In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Bank First First Home Bonus Saver Account

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Bank First First Home Bonus Saver Account

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Maximum variable rate
4.60% p.a.
Base interest rate
0.05%p.a.
Minimum deposit
$100

Our verdict

Earn bonus interest and get $600 cashback when you start saving for a home deposit with a First Home Bonus Saver Account from Bank First.

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.

Pros

  • High variable interest rate of 4.60% p.a.
  • $0 account-keeping fees
  • No minimum deposit
  • $600 home loan cashback

Cons

  • Limited branch network
  • Requires a monthly deposit of $100 to earn bonus interest
  • Any withdrawals made will forfeit the bonus interest for that month

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

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.

Details

Key details

Product Name Bank First First Home Bonus Saver Account
Maximum Variable Rate 4.60% p.a.
Standard Variable Rate 0.05% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

Key features

Bonus interest

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.

See more Bank First products


How to apply

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

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.

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Alison Finder

Editor

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