Bank First First Rate Home Loan

This product is available in different versions. Pick the right version for you here.

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

3.65% p.a.

3.70% p.a.

$0.00

Bank First First Rate Home Loan

3.65% p.a.

3.70% p.a.

$0.00

3.85% p.a.

3.90% p.a.

$0.00

Bank First First Rate Home Loan

3.85% p.a.

3.90% p.a.

$0.00

3.95% p.a.

4.00% p.a.

$0.00

Bank First First Rate Home Loan

3.95% p.a.

4.00% p.a.

$0.00

Mozo Review   Bank First First Rate Home Loan Review

Last updated: 21 June 2019.

What's hot:
  • No application fee for first home buyers

  • Free extra repayments

  • Redraw facility available

What's not:
  • $600 application fee if you aren’t a first home buyer

Mozo snapshot:

The First Rate Home Loan from Bank First offers owner occupiers a competitive 3.65% p.a. variable rate (3.66% p.a. comparison rate*), plus a number of additional features, like free extra repayments and a redraw facility. If you’re a first home buyer you won’t have to spring for the application fee.

Key features:

Bank First’s First Rate Home Loan offers a competitive 3.65% p.a. variable rate (3.66% p.a. comparison rate*) and lots of flexibility to boot. Loans are available for properties up to $1,000,000 with an LVR of up to 98%, which is handy if you’re struggling to save a deposit. Just remember, a higher LVR means you’ll be faced with a higher rate - 4.02% p.a. variable rate (4.07% p.a. comparison rate*) - plus you’ll have to pay for lenders mortgage insurance.

You can opt to make repayments weekly, fortnightly or monthly, so you don’t have to worry about your mortgage being out of sync with your lifestyle and income, and you can also make extra repayments at no additional cost.

The free 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 $600 application fee, but anyone taking their first steps on the property ladder will be happy to hear it’s waived for first home buyers.

Who it's good for:

This one would suit anyone looking for a 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 98% LVR.

Any catches?

There’s a $350 discharge fee to go with the $600 application fee. And if you plan to make use of the redraw facility, just remember that the minimum amount you can redraw is $500.

Details

Rates and fees information correct as at 16 July 2019. 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
  • 3.65% p.a.

  • n/a

  • n/a

  • n/a

  • 3.70% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $600.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

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.

*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 16 July 2019. 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
  • 3.85% p.a.

  • n/a

  • n/a

  • n/a

  • 3.90% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $600.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

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.

*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 16 July 2019. 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
  • 3.95% p.a.

  • n/a

  • n/a

  • n/a

  • 4.00% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $600.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $350.00

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

  • none

  • Application fee waived for first home buyers.

*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 customer rating
8.9/10
Price
8.5/10
Features
8.0/10
Customer service
9.2/10
Convenience
7.7/10
Trust
9.2/10
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.

See Bank First home loans

Promoted

loans.com.au

loans.com.au

Smart Home Loan

3.03% p.a. variable

3.05% p.a.

$520

Promoted

UBank

UBank

UHomeLoan - Discount Offer

3.34% p.a. variable

3.34% p.a.

$0

Promoted

ME

ME

Flexible Home Loan (Fixed, Member Package)

3.58% p.a.
fixed 3 years

4.26% p.a.

$200

Promoted

Athena

Athena

Variable Home Loan

3.09% p.a. variable

3.05% p.a.

$0

Promoted

Bank of Queensland

Bank of Queensland

Fixed Rate

2.99% p.a.
fixed 3 years

4.19% p.a.

$450

Promoted

Newcastle Permanent

Newcastle Permanent

Real Deal Home Loan

3.49% p.a. variable

3.49% p.a.

$0

Promoted

HSBC

HSBC

Home Value Loan

3.47% p.a. variable

3.48% p.a.

$150

Promoted

Bank Australia

Bank Australia

Basic Home Loan

3.51% p.a. variable

3.52% p.a.

$0

Promoted

Athena

Athena

Variable Home Loan

3.09% p.a.

3.05% p.a.

$0

Promoted

UBank

UBank

UHomeLoan - Discount Offer

3.34% p.a.

3.34% p.a.

$0

Promoted

Homestar

Homestar

Star Essentials Home Loan

2.99% p.a.

2.99% p.a.

$0

Promoted

Tic:Toc

Tic:Toc

Variable Home Loan

3.07% p.a.

3.08% p.a.

$0

Promoted

HSBC

HSBC

Home Value Loan

3.47% p.a.

3.48% p.a.

$150

Promoted

loans.com.au

loans.com.au

Smart Home Loan

3.03% p.a.

3.05% p.a.

$520

Promoted

Bank of Queensland

Bank of Queensland

2 Year Intro Rate Variable Home Loan

3.54% p.a.variable for 24 months and then 4.01% p.a.

4.06% p.a.

$150

Promoted

Bank Australia

Bank Australia

Basic Home Loan

3.51% p.a.

3.52% p.a.

$0

Promoted

UBank

UBank

UHomeLoan (1 Year Fixed)

n/a

n/a

$395

Promoted

Bank of Queensland

Bank of Queensland

Fixed Rate

2.99% p.a.
fixed 3 years

4.19% p.a.

$450

Promoted

loans.com.au

loans.com.au

Fixed Home Loan

3.19% p.a.
fixed 3 years

3.43% p.a.

$520

Promoted

ME

ME

Flexible Home Loan (Fixed, Member Package)

3.58% p.a.
fixed 3 years

4.26% p.a.

$200

Promoted

Tic:Toc

Tic:Toc

Fixed Home Loan

n/a

n/a

$0

Promoted

Bank Australia

Bank Australia

Basic Home Loan (Fixed)

3.64% p.a.
fixed 3 years

3.74% p.a.

$0

Promoted

UBank

UBank

UHomeLoan (Fixed)

3.24% p.a.
fixed 3 years

3.70% p.a.

$395

Promoted

loans.com.au

loans.com.au

Smart Loan Fixed (Package)

3.19% p.a.
fixed 3 years

3.63% p.a.

$520

Promoted

loans.com.au

loans.com.au

Smart Home Loan

3.03% p.a.

3.05% p.a.

$0.00

Promoted

UBank

UBank

UHomeLoan - Discount Offer

3.34% p.a.

3.34% p.a.

$0.00

Promoted

Athena

Athena

Variable Home Loan

3.09% p.a.

3.05% p.a.

$0.00

Promoted

Newcastle Permanent

Newcastle Permanent

Real Deal Home Loan

3.49% p.a.

3.49% p.a.

$0.00

Promoted

HSBC

HSBC

Home Value Loan

3.47% p.a.

3.48% p.a.

$0.00

Promoted

Bank Australia

Bank Australia

Basic Home Loan

3.51% p.a.

3.52% p.a.

$0.00

Promoted

Heritage Bank

Heritage Bank

Discount Variable Home Loan

3.57% p.a.

3.62% p.a.

$0.00

Promoted

Hunter United

Hunter United

No Regrets 1st Home Buyers

3.27% p.a.

3.37% p.a.

$8.00 monthly

*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.