First Option Bank logo

First Option Bank BeGreen Home Improvement Loan

Advertiser disclosure
Interest rate from
8.04% p.a.
Comparison rate from
8.29% p.a.based on $30,000
over 5 years
Upfront fee
$175.00

Mozo editorial review First Option Bank BeGreen Home Improvement Loan - last updated: 1 December 2023

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What's hot
  • No monthly fees
  • Redraw facility
  • Receive a 5.99% interest rate if you already have a First Option mortgage
What's not
  • $175 application fee
Mozo snapshot

Looking to fund a home renovation while going green? Then be sure to check out First Option Bank’s BeGreen Home Improvement Loan. This unsecured loan has a 8.04% p.a. variable interest rate (8.29% p.a. comparison rate*) that boasts a redraw facility and the option to make extra repayments when you’ve got a bit more room in the budget. 

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Key features

The First Option Bank’s BeGreen Home Improvement loan offers a loan term of 1-10 years and a 8.04% p.a. variable interest rate (8.29% p.a. comparison rate*).


Eligible customers could borrow as little as $2,000 for smaller projects, or as much as $100,000 for your needs. The 8.04% p.a. variable interest rate (8.29% p.a. comparison rate*) may be on the higher side as it’s an unsecured loan and you don’t have to put up an asset as collateral. However, you could score a more competitive deal with a 5.99% p.a. variable interest rate (6.23% p.a. comparison rate*) if you already have a First Option mortgage. 


This green loan also comes with a tonne of handy features, such as a redraw facility and no monthly fees. It also allows you to make extra repayments if you’d like to pay off your loan sooner. Just be aware that there is an upfront fee of $175.  

snapshot
Who is it good for

The First Option Bank BeGreen Home Improvement Loan might be worth considering if you already have a First Option mortgage, as you could get a competitive interest rate at 5.99% p.a. (6.23% comparison rate*).   

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Any catches

While there aren’t any monthly fees to watch out for, keep in mind that there is an upfront fee of $175 you’ll need to factor into your budget.

Picture of Sophie Wong
Sophie Wong
Money writer

Details

Rates and fees information correct as at 1 March 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

Variable

8.04% p.a.variable

8.29% p.a.based on $30,000
over 5 years

Fees

$175.00

$0.00

$0.00

$0.00

0

Other financial bits

$2,000.00

$100,000.00

1 Year

10 Years

Unsecured

Features

Green home improvements, Home improvements

Monthly

yes

yes

none

Receive a 5.99% interest rate if you already have a First Option home loan.

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

Customer Reviews

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