Rates and fees verified as correct at 18 April, 2021. Other information correct at the time of writing. Advertiser disclosure.
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).
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 2.69% p.a. | 3.28% p.a. | $0.00 | $700 | ||
| 2.69% p.a. | 3.36% p.a. | $0.00 | $700 | ||
| 2.09% p.a. | 2.98% 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 | ||
| 2.34% p.a. | 3.38% p.a. | $0.00 | $700 |
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.
| 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 |
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.
| 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 | ||
| 1.99% p.a. | 3.10% p.a. | $390.00 yearly | $400 | ||
| 2.84% p.a. | 3.78% p.a. | $390.00 yearly | $400 | ||
| 2.84% p.a. | 3.85% p.a. | $390.00 yearly | $400 | ||
| 2.24% p.a. | 3.49% p.a. | $390.00 yearly | $400 |
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.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.08% p.a. | 3.52% p.a. | $390.00 yearly | $400 | ||
| 3.18% p.a. | 3.62% p.a. | $390.00 yearly | $400 | ||
| 2.88% p.a. | 3.33% 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 | ||
| 3.33% p.a. | 3.77% p.a. | $390.00 yearly | $400 |
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 |
Match your repayments to your paychecks by choosing monthly, fortnightly or weekly repayments.
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.
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.
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.
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.
45 Reviews
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 reviewBeg 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
I have to work hard at it but they will match any bank interest home loan rate I find.
Read full reviewI have to work hard at it but they will match any bank interest home loan rate I find.
Staff that go above and beyond to help
Read full reviewStaff that go above and beyond to help
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 reviewVictoria 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.
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 reviewVictoria 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.
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:
