based on 415 Bank First banking product reviews as rated by Mozo community

Bank First home loans

At Bank First, the customers are the owners, so when you take out a home loan with this lender, you can be sure your best interests are at the top of the priority list. Since starting with 48 customers in 1972, Bank First has developed into an organisation over 110,000 customers strong.

What home loans do Bank First offer?

Rates and fees verified as correct at 24 October, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

If you’re after the security of a fixed rate home loan, then check out what’s on offer at Bank First. You can borrow up to 98% of the value of the property, starting from $50,000, and different rate tiers are available depending on your LVR and loan amount. Just bear in mind you may need to budget for a cost called Lenders Mortgage Insurance if your LVR is above 80%. 

With the Bank First fixed rate loan, you’ll also pay an upfront application fee, but have access to some great money saving features, including fee free additional repayments up to $30,000 over the fixed rate period, the ability to take a repayment holiday and a free redraw facility (minimum applies). 

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

2.79% p.a.

3.31% p.a.

$0.00

$700

2.79% p.a.

3.38% p.a.

$0.00

$700

2.59% p.a.

3.11% p.a.

$0.00

$700

2.94% p.a.

3.68% p.a.

$0.00

$700

2.94% p.a.

3.75% p.a.

$0.00

$700

2.74% p.a.

3.48% p.a.

$0.00

$700

Variable Rate Home Loans

For homebuyers after a little extra flexibility, Bank First also offer some great variable rate home loan options. These are available for amounts up to 98% of the property’s value, and like the fixed rate alternative, different rate tiers apply to different LVRs and loan amounts. You’ll pay an application fee and get all the same flexible features as with the fixed rate loan, including free redraws (minimum applies) and the chance to take a repayment holiday, except on the variable rate option, you also have unlimited fee free extra repayments, and the use of an offset account. The one exception is Bank First's First Rate Home Loan which offers the lowest variable rate of the bunch, but has no offset account or repayment holidays.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

3.41% p.a.

3.46% p.a.

$0.00

$700

3.51% p.a.

3.56% p.a.

$0.00

$700

3.21% p.a.

3.26% p.a.

$0.00

$700

3.04% p.a.

3.09% p.a.

$0.00

$700

3.14% p.a.

3.19% p.a.

$0.00

$700

2.84% p.a.

2.89% p.a.

$0.00

$700

3.77% p.a.

3.82% p.a.

$0.00

$700

3.87% p.a.

3.92% p.a.

$0.00

$700

3.57% p.a.

3.62% p.a.

$0.00

$700

3.86% p.a.

3.91% p.a.

$0.00

$700

3.96% p.a.

4.01% p.a.

$0.00

$700

3.66% p.a.

3.71% p.a.

$0.00

$700

4.27% p.a.

4.32% p.a.

$0.00

$700

4.37% p.a.

4.42% p.a.

$0.00

$700

4.07% p.a.

4.12% p.a.

$0.00

$700

Fixed Package Home Loan

With a fixed rate package home loan from Bank First, you can borrow up to 98% of the property’s value, starting from $50,000. To help you pay off your mortgage faster, you’ll have use of some great flexible features, including fee free extra repayments (up to $30,000 in the fixed period), the option to take a repayment holiday and free redraws (minimum applies). You’ll also be able to cash in on a bunch of package perks, including no establishment fee on Bank First personal loans and no annual fee on Bank First platinum credit cards, plus discounts on Bank First Premium insurance policies. In return for all this, you will pay an ongoing yearly service fee.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

2.59% p.a.

3.40% p.a.

$390.00 yearly

$400

2.59% p.a.

3.47% p.a.

$390.00 yearly

$400

2.39% p.a.

2.92% p.a.

$390.00 yearly

$400

2.74% p.a.

3.76% p.a.

$390.00 yearly

$400

2.74% p.a.

3.83% p.a.

$390.00 yearly

$400

2.54% p.a.

3.32% p.a.

$390.00 yearly

$400

Variable Package Home Loan

Opt for a variable rate home loan package from Bank First and enjoy all the benefits of bundling, along with the flexibility of variable rates. Available for loans starting at $50,000 and up to 98% of the property’s selling price, there is a settlement and yearly service fee to consider. You’ll have the full range of features with this mortgage, including unlimited free additional repayments, a free redraw facility, the use of an offset account and the chance to take a repayment holiday. And don’t forget all the package perks, like discounts on Premium insurance policies, no annual fee on platinum credit cards and no establishment fee on personal loans.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

2.15% p.a.variable for 36 months and then 2.48% p.a.

2.81% p.a.

$390.00 yearly

$400

3.08% p.a.

3.52% p.a.

$390.00 yearly

$400

3.18% p.a.

3.62% p.a.

$390.00 yearly

$400

2.48% p.a.

2.94% p.a.

$390.00 yearly

$400

2.51% p.a.variable for 36 months and then 2.98% p.a.

3.26% p.a.

