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

3.19% p.a.

3.24% p.a.

$0.00

Bank First First Rate Home Loan

3.19% p.a.

3.24% p.a.

$0.00

3.39% p.a.

3.44% p.a.

$0.00

Bank First First Rate Home Loan

3.39% p.a.

3.44% p.a.

$0.00

3.49% p.a.

3.54% p.a.

$0.00

Bank First First Rate Home Loan

3.49% p.a.

3.54% p.a.

$0.00

Mozo Review   Bank First First Rate Home Loan Review

Last updated: 25 October 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 3.19% p.a. variable rate (3.24% 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 3.19% p.a. variable rate (3.24% 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% for first home buyers, 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 - 3.49% p.a. variable rate (3.54% 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 21 November 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
  • 3.19% p.a.

  • n/a

  • n/a

  • n/a

  • 3.24% 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.

  • 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 21 November 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
  • 3.39% p.a.

  • n/a

  • n/a

  • n/a

  • 3.44% 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.

  • 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 21 November 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
  • 3.49% p.a.

  • n/a

  • n/a

  • n/a

  • 3.54% 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

  • 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 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.

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