We are a multi-award winning financial institution, recognised for our dedication to our customers. As a customer owned bank, we reinvest profits into the organisation to benefit every customer.
This means your clients receive outstanding value, along with competitive interest rates and a great customer experience.
Home Loan Application Process
We understand fast turnaround times are important to you and your clients. We’ve made some behind the scenes system enhancements to improve your experience while keeping the application channel familiar. Please continue to use the Apply Online Platform. To learn more about the changes going live on Monday 11 September 2023, see the Frequently Asked Questions below.
Home Guarantee Scheme
Bank First are proudly supporting the Government's Home Guarantee Scheme.
Our requirements for construction remain the same, i.e Land COS and Build Contract required to order an ‘As If Completed’ Valuation before the FHLDS Certificate is issued. We will not be participating in the land settlement first with delayed build – all information is required before land settlement. Please refer below for more information or contact our Broker Support line on 1300 353 178 or email@example.com.
Updated Interest Rate Floor & Buffer
Following APRA's recently announced decision as to acceptable minimum standards for serviceability assessment rates, Bank First has revised its interest rate floor and buffer rates. Effective immediately, loan serviceability will be calculated as the higher of buffer of 3.0% above product rate OR floor rate 5.30%. The applicable loan product interest rate should be entered into the Bank First Credit Assessment Calculator and the tool will add the appropriate buffer.
Fixed Rate Loans
For fixed rate loans, the serviceability rate is based on the highest rate over the term of the loan plus 3.0% OR floor rate 5.30%, whichever is higher.
QBE have adopted a straight floor rate of 5.75% for loan serviceability assessment. For the purposes of calculation, if the Broker has access to QBE Servicing Calculator, this should be used to assess serviceability. There is also the option to the Bank First Credit Assessment Calculator to assess loan servicing by inserting the carded variable interest rate in the "Interest Rate" field and the tool will apply an additional 3.0%.
Target Market Determinations (TMD)
From 5 October 2021, Bank First products must be distributed in accordance with the Design and Distribution Obligations. The target market and distribution conditions for each product are outlined in the product’s TMD.
Bank First’s TMDs can be found here.
Brokers are advised not to save copies of our TMDs but to always obtain them from our website to ensure you are referring to the most recent versions.
Resources and Forms
Owner Occupied Home Loans
Investment Home Loans
Frequently asked questions: Home Loan Application Process
Home Loan Interest Rates effective 1 December 2023.
*Interest rates apply to new lending only
1. Comparison rate calculated on a secured loan amount of $150,000 for a term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees and other loan amounts might result in a different comparison rate. Fees and charges apply. Terms and Conditions available upon request.
2. Rates are indicative only. Fixed Rates are fixed at the date of funding or may be fixed at the date of application by paying a fixed rate lock fee. Conditions apply.