Bank First Premier Package Home Loan
Combine a reduced interest rate with a wide range of discounts on other products when you take out a Bank First Premier Package Home Loan.
About this loan
What are the features and benefits of the Bank First Premier Package Home Loan?
The Education Package Home Loan offers many benefits to borrowers, including:
- Maximum Loan-to-Value Ratio (LVR). The Bank First Premier Package Home Loan is available with a maximum LVR of 95%. You can also take out a loan of up to 80% LVR without taking out lender's mortgage insurance (LMI), but loans above 80% and up to 95% LVR will require this cover. The interest rate available on your loan also depends on the LVR, with lower LVR borrowers able to access lower rates.
- Suited to a wide range of borrowers. This package loan can be used by new homebuyers and builders, people buying established homes and investors looking to buy or build a home.
- Interest rate discount. Bank First Premier Package Home Loan borrowers receive a 0.80% p.a. discount off the lender's standard variable rate for the life of their loan.
- Offset accounts. This package loan allows you to open multiple offset accounts to not only manage your everyday banking needs, but also to reduce the amount of interest you pay on your loan balance.
- Repayment options. The Bank First Premier Package Home Loan is available with principal and interest repayments only on owner-occupier loans. Investment borrowers can access interest-only repayments for 1-5 and 10-year terms.
- Loan split option. If you want to take advantage of the various benefits that fixed and variable interest rates have to offer, you have the option to split your home loan account.
- Credit card with no annual fee. Bank First Premier Package Home Loan borrowers also receive a Visa Platinum credit card with no annual fee.
- Waived or reduced fees. If you take out a Bank First Premier Package Home Loan before 30 November 2016, the already reduced establishment fee of $0 is waived entirely. Other discounts available to borrowers include a reduced switching fee, no transaction fees using the Commonwealth Bank ATM network, no establishment fees for personal loans and access to CGU insurance policies at competitive prices.
What fees and charges come with this loan?
As part of the package, you will receive fee waivers or discounts, but there are still some fees you may be asked to pay, which are listed below:
- Establishment fee: $0. The establishment fee is waived for first home buyers.
- Package fee: $390. This annual fee must be paid in order to access all the benefits of this package loan.
- Discharge fee: $395. This fee is charged when you close your loan accounts with the bank and discharge your mortgage from them.
How to apply
If the Bank First Premier Package Home Loan sounds like it could be right for you, click one of the "Apply Now" links on this page. This will take you to the Bank First website where you can find out more about the loan and apply online. Alternatively, you can begin your application by phoning the bank directly or visiting its service centres at Hawthorn East or Moonee Ponds.
Before you can apply you must make sure that you meet the following criteria:
- Age requirement. You must be at least 18 years of age.
- Residency requirement. You must reside in Australia.
During the application process you will need to provide:
- Proof of ID. Valid photo ID will be required and you will also need to supply your full name, address and contact details.
- Proof of income. The bank will require bank statements and payslips to prove your employment status and income.
- Details of your assets and liabilities. This includes evidence of your savings history and any outstanding loan amounts.
- Details of the purpose of your loan. This may include the contract of sale and evidence of the deposit paid if buying a home, or a fixed price building contract and building permits and insurance if building a home.
Once you've submitted your application, a Bank First representative will be in touch as soon as possible to discuss your borrowing requirements and to request any additional information.
The Bank First Premier Package Home Loan is well worth considering if you're looking for a package loan. Compare it with other package home loan products at finder.com.au today.