Buying your first home is one of the biggest financial decisions you’ll ever make and getting the money together for a deposit can be a daunting challenge. To help its customers save to buy their first home, Bank First offers the First Home Bonus Saver Account. With no minimum deposit, the account pays competitive bonus interest whenever you deposit at least $100 per month and don’t make any withdrawals.
If you then combine the money you save with a home loan from Bank First, you will receive $600 cashback and will also be able to take advantage of a waived home loan establishment fee.
What are the features of the Bank First First Home Bonus Saver Account?
A base variable interest rate applies to the account at all times. However, in months when you deposit at least $100 into your account and don’t make any withdrawals, a generous bonus interest rate applies. This allows disciplined savers to build a bigger balance faster and save towards their first home.
Interest calculated daily
The interest paid on your First Home Bonus Saver Account is calculated daily and credited to your account balance on a monthly basis.
No minimum deposit
There is no minimum deposit required to open a First Home Bonus Saver Account.
Easy access to your money
With 24/7 access to your funds via Internet and phone banking, you can deposit and withdraw money to and from your account whenever you want.
$600 home loan cashback
If you have a First Home Bonus Saver Account and you apply for a home loan with Bank First, you will receive $600 cashback from your home loan. In order to qualify for this offer, you must have held the account for at least 12 months and maintained a minimum balance of $5,000 for three consecutive months immediately before applying for the home loan.
Waived home loan establishment fee
Your home loan establishment fee will also be waived if you apply for a mortgage with Bank First.
- High variable interest rate of 2.25% p.a.
- $0 account-keeping fees
- No minimum deposit
- $600 home loan cashback
- Limited branch network
- Requires a monthly deposit of $100 to earn bonus interest
- Any withdrawals made will forfeit the bonus interest for that month
What you’ll need to know before applying
If the First Home Bonus Saver Account sounds like it could be the right account to help you save for a new home, click on the “Find out more” link on this page. You will be securely redirected to the Bank First website, where you can read the full terms and conditions of the account and begin an application.
Eligibility to apply online
However, before you apply, it’s important to make sure that you satisfy the eligibility criteria:
- Minimum age. You must be at least 18 years of age to open a First Home Bonus Saver Account.
- Residency requirements. This account is only available to Australian residents.
- First home requirements. You will only be eligible for this account if you are a first home buyer and you have never owned real estate (either vacant land or a dwelling) in Australia.
- One account. You can only hold one First Home Bonus Saver Account.
The First Home Bonus Saver Account from Bank First offers a number of benefits for anyone looking to save money to buy their first home. Compare it with other first home savings accounts before deciding whether or not it’s right for you.