Are there any hidden fees I should be aware of with Bank First home loans?

Yes, there is a high discharge fee of $395 per Title, and break costs apply for fixed rate loans.

How much could I save by refinancing to a Bank First home loan?

For a $500,000 loan, you could save $166 per month compared to market rates, totaling $59,688 over 30 years.

Does Bank First offer any benefits for teachers and healthcare workers?

Yes, they offer LMI waivers for loans up to 90% LVR with a 10% deposit, and a 0.10% rate discount through the Professional Package.

What are the monthly repayments for a $600,000 loan at Bank First?

At a 5.99% interest rate over 30 years, the monthly repayment would be $3,593, with a total interest of $693,641.

How long does the refinancing process take with Bank First?

Refinancing typically takes 4-6 weeks, depending on the complexity of the application and valuation requirements.

What is the discharge process like when refinancing with Bank First?

You'll need a Discharge Authority from your current bank, and the process usually takes about 2 weeks from submission.

Does Bank First participate in the Australian Government 5% Deposit Scheme?

Yes, they offer the scheme for first home buyers, allowing you to purchase with a 5% deposit.

What are the potential break costs for a fixed rate loan with Bank First?

Break costs can apply if you exit a fixed rate loan early, so it's important to consider this if you might need to refinance or sell before the term ends.

How much would I save monthly on a $1,000,000 loan with Bank First?

You would save $332 per month compared to market rates, accumulating to $119,377 over 30 years.

UPDATED JUL 7, 2026

Bank First Home Loans: The 2026 Review

LMI waivers for teachers and healthcare workers make home buying easier with just a 10% deposit. Watch out for the $395 discharge fee. Ready to explore your options?

Bheja Verdict

Very Good

4.0/5

✓

Competitive interest rates

✓

Wide range of loan options

Check Eligibility

Bank First Home Loans At a Glance

🏷️Best Rate Available

5.99%

Variable • Owner Occupied

💳Application Fee

Upfront fee applies

📅Monthly Fee

Ongoing service fee

Loan Range:$5K - $100.0M

LVR:Up to 96%

Products:138 variations

Offset Account:Available

Current Bank First Home Loan Rates

Last updated: July 2026

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Average Rate: 6.51%
Best Rate: 6.19%
Monthly Payment: $3,059

Advanced

Sort By

Basic Home Loan Variable LVR 70-80%
Bank First
20%-30% DepositRedraw
6.19%
Interest Rate
Variable
6.24%
Comparison Rate*
$3,059
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Discharge
$395+ other fees may apply
Premier Package Home Loan Owner Occupied Variable LVR 70-80%
Bank First
20%-30% DepositOffsetRedraw
6.29%
Interest Rate
Variable
6.68%
Comparison Rate*
$3,092
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Ongoing/year
$390
Discharge
$395+ other fees may apply
Complete Home Loan Owner Occupied Variable LVR 70-80%
Bank First
20%-30% DepositOffsetRedraw
6.29%
Interest Rate
Variable
6.34%
Comparison Rate*
$3,092
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Discharge
$395+ other fees may apply
Basic Home Loan Variable LVR 80-90%
Bank First
10%-20% DepositRedraw
6.59%
Interest Rate
Variable
6.64%
Comparison Rate*
$3,190
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Discharge
$395+ other fees may apply
Complete Home Loan Owner Occupied Variable LVR >80% <90%
Bank First
10%-20% DepositOffsetRedraw
6.69%
Interest Rate
Variable
6.74%
Comparison Rate*
$3,223
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Discharge
$395+ other fees may apply
Premier Package Home Loan Owner Occupied Variable LVR >80% <90%
Bank First
10%-20% DepositOffsetRedraw
7.03%
Interest Rate
Variable
7.41%
Comparison Rate*
$3,337
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Ongoing/year
$390
Discharge
$395+ other fees may apply

Bank First Product Statistics

Real-time insights and market analysis

Bank First offers 137 home loan products across 138 variations, the average variable rate is 6.82% p.a., the best available rate is 5.99% p.a..

