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 100,000 customers strong.
Rates and fees verified as correct at 25 February, 2020. Other information correct at the time of writing.
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 95% of the value of the property, starting from $50,000, and different rate tiers are available depending on your LVR and loan amount. You’ll pay an upfront application fee, but also 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 ‡ |
|---|---|---|---|---|---|
| 3.64% p.a. | 4.18% p.a. | $0.00 | $600 | ||
| 3.39% p.a. | 3.79% p.a. | $0.00 | $600 | ||
| 3.64% p.a. | 4.25% p.a. | $0.00 | $600 | ||
| 3.39% p.a. | 3.86% p.a. | $0.00 | $600 | ||
| 3.64% p.a. | 4.03% p.a. | $0.00 | $600 | ||
| 3.39% p.a. | 3.64% p.a. | $0.00 | $600 | ||
| 3.64% p.a. | 4.48% p.a. | $0.00 | $600 | ||
| 3.39% p.a. | 4.05% p.a. | $0.00 | $600 | ||
| 3.64% p.a. | 4.55% p.a. | $0.00 | $600 | ||
| 3.39% p.a. | 4.12% p.a. | $0.00 | $600 | ||
| 3.64% p.a. | 4.33% p.a. | $0.00 | $600 | ||
| 3.39% p.a. | 3.90% p.a. | $0.00 | $600 |
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 95% 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.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.31% p.a. | 4.36% p.a. | $0.00 | $600 | ||
| 3.86% p.a. | 3.91% p.a. | $0.00 | $600 | ||
| 4.41% p.a. | 4.46% p.a. | $0.00 | $600 | ||
| 3.96% p.a. | 4.01% p.a. | $0.00 | $600 | ||
| 4.11% p.a. | 4.16% p.a. | $0.00 | $600 | ||
| 3.66% p.a. | 3.71% p.a. | $0.00 | $600 | ||
| 3.39% p.a. | 3.44% p.a. | $0.00 | $600 | ||
| 3.49% p.a. | 3.54% p.a. | $0.00 | $600 | ||
| 3.19% p.a. | 3.24% p.a. | $0.00 | $600 | ||
| 4.72% p.a. | 4.77% p.a. | $0.00 | $600 | ||
| 4.22% p.a. | 4.27% p.a. | $0.00 | $600 | ||
| 4.82% p.a. | 4.87% p.a. | $0.00 | $600 | ||
| 4.32% p.a. | 4.37% p.a. | $0.00 | $600 | ||
| 4.52% p.a. | 4.57% p.a. | $0.00 | $600 | ||
| 4.02% p.a. | 4.07% p.a. | $0.00 | $600 |
With a fixed rate package home loan from Bank First, you can borrow up to 95% 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 unlimited fee free extra repayments, 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 annual fee on personal loans and platinum credit cards, as well as discounts on Premium insurance policies. In return for all this, you will pay an application and ongoing yearly service fee.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 3.54% p.a. | 4.35% p.a. | $350.00 yearly | $300 | ||
| 3.29% p.a. | 3.96% p.a. | $350.00 yearly | $300 | ||
| 3.54% p.a. | 4.42% p.a. | $350.00 yearly | $300 | ||
| 3.29% p.a. | 4.03% p.a. | $350.00 yearly | $300 | ||
| 3.54% p.a. | 4.21% p.a. | $350.00 yearly | $300 | ||
| 3.29% p.a. | 3.82% p.a. | $350.00 yearly | $300 | ||
| 2.99% p.a. | 3.74% p.a. | $350.00 yearly | $300 |
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 95% of the property’s selling price, there is an application 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 and no annual fee on both platinum credit cards and personal loans.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.13% p.a. | 4.50% p.a. | $350.00 yearly | $300 | ||
| 3.68% p.a. | 4.06% p.a. | $350.00 yearly | $300 | ||
| 4.23% p.a. | 4.60% p.a. | $350.00 yearly | $300 | ||
| 3.78% p.a. | 4.16% p.a. | $350.00 yearly | $300 | ||
| 3.93% p.a. | 4.31% p.a. | $350.00 yearly | $300 | ||
| 3.48% p.a. | 3.87% p.a. | $350.00 yearly | $300 |
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 |
|---|---|---|---|---|
| 4.74% p.a. | n/a | $150.00 yearly | $600 | |
| 4.64% p.a. | n/a | $150.00 yearly | $600 |
‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.
| Flexible repayment scheduleFlexible repayment schedule | Match your repayments to your paychecks by choosing monthly, fortnightly or weekly repayments. |
| Offset accountOffset account | Want to save on interest? An offset account is a great way to do it, and it’s included with variable rate mortgages from Bank First. But if you opt for a fixed rate option, you won’t have this feature. |
| Free extra repaymentsFree 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. |
| Package benefitsPackage benefits | Bundle your Bank First home loan with other banking products and enjoy an annual fee free platinum credit card and personal loan, plus discounts on Premium insurance cover. |
Now you know the nitty gritty of a Bank First home loan - but how does it compare on things like customer service, trust and convenience? Find out in our customer review section.
Staff that go above and beyond to help
Staff that go above and beyond to help
Mia, Victoria, reviewed almost 4 years ago
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...
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.
Majella, Victoria, reviewed about 4 years ago
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...
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.
Glenda, Victoria, reviewed almost 5 years ago
I think the main con for this bank is the lack of branches. It can make it very difficult when and if you need to go in.
I think the main con for this bank is the lack of branches. It can make it very difficult when and if you need to go in.
Scott, Victoria, reviewed about 5 years ago
We have been with the VTMB for quite a few years now and have found them very good to work with both from a financial point of view and certainly for customer service.
We have been with the VTMB for quite a few years now and have found them very good to work with both from a financial point of view and certainly for customer service.
Shane, Victoria, reviewed about 5 years ago
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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:
