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Bank First First Rate Home Loan

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan between $150,000 and $1,000,000 with an LVR below 80%

The details shown below are for an owner occupier taking out a principal & interest loan between $150,000 and $1,000,000 with an LVR below 90%

The details shown below are for an owner occupier taking out a principal & interest loan between $150,000 and $1,000,000 with an LVR below 98%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $150,000 $1,000,000

  • Owner Occupier (Principal & Interest)

    LVR 80%-90%

    Loan: $150,000 $1,000,000

  • Owner Occupier (Principal & Interest)

    LVR 90%-98%

    Loan: $150,000 $1,000,000

Rate
2.84% p.a.
Comparison Rate
2.89% p.a.
Service fee
$0.00
Upfront fee
$700
Rate
3.04% p.a.
Comparison Rate
3.09% p.a.
Service fee
$0.00
Upfront fee
$700
Rate
3.14% p.a.
Comparison Rate
3.19% p.a.
Service fee
$0.00
Upfront fee
$700

Mozo editorial review Bank First First Rate Home Loan

Last updated: 8 December 2020.

binocular icon
What's hot
  • No application fee for first home buyers
  • Free extra repayments
  • Redraw facility available ($500 min. redraw)
What's not
  • $300 application fee if you aren’t a first home buyer
Mozo snapshot

The First Rate Home Loan from Bank First comes with competitive variable rates from 2.84% (2.89% comparison rate*), plus a number of additional features including free extra repayments and a redraw facility. If you’re a first home buyer you also won’t have to spring for the application fee.

key icon
Key features

Bank First’s First Rate Home Loan offers competitive variable rates from 2.84% (2.89% comparison rate*) for owner occupiers with an LVR below 80% on loans between $150,000 and $1,000,000. There are also slightly higher rates available to borrowers with higher LVRs (or lower deposits). Just remember a higher LVR may mean that you'll be required to pay for lenders mortgage insurance.

Borrowers will be able to opt to make repayments on a weekly, fortnightly or monthly basis, so you won't have to worry about your mortgage being out of sync with your lifestyle and income.  You can also make extra repayments at no additional cost and the redraw facility means that if your circumstances change and those repayments could be better served back in your pocket, you can easily retrieve them. Just keep in mind there’s a minimum redraw amount of $500.

There’s also a $300 application fee, $400 settlement fee and a $395 discharge fee. But anyone taking their first steps on the property ladder will be happy to hear the application fee will be waived for first home buyers.

snapshot
Who is it good for

This home loan could suit anyone looking for a relatively low-rate mortgage with plenty of built-in flexibility. First home buyers in particular will appreciate the low rate, lack of application fee, and the maximum LVR of 98%.

question icon
Any catches

Don't forget that if you plan to make use of the redraw facility the minimum amount you can redraw is $500.

Details

Rates and fees information correct as at 20 April 2021. 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
  • 2.84% p.a.

  • n/a

  • n/a

  • n/a

  • 2.89% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $300.00

  • $0.00

  • $0.00

  • $400.00

  • n/a

  • $0.00

  • $395.00

Other financial bits
  • $150,000

  • $1,000,000

  • none

  • 80.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $500.00

  • yes

  • no

  • none

  • Application fee waived for first home buyers.

  • 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 20 April 2021. 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
  • 3.04% p.a.

  • n/a

  • n/a

  • n/a

  • 3.09% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $300.00

  • $0.00

  • $0.00

  • $400.00

  • n/a

  • $0.00

  • $395.00

Other financial bits
  • $150,000

  • $1,000,000

  • 80.00%

  • 90.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $500.00

  • yes

  • no

  • none

  • Application fee waived for first home buyers.

  • 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 20 April 2021. 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
  • 3.14% p.a.

  • n/a

  • n/a

  • n/a

  • 3.19% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $300.00

  • $0.00

  • $0.00

  • $400.00

  • n/a

  • $0.00

  • $395.00

Other financial bits
  • $150,000

  • $1,000,000

  • 90.00%

  • 98.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $500.00

  • yes

  • no

  • 98% LVR available only to first home buyers, otherwise maximum LVR is 95%.

  • Application fee waived for first home buyers.

  • 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 Bank First home loans rated by the Mozo community?

Overall
8.7/10
Price
8.3/10
Features
7.9/10
Customer service
9.0/10
Convenience
7.6/10
Trust
9.0/10

Latest review of Bank First First Rate Home Loan

Thumbnail icon for Bank First

About Bank First

Formerly Victoria Teachers Mutual Bank, Bank First is an award winning financial institution with a competitive range of banking products including personal loans, home loans, term deposits and savings accounts. Founded by Australian educators in 1972, Bank First offers all Australians outstanding value but doesn't compromise on service or quality. Best of all, Bank First customers become equal shareholders which means all the benefits are directly returned to you.

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