Bank First Standard Variable Loan

Features

The Standard Home Loan from Bank First features flexible repayment options with the choice of weekly, fortnightly and monthly repayments, with an interest-only repayment option whereby only the interest on your loan has to be paid during a pre-approved term.

Customers of this loan can also take a family repayment holiday if you’re on maternity or paternity leave for a pre-approved specified period of time.

You can make additional repayments towards your loan when you’re repaying at a variable rate and a redraw facility is also offered with this loan so you can redraw any extra repayments you have made, although there is a minimum amount you must redraw.

There is no penalty for paying off your loan early. However, this loan offers moderately high to high variable rates of interest, though you do have the ability to fix your rate for a specified period of time during your loan term.

You do have a chance to reduce the interest you must pay on your loan by depositing funds into the 100 per cent offset account, the balance of which directly offsets your interest.

The family guarantee option offered with this loan means a family member can guarantee a percentage of your home loan which can eliminate the need to make a deposit or pay lenders mortgage insurance if you’re making less than a 20 per cent deposit.

The bridging finance option allows you to purchase a new property even if your existing property has not yet sold or if you’re still waiting on the settlement.

And if you have your Standard Variable Home Loan on an existing property and want to move, you can switch your home loan to a different security with the portability option. For even further flexibility, you can take a repayment holiday or pause depending on your need to take a break from making repayments.

Who is the Bank First Standard Variable Loan good for?

This home loan has an interest-only repayment option that could be attractive to investors.

It could also be a great option for current home owners since it is available for refinancing and has bridging finance and portability options.

Review - What RateCity says

The Standard Home Loan offered by Bank First has a variety of features and options that could suit a range of needs for both owner-occupiers and investors, with options such as bridging finance, portability, family guarantee and a repayment holiday or pause.

This loan also offers opportunities to reduce your interest with a 100 per cent offset account and additional repayments which can also be redrawn through the redraw facility.

However, the moderately high rates and fees will stack up to a large cost over time so it’s best to figure out whether it is worth having all of the features.

Bank First Standard Variable Loan Options

Bank First offers the Standard Variable Loan at different borrowing amounts for owner-occupiers and investors. Click the following links for more information about each option.

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Variable Rates from

4.02%

Advertised rate

4.03%

Comparison rate
Pros
  • 100 per cent offset account.
  • Family guarantee.
  • Interest-only option.
Cons
  • Moderately high to high variable rate.
  • Entry and exit fees.
  • Ongoing annual fee.
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
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $0 - $600.00
  • Discharge fees: $350
  • Ongoing fees: $0

The Standard Variable Home Loan has upfront fees, a sizeable annual fee and a moderately high discharge fee at the end of the loan term.

Features
  • 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 a customer-owned bank committed to serving its members through investing its profits in the form of customer benefits. Formerly focussing on the Australian edication community, and now open to all, Bank First offers access to service centres in Victoria and an ATM network throughout Australia.

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