Average Variable Rate

6.82%

58 products

Average Fixed Rate

7.03%

80 products

Best Available Rate

5.99%

Variable • Owner Occupied • P&I

Total Products

137

138 variations

Fee Summary

Application Fee

Monthly Fee

Discharge Fee

$395

Late Payment Fee

$20

Key Features

Across Bank First's range: 42 include an offset account, 138 offer redraw, 138 allow extra repayments, 61 support split loans.

Offset Account

30%

Redraw Facility

100%

Extra Repayments

100%

Split Loan

44%

Product Ranges

Bank First's interest rates range from 5.99% to 8.28% p.a., maximum LVR from 60% to 96%, loan amounts span $5,000 to $100,000,000.

Interest Rates5.99% — 8.28%

Max LVR60% — 96%

Loan Amount$5K — $100.0M

Disclaimer: The key features displayed highlight what's available across the lender's home loan range. Individual products and variations may differ. Use the product table to search for a loan with the specific features you're looking for.

How Bank First Compares

FEATURE	Bank First	Australian Mutual Bank LTD	Hume Bank	Fire Service Credit Union	Newcastle Permanent Building Society
Best Variable Rate	5.99%	5.64%	5.99%	5.89%	5.99%
Best Fixed Rate (3yr)	6.49%	6.14%	6.39%	—	6.39%
Application Fee	$0BEST	$250	$199	$150	$350
Monthly Admin Fee	$0BEST	$0	$0	$0	$0
Offset Account
Redraw Facility
Product Variations	138	182	115	5	109

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Bheja Insight: Bank First waives application fees, saving borrowers hundreds compared to other community-owned lenders.

About Bank First

Company overview and contact information

Bank First, established in 1972 as the VTU Credit Union, is a community-owned financial institution dedicated to serving its members. With a focus on both branch and online services, Bank First operates under the Australian Financial Services Licence (AFSL) and Australian Credit Licence (ACL) number 240 960. As a community-owned entity, it prioritizes the needs of its members, offering personalized financial solutions.

Bank First offers a diverse range of home loan products, featuring 137 options with rates ranging from 5.99% to 8.28%. They cater specifically to healthcare professionals and teachers through their Professional Package, which includes a 0.10% rate discount. This focus on specific community sectors highlights their commitment to providing tailored financial services.

What sets Bank First apart is their reputation for transparency and customer-focused services. They offer no account keeping fees, free internet banking, and complimentary direct credit and debit services. These features, combined with their community-driven approach, make them a competitive choice for those seeking reliable and personalized home loan solutions.

Company Details

Legal Name: Bank First

ABN: 44087651769

Established: 1972

Ownership: community_owned

AFSL: 240 960

Key Features

Bank First offers flexible home loan solutions with standout features such as no account keeping fees, free internet banking, and the ability to make significant additional repayments during fixed rate periods. Borrowers benefit from options like split loans and multiple offset accounts, enhancing financial flexibility and potential savings.

Minimum Redraw Amount

Bank First allows borrowers to redraw a minimum of $500 from their home loan, providing access to extra funds when needed. This feature offers flexibility in managing unexpected expenses or investment opportunities.

Additional Repayments During Fixed Rate

Borrowers can make up to $30,000 in additional repayments per annum during the fixed rate period without incurring break costs. This allows for faster loan repayment and interest savings, enhancing financial control.

Split Loan Options

Bank First provides the option to split your home loan into variable and fixed rate components. This flexibility allows borrowers to benefit from the stability of fixed rates while taking advantage of potential variable rate decreases.

No Account Keeping Fees

All Bank First home loans come with no account keeping fees, reducing the overall cost of the loan and offering significant savings over the loan term. This feature is available on all products.

Multiple Offset Accounts

Borrowers can link multiple offset accounts to their home loan, potentially saving thousands in interest. For example, a $100,000 offset could save approximately $5,988 annually.

Free Internet Banking

Bank First provides free internet banking for all home loan products, allowing borrowers to manage their loans conveniently online. This feature enhances accessibility and ease of management.

NPP PayID Target

Home loans with Bank First can be used as a target for NPP PayID, facilitating faster and more secure transactions. This feature adds convenience for borrowers managing their finances digitally.

No Establishment Fee

Bank First does not charge an establishment fee on its home loans, making it more affordable to start your loan. This cost-saving feature is available on all products.

