Bank First Fixed Standard Loan


The Fixed Standard Loan offered by Bank First offers fixed terms with rates ranging from very low to moderate on owner-occupied properties and from moderately low to moderately high on investment properties.

Rate lock is also available so you can guarantee the fixed rate you will have to pay upon application in order to avoid having to a pay a higher rate should it increase by the time your funds are available, though you will have to pay a fee for this feature.

This loan has a flexible repayment schedule with your choice of weekly, fortnightly or monthly principal and interest repayments or interest-only repayments that can be made monthly for an approved term.

You can even make additional repayments towards your loan during the fixed term, but make sure you keep track of how many you make because you will have to pay a fee for going over the allowed limit. You can also redraw these funds through the redraw facility.

If you are ahead on your payments, you might be able to take an offered family repayment pause if you leave work for maternity or paternity leave or a repayment holiday should you need a break from your repayments.

These could be great features for first home buyers, especially with the family guarantee option, which allows you to avoid having to pay lenders mortgage insurance for deposits smaller than 20 per cent by securing a portion of your loan against the property of a family member.

And, if you’re looking to upgrade your home due to a growing family or just want to move or switch the investment property your loan is secured against, you can take the Fixed Standard Loan with you since it is portable.

Following the fixed term, your rate will revert to the standard variable rate offered by Bank First and you will have added features such as a 100 per cent offset account and the ability to make unlimited additional repayments.

Who is the Bank First Fixed Standard Loan good for?

Though open to investors and refinancers, the Fixed Standard Loan might best suit first home buyers since the available features such as family guarantee, repayment holiday and pause and loan portability are especially suitable to this type of borrower.

However, the interest-only option and availability of very low fixed rates could suit a range of investors and owner-occupiers alike. Though, the upfront cost might be a con for refinancers.

Review - What RateCity says

The Fixed Standard Loan from Victoria Teachers Mutual Bank could be a great option with its availability of features and lower fixed rates that are available whether you’re an investor or an owner-occupier, however the entry and exit fees are something to consider.

It’s also worth thinking about the features that would most benefit you to see if this loan could meet all of your needs, since many of the features are typically most suited for first home buyers but could still benefit you if you’re a seasoned investor or are refinancing.

Bank First Fixed Standard Loan Options

Bank First offers its Fixed Standard Loan with options for a variety of borrowing needs that can be found at the below links.

Advertised rate
Comparison rate*
Monthly repayment
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Fixed Rates from


Advertised rate


Comparison rate
  • Very low fixed rates available.
  • Interest-only option.
  • Early repayments and redraws allowed.
  • Moderately high upfront cost.
  • Discharge fee.
  • No 100 per cent offset account during fixed term.

Must be a citizen or permanent resident of Australia.

Must be able to provide proof of income.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $600.00
  • Discharge fees: $350
  • Ongoing fees: $0

The Fixed Standard Loan has a moderately high upfront establishment cost as well as a moderate exit cost, though there are no ongoing monthly or annual fees.

Though, the loan portability and rate lock options have added fees that you will have to pay should you take advantage of them.

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Bank First

Bank First, formerly known as Victoria Teachers Mutual Bank, is an Australian member-owned organisation focused on bringing competitive benefits to its members through streaming profits back into products and services. Although this lender has links to the education sector, everyone can take advantage of the benefits offered, though there is a limited branch network.

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