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

Pros
  • Redraw facility available
  • No ongoing fees
  • No early exit penalty fee
Cons
  • 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.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

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.

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.

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.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

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).

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

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.

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 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