Loan Term Flexibility

Bank First offers loan terms of up to 30 years, providing borrowers with flexibility in structuring their repayments to suit their financial situation and long-term plans.

Professional Package Discounts

Healthcare professionals and teachers can benefit from a 0.10% rate discount under Bank First's Professional Package, reducing the overall interest paid on the loan.

Fees & Charges

Bank First offers a transparent fee structure with a variety of upfront, ongoing, and conditional fees, providing waivers and special offers for eligible borrowers, such as first-time home buyers and professionals in education and healthcare.

Fee Type

Amount

Description

Settlement Fee

$595

Costs associated with processing the documentation and settlement of the loan. Waived for first-time home buyers applying through a broker.

Premier Package Home Loan Fee

$390/year

Annual fee for maintaining the Premier Package Home Loan.

Discharge Of Mortgage Fee

$395

Charged per Title when the mortgage is discharged.

Break Cost Fee

Variable

Applies when a fixed-term loan is repaid early, transferred to a variable loan, or additional payments exceed $30,000 per annum.

Arrears Fee

$20

Applies when a loan is 7 to 30 calendar days in arrears.

Account Keeping Fees

$0/month

No monthly account keeping fees for home loans.

Direct Debit Dishonour Fee

$15

Charged when a direct debit payment is dishonoured.

Fixed Rate Lock Fee

0.15% of loan amount

Fee to lock in a fixed rate at the time of application.

Visa Platinum Credit Card Annual Fee

$99/year

Annual fee for Visa Platinum Credit Card, waived for Package Home Loan holders.

Overdrawn Account Fee

$15

Charged when an account is overdrawn.

BPAY Biller Creation Fee

$450

Fee for creating a BPAY biller account.

Redraw Fee

No fee for redrawing funds from the home loan.

Fees subject to change. Refer to lender documentation for current rates.

Eligibility Criteria

Bank First offers home loans to a wide range of borrowers, including first-time home buyers and professionals in the education and healthcare sectors, with flexible options to suit different financial needs.

Applicants must be at least 18 years old.

Individual applicants must be permanent residents; joint applications require at least one permanent resident.

Proof of income is required for all applicants.

Minimum loan amount for fixed rate loans is $50,000.

LVR must be between 60% and 96%, depending on the product.

LMI is required for loans exceeding 80% LVR, except for certain professionals up to 90% LVR.

Teachers and healthcare workers can borrow up to 90% LVR without LMI, with a 10% deposit.

Applicants must provide identification such as a passport, birth certificate, or driver’s licence.

Property must be owner-occupied for specific loan packages.

Important Notes

LMI is waived up to 90% LVR for first home buyers in the education and healthcare sectors.
A 5% deposit scheme is available for first home buyers under the Australian Government program.
Special rate discounts are offered for healthcare professionals and teachers under the Professional Package.
Discharge Authority is required from the current bank for refinancing.

Bank First Home Loan Pros & Cons

Our expert take on whether Bank First is right for you

Pros

+No account keeping or establishment fees
+LMI waivers for specific professions
+$3,000 cashback for refinancing over $500,000
+Flexible repayment options including split loans

Cons

–High discharge fee of $395 per Title
–Break costs for fixed rate loans
–Rates slightly above market average

Best For

Teachers and healthcare workers seeking LMI waivers
First home buyers using the 5% Deposit Scheme
Borrowers looking for flexible repayment options

Not Ideal For

Borrowers who prioritize the lowest possible interest rates
Those who frequently refinance and want low discharge fees

💡

Bheja Verdict: Bank First offers competitive home loan options with unique benefits for professionals, though some fees and conditions may apply.

Expert Secrets (Why Use Us?)

Insider knowledge about Bank First that most borrowers don't know

LMI Waivers by Profession

Profession	Deposit	LMI Status	Savings
Teachers and Healthcare workers	10%	No LMI	—
Teachers and Healthcare workers	10%	No LMI	—
Teachers and Healthcare workers	10%	No LMI	—

LMI Cost Examples

1Example: If you wanted to buy a house that’s worth $600,000, you would typically be required to have a deposit of $120,000 (20% of the property's value). Let’s say you’ve only been able to save $90,000. This means you’ll need to borrow 85% of the purchase price from a lender and you’ll usually need to pay LMI.