$390.00 yearly

$400

3.53% p.a.

3.96% p.a.

$390.00 yearly

$400

3.63% p.a.

4.06% p.a.

$390.00 yearly

$400

2.98% p.a.

3.43% p.a.

$390.00 yearly

$400

Line of Credit

Got a big spending goal in mind - maybe a new car, or a kitchen renovation? Why not fund it using the equity in your home? With a line of credit home loan from Bank First, you can borrow up to 90% of the value of your property. Keep in mind that you’ll pay both an upfront application fee and an ongoing yearly fee for the privilege. There’s also the choice to split your mortgage between fixed and variable rates.

Product Rate Comparison Rate Service fee Upfront fee

4.39% p.a.

n/a

$300.00 yearly

$700

4.49% p.a.

n/a

$300.00 yearly

$700

Bank First home loan features in a glance

Schedule icon

Flexible repayment schedule

Match your repayments to your paychecks by choosing monthly, fortnightly or weekly repayments.

Offset icon

Offset account

Want to save on interest? An offset account is a great way to do it, and it’s included with most variable rate mortgages from Bank First. But if you opt for a fixed rate option, you won’t have this feature.

Free icon

Free extra repayments

You can make free additional repayments to clear your mortgage debt faster. Just remember that while these extra repayments are unlimited on variable rate options, they’re capped at $30,000 during fixed rate terms.

Free icon

Package benefits

Bundle your Bank First home loan with other banking products and enjoy an annual fee free platinum credit card, no establishment fees on personal loans, plus discounts on Premium insurance cover.

How are Bank First home loans rated?

Mozo users have rated Bank First home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
Bank First home loans
Overall
Price
Features
Customer service
Convenience
Trust

45 Reviews

Recent Bank First home loan reviews

Bank First Home Loan
Overall 1/10
Promise a lot, fail to deliver

Beg for your custom and then treat you like dirt. A banking institution that claims to cater especially to education and health care workers and then treats them like third class citizens. Will be taking all my banking elsewhere and will tell every colleague I come across to do the same or avoid all together

Read full review

Beg for your custom and then treat you like dirt. A banking institution that claims to cater especially to education and health care workers and then treats them like third class citizens. Will be taking all my banking elsewhere and will tell every colleague I come across to do the same or avoid all together

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Jordan, Victoria, reviewed 8 months ago
Bank First First Rate Home Loan
Overall 8/10
Helpful customer service.

I have to work hard at it but they will match any bank interest home loan rate I find.

Read full review

I have to work hard at it but they will match any bank interest home loan rate I find.

Price
9/10
Features
9/10
Customer service
9/10
Convenience
7/10
Trust
8/10
Less
Kris, Victoria, reviewed over 1 year ago
Bank First Home Loan
Overall 10/10
Open and honest

Staff that go above and beyond to help

Read full review

Staff that go above and beyond to help

Price
10/10
Features
10/10
Customer service
10/10
Convenience
8/10
Trust
10/10
Less
Mia, Victoria, reviewed over 5 years ago
Bank First Home Loan
Overall 10/10
The best customer service I have experienced

Victoria Teachers Mutual Bank have been my banking provider for over 20 years. From the very start they were friendly, easy to talk to and very approachable. When I had dealings with them in regards to my home loan I dealt with the same person over the period of time completing the paperwork. Excellent advice was forthcoming in regards to consolidating all my loans which enabled me to get my finances in order and I am now able to make ends meet as well as saving for my retirement. I would not bank with anyone else.

Read full review

Victoria Teachers Mutual Bank have been my banking provider for over 20 years. From the very start they were friendly, easy to talk to and very approachable. When I had dealings with them in regards to my home loan I dealt with the same person over the period of time completing the paperwork. Excellent advice was forthcoming in regards to consolidating all my loans which enabled me to get my finances in order and I am now able to make ends meet as well as saving for my retirement. I would not bank with anyone else.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Majella, Victoria, reviewed over 5 years ago
Bank First Standard Variable Home Loan
Overall 8/10
Member-focussed services and fees

Victoria Teachers Mutual Bank has always been there for the members. It is a bank owned by the members for the members. Their services are comprehensive and prices are fair and often less than other banks. They are easy to approach and give personal service.

Read full review

Victoria Teachers Mutual Bank has always been there for the members. It is a bank owned by the members for the members. Their services are comprehensive and prices are fair and often less than other banks. They are easy to approach and give personal service.

Price
8/10
Features
8/10
Customer service
8/10
Convenience
5/10
Trust
8/10
Less
Glenda, Victoria, reviewed over 6 years ago

What do you need to apply for a Bank First home loan?

To apply for a home loan with Bank First, you’ll need to be over 18 and a permanent resident of Australia.

You’ll also need to have some information on hand, including:

  • Your personal contact details
  • Details about the property you want to buy
  • Statements showing any assets, savings, or debts you have
  • Your employment history 
  • Your income and expenses
  • Your credit history. 

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