Interest rate changes

Following a review of our interest rates and in light of the RBA’s recent decision to reduce rates, we will decrease our home loan, personal loan, savings and various deposit rates effective Friday 25 October, with some deposit rates reducing effective Friday 1 November. 

This change will ensure interest rates across all products continue to remain favourable compared to the major banks and the wider market, so that our depositors receive a competitive rate to maximise their savings and our borrowers can pay off their loans sooner. 

An overview of the interest rate reductions is below:
Home Loans - Owner Occupied:

  • 0.20% p.a. reduction on our First Rate Home Loan.
  • 0.25% p.a. reduction on our Standard Home Loan.
  • 0.20% p.a. reduction on our Premier Package Home Loan.
  • 0.20% p.a. reduction on our Complete Home Loan.
  • Up to 0.25% p.a. reduction on our fixed and other variable Home Loan rates.

Home Loans - Investor:

  • 0.25% p.a. reduction on our Standard Home Loan.
  • 0.25% p.a. reduction on our Premier Package Home Loan.
  • 0.25% p.a. reduction on our Complete Home Loan.
  • Up to 0.25% p.a. reduction on our fixed and other variable Home Loan rates.

Personal Loans: 

  • 0.20% p.a. reduction on Personal Loans.

Savings Accounts:

  •  Up to 0.20% p.a. reduction on Savings Accounts.

Term Deposits:

  • Up to 0.20% p.a reduction on Term Deposit rates.

Frequently Asked Questions

  • Why has Bank First decreased lending and deposit rates?

    We continuously monitor our interest rates to ensure they remain competitive in the market, to offer a fair deal to customers across all products and so that the needs of both depositors and borrowers are met. 

    This change will ensure interest rates continue to remain favourable compared to the major banks, so that our depositors still receive a competitive rate to maximise their savings and our borrowers can pay off their loans sooner. 

    The decision to reduce interest rates means we can continue to offer a fair deal across all products. 

    We will continue to monitor rates to ensure they remain competitive.

  • What influence does the RBA cash rate have on Bank First interest rates?

    We continuously monitor our interest rates to ensure they remain competitive and while we take the cash rate and RBA changes into account, we also look to the wider market to ensure our loan and deposit rates offer a fair deal to customers.

    The RBA cash rate is just one of the factors that drive Bank First’s cost of funds, hence movements, both up and down, will not always be exactly the same as the movement in the cash rate. This is also why movements have happened and may continue to happen outside of any change by the RBA.

  • Will my loan repayments reduce when the change takes effect?

    As a customer owned bank, we are committed to responsible lending and helping our customers pay off their loans as quick as possible. 

    If you are already repaying more than the minimum repayment, your repayments will not change to reflect the lower rate; instead the additional funds will pay off more of the principal. However, if you would like to change your repayments, please let us know.

    If you are currently repaying the minimum repayment, this will reduce unless the change is less than $15 per payment. Any additional funds paid into the loan will reduce the term, helping you pay the loan off quicker. If you would like to change your repayment, please let us know.

    Your new interest rate and repayment amount will be available in Internet Banking on 25 October. You will also receive notification in your account statement.