Bank First Equity Loan

Features

The main feature of the Equity Line of Credit Loan is that you have a line of credit available that is borrowed against the equity in your property.

The variable interest rates offered to both owner-occupiers and investors for this home loan are high, which is fairly standard for a loan of this type.

Repayments only need to be made if your unpaid loan balance exceeds your credit limit, though your loan must be paid off by the end of your term.

You can also make extra repayments to pay your loan off early without penalty.

A handy feature of this loan is the loan portability option, which means if you move homes you can take your Equity Line of Credit with you and switch it to a different security

Who is the Bank First Equity Loan good for?

This home loan is good for both owner-occupiers and investors looking to have access to the equity built up in their property through funds in a line of credit in order to pay for other things and to make other investments.

Review - What RateCity says

The Equity Line of Credit could be a good option for both investors and owner-occupiers who want to access their property’s equity through a line of credit in order to make home improvements, further investments or big purchases.

Line of credit loans take discipline, particularly with the high variable interest rate, so it’s worth seeing if the benefits outweigh this to determine whether this loan is the most suitable option for your needs.

Bank First Equity Loan Options

The Equity Line of Credit Loan by Bank First has options for both owner-occupiers and investors. Find out more information about each at the links below.

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Variable Rates from

4.64%

Advertised rate

4.84%

Comparison rate
Pros
  • Access to equity through a line of credit.
  • Early repayments allowed.
  • No maximum borrowing amount.
Cons
  • High variable interest rate.
  • No 100 per cent offset account.
  • No redraw facility.
Eligibility

Must be able to provide proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Investors
  • Refinancers
  • Line of Credit Loans
  • Owner-Occupiers
Fees
  • Estimated upfront fees: $600.00
  • Discharge fees: $350
  • Ongoing fees: $150 annually

While customers of the Equity Line of Credit Loan are offered a discount on the typical establishment fees charged by Bank First, the cost for upfront fees for this loan is still moderate to moderately high. There is also an annual fee and moderate to moderately high discharge fee charged at the completion of this loan.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Bank First

Being a customer-owned bank with service centres in Victoria and access to a network of ATMs throughout Australia, Bak First (formerly known as Victoria Teachers Mutual Bank) provides financial services and products to its customers who have a say in the bank’s policies.

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