As a customer owned bank, we exist for the benefit of our customers and balance the needs of both depositors and borrowers to ensure we offer a fair deal across all products.

Following a recent review of our interest rates, we will decrease our home loan interest rates, along with our savings account and select term deposit rates, effective Friday 26 July.

An overview of the interest rate reductions is below. Further details will follow to affected customers:

Home Lending - Owner Occupied and Investor:

  • 0.25% p.a. reduction on our Standard Home Loan.
  • 0.13% p.a. reduction on our Premier Package Home Loan.
  • 0.13% p.a. reduction on our Complete Home Loan.
  • 0.13% p.a. reduction on our First Rate Home Loan.
  • Up to 0.25% p.a. reductions on our other variable Home Loan rates.
  • Up to 0.25% p.a. reductions on our fixed Home Loan rates.

Savings Accounts:

  • Up to 0.25% p.a. reduction on select Savings Accounts.

Term Deposits:

  • Up to 0.40% p.a reduction on select Term Deposit rates.

Frequently Asked Questions

  • Why has Bank First decreased lending and deposit rates?
    • As a customer owned bank, Bank First balances the needs of both depositors and borrowers. We continuously monitor our lending and deposit account interest rates to ensure they remain competitive in the market. This change to our lending and deposit interest rates will ensure we remain favourable when compared to those of the major banks and balances the needs of both depositors and borrowers 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 in the market and while we take the cash rate and RBA changes into account, we also look to the wider marketplace 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 the Bank’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. If you are already paying 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 paying 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 26 July. You will also receive notification in your account statement.