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Bank First personal loans
Bank First is a customer-owned mutual bank that has provided financial services for Australians since 1972.
Bank First offers banking products such as personal loans, bank accounts, savings accounts, term deposits, credit cards, insurance, superannuation and home loans.
With only two offices for members to visit, Bank First mostly operates as an online bank in Australia.
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Why choose Bank First
Bank First Personal Loans
Personal Loans calculator
Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.
Your estimated repayments
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- This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
- Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
- Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
- Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
- The calculation rounds of the personal loan repayment to the closest dollar value without decimals.
- All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
- Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
- Calculator does not include the cost of fees or other extra charges.
- Calculator does not account for changes to interest rates over time.
- This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.
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.
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.
