Bank First personal loan repayment calculator

Thinking about taking out a personal loan with Bank First? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Bank First personal loans compare with other options.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Redraw facility available
  • No ongoing fees
  • No early exit penalty fee
  • Only two branches in Australia
  • Potential for moderately high interest rates
  • No loans below $5,000 available

Bank First personal loans rates

Product
Advertised Rate
Comparison Rate*
Repayment
Upfront Fee
Features
Go to site
Company

7.25%

Fixed

8.59%

$598

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Bank First
More details

7.25%

Variable

8.59%

$598

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Bank First
More details

8.15%

Fixed

9.49%

$610

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Bank First
More details

8.15%

Variable

9.49%

$610

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Bank First
More details

9.64%

Fixed

11.00%

$632

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Bank First
More details

9.64%

Variable

11.00%

$632

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Bank First
More details

12.79%

Variable

13.43%

$679

based on $30,000 loan amount for 5 years

$195

Redraw facility
Extra repayments
Fully drawn advance
Secured
Bank First
More details

Features of a Bank First personal loan

Bank First offers a range of personal loans for its members to choose from. There are secured and unsecured loans available, with fixed and variable interest rates.

Bank First personal loan rates vary from moderately low to moderately high depending on the type of loan chosen. RateCity’s personal loan comparison tool can help you compare personal loan rates and find the best loan available for your needs.

Loan terms of up to seven years are available to customers who choose to take out a personal loan with Bank First.

There are no ongoing fees for Bank First personal loans, but borrowers will pay an upfront fee that is on par with most major banks. Additionally, there is no early exit penalty fee.

Bank First personal loans - customer service

Bank First only has two branches to visit, so most potential borrowers will need to be satisfied with online banking services only.

In addition to help by phone and email, Bank First also offers a web chat option during business hours.

Who is eligible for a Bank First personal loan?

The following criteria must be met for borrowers to get a Bank First personal loan:

  • At least 18
  • Be a Bank First member
  • Good credit
  • Employed with history of income
  • Collateral if the loan is secured

How to apply for a Bank First personal loan?

The following methods of applying for a Bank First personal loan are available:

  • Online application form
  • Phone application
  • Visit a branch to apply in person

Bank First personal loans review

There are many personal lending options available from Bank First, so different types of borrowers may be able to find a loan that suits them. Bank First personal loans include secured and unsecured loans, with both fixed and variable interest rates.

Borrowers who are looking for lower interest rates might be satisfied with the moderately low interest rate option available. However, this rate does not apply to all loans offered by Bank First, and some do have moderately high interest rates.

Bank First does not charge its members a penalty fee for paying off their loan ahead of schedule. This is useful for anyone who wants to pay off their loan early and avoid additional interest.

The lack of branches (only two in Australia) could be a deterrent for anyone who prefers more personalised customer service.

Learn more about Bank First

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

What is comprehensive credit reporting?

Comprehensive credit reporting is a system which includes both positive and negative information on a person’s credit file. Before comprehensive credit reporting was introduced, only negative information was included.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.

What do single mothers need to apply for a personal loan?

Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).

How are credit ratings/scores calculated?

Different credit reporting bodies may use different formulas to calculate credit scores. However, they use the same type of information: credit history and demographic profile.

They’re likely to look at how many credit applications you’ve made, which lender the applications were for, what purpose they were for, how much they were for and your repayment record. They’ll also look at your age and postcode. They’ll also look to see if you’ve had any bankruptcies or other relevant legal judgements against you.

Your score can change if your demographic profile changes or new information is added to your file (such as a new loan application) or existing information is removed from your file (i.e. because it has reached its expiry date).

Do $4000 loans have no credit checks?

Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can be costlier than other options.

Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.

When was comprehensive credit reporting introduced?

Comprehensive credit reporting was introduced to make credit reports fairer and more accurate. Under the previous system, credit providers only saw negative information about potential borrowers. Now, they're able to see both positive and negative information, which means that credit providers can see if a borrower’s negative credit behaviour is consistent or a mere one-off.

What's a credit report?

A credit report is a record of your credit history, which covers your credit enquiries, borrowings and your repayments. The report will include information about any bankruptcies or other relevant legal judgements. It will also include biographical information such as your address, date of birth, driver's licence number and employment history. 

How long does it take to get a $5000 loan?

Depending on the lender, personal loans and medium-amount loans for $5000 can sometimes be approved in under an hour, and give you access to the money the same day. Other loans may take 24 hours or longer to assess your application, and you may not get the money for a few days.

How long will I have bad credit?

Most negative events that appear on a person’s credit file will stay in their credit history for up to seven years.

You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.