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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: 24 August 2021

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What's hot
  • Variable rates from 2.84% p.a. (2.89% p.a. comparison rate*)
  • Free extra repayments and redraws ($500 minimum)
  • No application fee for first home buyers
What's not
  • $300 application fee (unless you're a first home buyer)
Mozo snapshot

The First Rate Home Loan from Bank First comes with relatively competitive variable rates from 2.84% p.a. (2.89% p.a. 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 need to spring for the usual $300 application fee.

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Key features

Bank First’s First Rate Home Loan offers relatively competitive variable rates from 2.84% p.a. (2.89% p.a. comparison rate*) for owner occupiers with a loan-to-value ratio (LVR) below 80% on loans between $150,000 and $1,000,000. There are also slightly higher rates available for borrowers with higher LVRs (or lower deposits). That means the loan could be an option for first home buyers or borrowers with deposits under 20%, though just remember, a higher LVR may mean that you'll be required to take out lenders mortgage insurance.

Borrowers will be able to opt to make repayments on a weekly, fortnightly or monthly basis, so they can make sure their mortgage is in sync with their regular pay cycle. Extra repayments can also be made towards the loan balance 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 that 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.

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Who is it good for

The First Rate Home Loan could suit any owner occupiers looking for a relatively low-rate mortgage with plenty of built-in flexibility. First home buyers in particular may appreciate the low rate, lack of application fee, and the maximum LVR of 98%.

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Any catches

The First Rate Home Loan is only available to owner occupiers, not investors. And don't forget that if you plan to make use of the redraw facility, the minimum amount you can redraw is $500. 

Picture of Tom Watson
Tom Watson
Finance journalist

Tom Watson is a financial journalist at Mozo and co-host of the Finance Burrito podcast, specialising in fintech, property and business banking. Whether it’s reporting on banking trends or uncovering the latest product innovations, Tom’s mission is to keep our readers up to date with breaking Australian financial news. His work is often sourced in the media and across social media channels. Tom has a degree in Journalism from the University of Technology, Sydney. He is also ASIC RG146 (Tier 2) certified for general advice.

Details

Rates and fees information correct as at 24 September 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 - free

$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 24 September 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 - free

$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 24 September 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 - free

$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.

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Latest review of Bank First First Rate Home Loan

About Bank First

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.