based on 415 Bank First banking product reviews as rated by Mozo community

Bank First personal loans

When it comes to personal loan choices, Bank First has just about every borrowing situation covered. From discounted green loans, student loans, new car or used car loans, you’ll have plenty of choice when finding a personal loan for your needs.  

Below is a summary of all the loans available by Bank First. To review the loan in detail click on the product name link in the table below or if you’d like to compare the loans available through Bank First with other providers, head over to our personal loans hub.

Bank First offers the following personal loans

Rates and fees verified as correct at 26 September, 2021. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Discounted Green Car Loan (Fixed, Secured)

5.29% p.a.

5.56% p.a.based on $30,000
over 5 years

$195

Discounted Green Car Loan (Variable, Secured)

5.29% p.a.

5.56% p.a.based on $30,000
over 5 years

$195

Discounted New Car Loan (Fixed, Secured)

5.79% p.a.

6.06% p.a.based on $30,000
over 5 years

$195

Discounted New Car Loan (Variable, Secured)

5.79% p.a.

6.06% p.a.based on $30,000
over 5 years

$195

Discounted Used Car Loan (Fixed, Secured)

6.79% p.a.

8.12% p.a.based on $10,000
over 3 years

$195

Discounted Used Car Loan (Variable, Secured)

6.79% p.a.

8.12% p.a.based on $10,000
over 3 years

$195

Green Car Loan (Fixed, Secured)

8.29% p.a.

8.57% p.a.based on $30,000
over 5 years

$195

Green Car Loan (Variable, Secured)

8.29% p.a.

8.57% p.a.based on $30,000
over 5 years

$195

Green Personal Loan (Variable, Unsecured)

7.25% p.a.

8.59% p.a.based on $10,000
over 3 years

$195

Green Personal Loan (Fixed, Unsecured)

7.25% p.a.

8.59% p.a.based on $10,000
over 3 years

$195

New Car Loan (Fixed, Secured)

8.79% p.a.

9.07% p.a.based on $30,000
over 5 years

$195

New Car Loan (Variable, Secured)

8.79% p.a.

9.07% p.a.based on $30,000
over 5 years

$195

Overdraft (Variable, Unsecured)

12.79% p.a.

n/a

$0

Personal Loan (Fixed, Unsecured)

9.64% p.a.

11.00% p.a.based on $10,000
over 3 years

$195

Personal Loan (Variable, Unsecured)

9.64% p.a.

11.00% p.a.based on $10,000
over 3 years

$195

Share Loan (Fixed, Unsecured)

8.15% p.a.

9.49% p.a.based on $10,000
over 3 years

$195

Share Loan (Variable, Unsecured)

8.15% p.a.

9.49% p.a.based on $10,000
over 3 years

$195

Used Car Loan (Fixed, Secured)

9.79% p.a.

11.15% p.a.based on $10,000
over 3 years

$195

Used Car Loan (Variable, Secured)

9.79% p.a.

11.15% p.a.based on $10,000
over 3 years

$195

What personal loans does Bank First offer?

Unsecured Personal Loans 

With the Bank First unsecured personal loan there is both a variable rate and fixed rate option. On the one hand, your interest rate may go up or down as the market moves, or alternatively it could stay the same over the life of the loan. 

No matter what option you choose the features and fees on the loan are the same. You can borrow anywhere upwards of $5,000 and choose a loan term anywhere from 1 to 7 years. There is also the choice of a weekly, fortnightly or monthly repayment schedule with the added option of extra repayments and redraws. Just bear in mind, on fixed loans there is a break cost fee if you pay off your entire loan early. 

On this loan, you’ll also be up for an establishment fee but Bank First doesn't charge a monthly service fee. There is a late payment fee so it is a good idea to organise a direct debit on the payment due date to avoid this.

Car Loans 

Like the unsecured personal loan, there is also a variable or fixed rate option for both new and used car loans offered by Bank First. For new cars, customers can borrow anywhere from $10,000, while for used cars the minimum is $5,000. 

Loan fees and features are exactly the same as the personal loan product mentioned above. Loan terms range from 1 to 7 years, there are repayment schedule options, extra repayments and redraws are available and there are minimal fees to worry about. Similarly, the fixed rate car loans have an early repayment penalty attached to them. 

Green Loans

Looking to make an eco-friendly purchase?  If you’re getting a loan for environmentally conscious home improvements such as solar panels or your car you’re purchasing has a CO2 value of 180g/km or less as rated by the Australian Government Green Vehicle Guide you’ll be eligible for a discounted interest rate.

There are both fixed and variable rate options across green personal loans and car loans. 

Bank First personal loan features at a glance 


How do you apply for a Bank First personal loan? 

The simplest way to apply for a Bank First personal loan is online. You can also call the customer service hotline or visit one of the service centres if you’d like to discuss options regarding your specific financial circumstances prior to applying for the loan. In order to be eligible for a loan you’ll need to be over the age of 18 years and an Australian citizen.  

If you’re applying for a student loan, you’ll need to prove that you are a full-time student in a University, TAFE, CAE, apprenticeship, traineeship or other registered course and have successfully completed at least one year of study. You will also need security for the loan, either via a guarantor or car.



How are Bank First personal loans rated?

Mozo users have rated Bank First personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
Bank First personal loans
Overall
Price
Features
Customer service
Convenience
Trust

7 Reviews

Recent Bank First personal loan reviews

Bank First Personal Loan (Unsecured)
Overall 10/10
Outstanding service.

Excellent service and competitive products.

Read full review

Excellent service and competitive products.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Dimitra, Victoria, reviewed over 1 year ago
Bank First Green Personal Loan
Overall 9/10
Always assessable and great customer service.

Our bank is extremely assessable even though we don't have a branch in our city. You never have to wait in queue on the phone and the staff are always helpful.

Read full review

Our bank is extremely assessable even though we don't have a branch in our city. You never have to wait in queue on the phone and the staff are always helpful.

Price
9/10
Features
10/10
Customer service
10/10
Convenience
8/10
Trust
10/10
Less
Kelly, Victoria, reviewed over 5 years ago
Bank First Used Car Loan
Overall 10/10
Excellent customer service, competitive premiums.

This bank treats customers as a person, not a number. Call-backs are always followed through, the product range is vast, and the premiums and interest rates are highly competitive.

Read full review

This bank treats customers as a person, not a number. Call-backs are always followed through, the product range is vast, and the premiums and interest rates are highly competitive.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Suzanne, Victoria, reviewed about 6 years ago
Bank First Personal Loan Special (Unsecured)
Overall 9/10
Personal service that leaves the Big Four for dead

The whole process was very simple. Once all of the paperwork had been lodged (through email to a person, not a computer), it was funded within the day. The consultant who assisted me was amazing. If ever I have had a query or wanted to change payment options, I simply email the same person and my request is done within a matter of minutes.

Read full review

The whole process was very simple. Once all of the paperwork had been lodged (through email to a person, not a computer), it was funded within the day. The consultant who assisted me was amazing. If ever I have had a query or wanted to change payment options, I simply email the same person and my request is done within a matter of minutes.

Price
9/10
Features
8/10
Customer service
10/10
Convenience
9/10
Trust
9/10
Less
Ryan, Victoria, reviewed over 6 years ago

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