2For a $500,000 loan at 85% LVR, LMI costs $6,000, with waivers available for professionals.

3At 90% LVR, the LMI for a $500,000 loan rises to $12,500, reflecting higher risk.

4A $500,000 loan at 95% LVR incurs $21,000 in LMI, the highest due to minimal deposit.

Fee Waivers

Settlement fee of $595 waived for first-time home buyers who apply through a broker.

Offset Benefits

A $10,000 offset account can save approximately $50 per month, totaling $600 annually.

A $25,000 offset account can save approximately $125 per month, totaling $1,500 annually.

A $50,000 offset account can save approximately $250 per month, totaling $3,000 annually.

A $100,000 offset account can save approximately $499 per month, totaling $5,988 annually.

Admin & Logistics (The Help Desk)

Everything you need to manage your loan

Application Process

5 Steps

Obtain Discharge Authority: Contact your current bank to obtain a Discharge Authority form. This is necessary for refinancing or closing your loan with Bank First. (Tip: Ensure all your personal and loan details are accurate on the form to avoid delays.)

Submit Discharge Authority: Submit the completed Discharge Authority form to Bank First. This can typically be done via email or through their online portal. (Tip: Double-check that all sections of the form are filled out correctly before submission.)

Pay Discharge Fees: Pay the Discharge of Mortgage Fee of $395 per title. This fee covers the processing of your discharge request. (Tip: Contact customer service at 1300 654 822 if you have questions about the payment process.)

Wait for Processing: Bank First will process your discharge request, which typically takes about 2 weeks. (Tip: Plan your finances to accommodate this 2-week processing period.)

Settlement Booking: Coordinate with your settlement agent to finalize the discharge and complete the settlement process. (Tip: Ensure all parties involved are informed of the timeline to avoid last-minute issues.)

Processing Times

Discharge ProcessApproximately 2 weeks from submission of the Discharge Authority form.

💡

Pro Tips

Request the discharge at least 2 weeks before your planned settlement date to ensure timely processing.
Ensure all documents are completed accurately to prevent delays.
Contact Bank First’s customer service if you need clarification on any step.
Consider negotiating fees if you have a long-standing relationship with the bank.
Avoid common mistakes by double-checking all form entries and payment details.

Bank First Mortgage Calculator

Estimate your repayments using current Bank First home loan rates

Over 30 years, borrowing $480,000 at 5.99%, total cost including interest and known fees could be around $1,035,903. Estimated monthly repayment: $2,874.76.

Home loan option

Property price

Your deposit

Loan term (years)Repayment frequency

Estimated total cost over 30 years

$1,035,903

Estimated repayment

$2,874.76

monthly repayment

Amount you borrow: $480,000 · At 5.99% · Variable — can change with the market

Known fees in this estimate

Settlement fee: $595
Discharge fee: $395
Total ongoing fees (30 yrs): $0

How is this calculated?

Estimated total cost includes the amount borrowed, interest over the full loan term, and any upfront, ongoing, and discharge fees published by the lender. It does not include stamp duty, LMI, or savings from an offset account.

The revert rate is the rate your loan may switch to when a fixed, introductory, or interest-only period ends. Where a lender hasn't published this rate, we use an estimate.

Cost breakdown

Amount you borrow: $480,000
Total interest: $554,913
Upfront fees: $595
Ongoing fees: $0
Discharge fee: $395
Estimated total cost: $1,035,903

These figures are estimates only. Your actual repayments and costs may differ. Confirm all details with your lender before making a decision.
Where a lender hasn't published their revert rate (the rate that applies after a fixed, introductory, or interest-only period ends), we estimate it. Your repayments may change when this period ends.
Split loans and offset accounts aren't included in this estimate.
For product comparison and comparison rates, see the rates table above.

Still Unsure? Let a human handle it.

Not sure if Bank First is right for you? Our brokers can help you compare options.

Frequently Asked Questions

Conditional approval usually takes 3-5 business days if all documents are in order. Full approval can take an additional 5-8 business days.