfront fee
$400
Rate
6.44% p.a.
Comparison Rate
6.47% p.a.
Service fee
$0.00
Upfront fee
$400
Rate
6.54% p.a.
Comparison Rate
6.57% p.a.
Service fee
$0.00
Upfront fee
$400
Rate
6.64% p.a.
Comparison Rate
6.67% p.a.
Service fee
$0.00
Upfront fee
$400

Mozo editorial review First Option Bank Simple Home Loan (Variable) - last updated: 1 December 2023

binocular icon
What's hot
  • No application or annual fees
  • Free extra repayments with a free redraw
  • Includes $1,000 towards legal and valuation costs (T&Cs)
What's not
  • No offset account
Mozo snapshot

Keen to bank with First Option? This simplified and straightforward variable rate home loan boasts a competitive variable interest rate of 5.99% p.a. (5.99% p.a. comparison rate*) for LVRS < 60%.

key icon
Key features

First Option’s Bank Simple Home Loan is low-fee and low-fuss. The headline variable rate for owner-occupiers with LVRs < 60% is 5.99% p.a. (5.99% p.a. comparison rate*). There are no annual or application fees, and as a bonus, First Option will throw in $1,000 towards your legal and property valuation costs (T&Cs apply). 

You can make free extra repayments with a redraw facility, which could help you pay down your home loan faster. Alas, there is no offset account, but you can enjoy an attached debit card and transaction account, plus access to First Option’s full mobile banking suite. 

This loan can be turned into an investment or interest-only one; just keep in mind a surcharge of 0.50% and 0.20% will apply, respectively.

snapshot
Who is it good for

Borrowers looking for a simplified home loan who like First Option Bank’s services will do well to check this one out.

question icon
Any catches

There’s no offset account.

Details

Rates and fees information correct as at 6 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

5.99% p.a.

n/a

n/a

n/a

5.99% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

n/a

n/a

n/a

n/a

n/a

$0.00

$175.00
Other financial bits

$150,000

$3,500,000

none

60.00%
Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$0.00

yes

no

Valuation and legal fees covered up to $1,000. Anything above this charged at cost.

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 6 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

6.09% p.a.

n/a

n/a

n/a

6.09% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

n/a

n/a

n/a

n/a

n/a

$0.00

$175.00
Other financial bits

$150,000

$3,500,000

60.00%

70.00%
Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$0.00

yes

no

Valuation and legal fees covered up to $1,000. Anything above this charged at cost.

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 6 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

6.19% p.a.

n/a

n/a

n/a

6.19% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

n/a

n/a

n/a

n/a

n/a

$0.00

$175.00
Other financial bits

$150,000

$3,500,000

70.00%

90.00%
Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$0.00

yes

no

Valuation and legal fees covered up to $1,000. Anything above this charged at cost.

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 6 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

6.19% p.a.

n/a

n/a

n/a

6.19% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

n/a

n/a

n/a

n/a

n/a

$0.00

$175.00
Other financial bits

$150,000

$3,500,000

none

60.00%
Features

Owner Occupier

Interest Only

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$0.00

yes

no

Valuation and legal fees covered up to $1,000. Anything above this charged at cost.

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 6 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

6.29% p.a.

n/a

n/a

n/a

6.29% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

n/a

n/a

n/a

n/a

n/a

$0.00

$175.00
Other financial bits

$150,000

$3,500,000

60.00%

70.00%
Features

Owner Occupier

Interest Only

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$0.00

yes

no

Valuation and legal fees covered up to $1,000. Anything above this charged at cost.

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 6 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

6.39% p.a.

n/a

n/a

n/a

6.39% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

n/a

n/a

n/a

n/a

n/a

$0.00

$175.00
Other financial bits

$150,000

$3,500,000

70.00%

90.00%
Features

Owner Occupier

Interest Only

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$0.00

yes

no

Valuation and legal fees covered up to $1,000. Anything above this charged at cost.

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 6 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

6.24% p.a.

n/a

n/a

n/a

6.27% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

$400.00

n/a

n/a

n/a

n/a

$0.00

$175.00
Other financial bits

$150,000

$3,500,000

none

60.00%
Features

Investor

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$0.00

yes

no

none

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 6 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

6.34% p.a.

n/a

n/a

n/a

6.37% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

$400.00

n/a

n/a

n/a

n/a

$0.00

$175.00
Other financial bits

$150,000

$3,500,000

60.00%

70.00%
Features

Investor

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$0.00

yes

no

none

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 6 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

6.44% p.a.

n/a

n/a

n/a

6.47% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

$400.00

n/a

n/a

n/a

n/a

$0.00

$175.00
Other financial bits

$150,000

$3,500,000

70.00%

90.00%
Features

Investor

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$0.00

yes

no

none

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 6 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

6.44% p.a.

n/a

n/a

n/a

6.47% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

$400.00

n/a

n/a

n/a

n/a

$0.00

$175.00
Other financial bits

$150,000

$3,500,000

none

60.00%
Features

Investor

Interest Only

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$0.00

yes

no

none

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 6 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

