Bank First First Rate Home Loan review | Finder

Bank First First Rate Home Loan

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Get a basic home loan package with flexible features.

The Bank First First Rate Home Loan is a basic home loan available only to owner-occupiers. It offers flexible repayments and a redraw account.

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Expert review

Adam Smith

Review by


Adam Smith was the home loans editor at Finder.

Expert review

The Bank First First Rate Home Loan is geared towards first-time buyers. You can borrow up to 95% of the value of the property you're buying, and the loan offers a family guarantee option.

About this loan

What are the feature and benefits of the Bank First First Rate Home Loan?

  • Loan amount. The Bank First First Rate Home Loan has a minimum borrowing amount of $150,000 and a maximum borrowing amount of $1,000,000. You can borrow up to 95% of the value of the property you're buying, but be aware that borrowing more than 80% will incur a lenders mortgage insurance (LMI) premium.
  • Family guarantee option. You can avoid paying LMI by having a family member serve as guarantor.
  • Repayment frequency. You can choose to repay your home loan weekly, fortnightly or monthly.
  • Redraw account. The Bank First First Rate Home Loan allows you to redraw up to $30,000 of any extra repayments you've made. Be aware, though, that there is a minimum redraw amount of $500.

What fees and charges come with this loan?

  • Establishment fee: $300. This fee covers the administrative costs involved with processing your application. Establishment fee is waived for First Rate Home Loan first home buyers.
  • Discharge fee: $395. This fee is charged when you close your home loan account either by repaying or refinancing your home loan.

How to apply

If you believe the Bank First First Rate Home Loan is the product for you, click the link below. You'll be directed to Bank First's website where you'll be walked through the home loan application process.

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