Quick Summary
Founded
1972
Owned by:
Member-owned
Funded by:
Customer funds
LMI Provider:
QBE
Lender type:
Banks, Mutual Bank
Bank First was renamed from Victoria Teachers Mutual Bank in December 2017. As a completely customer-owned mutual bank, each of its customers owns an equal share of the organisation. Profits are reinvested for the bank’s betterment.
Aiming to help each buyer with their property journey, Bank First has home loans to suit every kind of borrower’s needs.
Specialising in home loans for teachers, educators, healthcare workers and first-home buyers, Bank First puts its best foot forward in finding the best home loan solution for each individual.
Bank First is not an available lender on our panel. This is a review only.
How Do Bank First’s Home Loans Compare?
Pros
- Competitive interest rates
- No hidden fees
- Refinancing home loan option
- Internet banking facilities
- Owner-occupier and investment home loans
- First-home buyer package
- Shared Equity Agreement (SEA) facility for first-home buyers
- Building and renovation loans
- Loan top-up facility
Cons
- Requires a Bank First account for loan repayments
- Not ideal for high-risk borrowers
- Difficulty in approval for self-employed borrowers
- Complicated application process
- Lack of branches
If you need assistance determining whether this lender is right for you, our specialist brokers can help. Give us a call on 1300 889 743 or fill out the enquiry form.
What Home Loan Services Does Bank First Offer?
Bank First has some home loan packages and facilities that stand out from other Australian lenders.
Loan top-up
This feature fulfils the need for flexibility in a few home loan situations. Loan top-ups allow borrowers to borrow funds against the equity in their homes.
This works for debt consolidation, home improvements, or putting down a deposit on an investment property – even purchasing a car.
- Lower interest rates than a personal loan.
- Top-up funds can be put into your redraw facility to reduce your interest.
- Repayments on the additional funds are combined with your existing home loan for one convenient payment.
Investment loans
Bank First offers three different investment loan types:
- Premier Package Home Loan – 6.35% p.a
- Complete Home Loan – 6.14% p.a.
- Basic Home Loan – 6.19% p.a.
Loan for first-home buyers
Bank First has a special First Home Buyers’ Package, to help borrowers achieve a smooth settlement.
This package allows borrowers to access benefits like fee waivers and other discounts, along with loan flexibility and a few other features:
- $0 home loan establishment fee
- 100% offset facility on variable-rate home loans
- Borrowing 100% of property value allowed with a family guarantor (98% of the value of the property otherwise)
Tips For Applying With Bank First
Whether it’s your first purchase, a home upgrade or a long-term investment, Bank First guides you all the way through the buying process, from application to settlement.
Here is a step-by-step breakdown of the application process:
- Submit pre-approval application
- Organise a solicitor
- Secure a property
- Pay your deposit
- Home insurance
- Property valuation
- Complete documentation
- Further savings contribution (if applicable)
- Loan settlement
Comparing Bank First With Other Lenders
Our Home Loan Experts can help you compare Bank First and other lenders to find the ideal home loan for your situation. Give us a call on 1300 889 743 or fill in our free online enquiry form.
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