6.54% p.a.

n/a

n/a

n/a

6.57% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

$400.00

n/a

n/a

n/a

n/a

$0.00

$175.00
Other financial bits

$150,000

$3,500,000

60.00%

70.00%
Features

Investor

Interest Only

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$0.00

yes

no

none

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 6 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

6.64% p.a.

n/a

n/a

n/a

6.67% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a
Fees

$400.00

n/a

n/a

n/a

n/a

$0.00

$175.00
Other financial bits

$150,000

$3,500,000

70.00%

90.00%
Features

Investor

Interest Only

Weekly, Fortnightly, Monthly

yes - free

none

yes - free

$0.00

yes

no

none

none

none

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Customer Reviews

How are First Option Bank home loans rated by the Mozo community?

Overall
Price
Features
Customer service
Convenience
Trust
Based on 4 First Option Bank home loan reviews

About First Option Bank

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Unloan

Variable

5.99% p.a. variable

5.90% p.a.

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Macquarie

Basic Home Loan (Fixed)

5.99% p.a.
fixed 3 years

6.12% p.a.

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HSBC

Home Value Loan

6.09% p.a. variable

6.09% p.a.

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Unloan

Variable

6.29% p.a. variable

6.20% p.a.

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ubank

Flex Home Loan Fixed

5.99% p.a.
fixed 3 years

6.41% p.a.

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loans.com.au

Variable Home Loan 90

6.04% p.a. variable

6.06% p.a.

Thumbnail icon for ANZ
ANZ

Fixed Rate

6.59% p.a.
fixed 3 years

7.06% p.a.

Thumbnail icon for Macquarie
Macquarie

Basic Home Loan

6.14% p.a. variable

6.16% p.a.

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Unloan

Variable

5.99% p.a. variable

5.90% p.a.

Thumbnail icon for Macquarie
Macquarie

Basic Home Loan

6.14% p.a. variable

6.16% p.a.

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Unloan

Variable

6.29% p.a. variable

6.20% p.a.

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ubank

Flex Home Loan

6.24% p.a. variable

6.48% p.a.

Thumbnail icon for loans.com.au
loans.com.au

Variable Home Loan 90

6.04% p.a. variable

6.06% p.a.

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Aussie

Elevate

6.09% p.a. variable

6.20% p.a.

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ubank

Flex Home Loan

6.19% p.a. variable

6.43% p.a.

Thumbnail icon for ING
ING

Fixed Rate Loan (with Orange Advantage)

5.99% p.a.
fixed 3 years

6.12% p.a.

Thumbnail icon for Unloan
Unloan

Variable

5.99% p.a.

5.90% p.a.

Thumbnail icon for Macquarie
Macquarie

Basic Home Loan

6.14% p.a.

6.16% p.a.

Thumbnail icon for ubank
ubank

Flex Home Loan

6.19% p.a.

6.43% p.a.

Thumbnail icon for loans.com.au
loans.com.au

Variable Home Loan 90

6.04% p.a.

6.06% p.a.

Thumbnail icon for Aussie
Aussie

Elevate

6.09% p.a.

6.20% p.a.

Thumbnail icon for ING
ING

Mortgage Simplifier

6.14% p.a.

6.17% p.a.

Thumbnail icon for Macquarie
Macquarie

Offset Home Loan (Package)

6.14% p.a.

6.39% p.a.

Thumbnail icon for loans.com.au
loans.com.au

SMSF Home Loan (Variable)

6.99% p.a.

7.00% p.a.

Thumbnail icon for Bendigo Bank
Bendigo Bank

Express Home Loan (Fixed)

6.04% p.a.
fixed 3 years

6.15% p.a.

Thumbnail icon for Macquarie
Macquarie

Basic Home Loan (Fixed)

5.99% p.a.
fixed 3 years

6.12% p.a.

Thumbnail icon for Bendigo Bank
Bendigo Bank

Express Home Loan (Fixed)

6.54% p.a.
fixed 3 years

6.38% p.a.

Thumbnail icon for ubank
ubank

Flex Home Loan Fixed

5.99% p.a.
fixed 3 years

6.41% p.a.

Thumbnail icon for ING
ING

Fixed Rate Loan (with Orange Advantage)

5.99% p.a.
fixed 3 years

6.12% p.a.

Thumbnail icon for Macquarie
Macquarie

Basic Home Loan (Fixed)

6.09% p.a.
fixed 3 years

6.19% p.a.

Thumbnail icon for Bendigo Bank
Bendigo Bank

Express Home Loan (Fixed)

6.54% p.a.
fixed 3 years

6.38% p.a.

Thumbnail icon for ANZ
ANZ

Fixed Rate

6.59% p.a.
fixed 3 years

7.06% p.a.

Thumbnail icon for G&C Mutual Bank
G&C Mutual Bank

First Home Buyer Loan

5.90% p.a.

5.93% p.a.

$0.00

Thumbnail icon for Community First Bank
Community First Bank

Basic Variable Home Loan

5.94% p.a.

5.99% p.a.

$0.00

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

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