Bank First SMSF Loan

Features

The SMSF Loan offered by Bank First is open to investors with a self-managed super fund who would like to secure a new loan over an investment property or refinance from an existing SMSF loan.

This loan is paid at a variable interest rate that is high. The best way you can reduce the amount of interest you have to pay on this loan is through making additional repayments to repay your loan off early, which reduces the interest you must pay since this would decrease your overall loan term.

Security in making early repayments is provided through the redraw facility, where you can redraw any of these extra funds you’ve put forth as long as you meet the minimum allowed amount every time you redraw.

For your regular principal and interest repayments, you have the ability to choose a weekly, fortnightly or monthly schedule and also have the choice to interest-only repayments for a specified time frame.

There is a minimum loan amount that must be borrowed for this loan and you have to make at least a 20 per cent deposit, however there is no maximum loan amount.

Who is the Bank First SMSF Loan good for?

The SMSF Loan is good for both investors looking to buy an investment property and refinancers of an existing SMSF loan who are looking for a flexible repayment schedule and the ability to make interest-only repayments for a period of the loan term.

The high interest rate and large amount of fees are best suited to investors who can cover these costs.

Review - What RateCity says

The SMSF Loan offered by Bank First could be a good option if you’re looking to invest in a property or refinance an existing SMSF loan and want to have features such as the ability to make early repayments and redraws and to make interest-only repayments for a period.

This loan does have a high variable rate of interest, very high cost to establish and at least a 20 per cent deposit requirement, so it would be worthwhile to research your options and see if these cons counterbalance the features of this loan to meet your specific needs.

Bank First SMSF Loan Options

Find out more information about the SMSF Loan by clicking the link below.

Pros
  • Early repayments and redraws allowed.
  • Interest-only option.
  • No maximum loan amount.
Cons
  • Very high upfront cost.
  • High variable interest rate.
  • Discharge and ongoing annual fees.
Eligibility

Must be an investor or refinancing from an existing SMSF loan.

Must be able to provide proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.

About Bank First

Bank First is a customer-owned bank. Formerly known as Victoria Teachers Mutual Bank, its members were once primarily those working in the education sector, but today it is open to all who would like to join.

Bank First has service centres in Victoria and customers have access to internet banking and an ATM network throughout Australia.

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