The freedom to use equity from your home.
Sometimes you have a goal you want to reach or sometimes life happens. Our Equity Line of Credit lets you draw on the value of your home for renovations, shares, or other purposes. You don’t even need to make further applications, it’s perfect freedom.
Take a look at our home loan calculator to see how much you can borrow with an equity loan.
- Take advantage of a line of credit.
- We won't penalise you for an early repayment.
- The maximum loan term is 30 years.
- Interest is calculated daily and charged in arrears.
- Make optional additional repayments to pay off your loan faster.
- Borrow as much as you need with no maximum loan amount.
Enjoy the added flexibility of Portability.1
- A credit card will always be available to Equity Line of Credit users at Bank First.
Rates & Fees
For a full list of Home Loan Interest Rates please refer to our Interest Rates page
Equity Line of Credit Interest Rates Rate Owner Occupied Variable Interest Rate 5.14% p.a. Investment Variable Interest Rate 5.29% p.a. Fees Administration Fee $150 Annual Fee Establishment Fee $600 Redraw Fee $0
You will also be given a Credit Card: choose between a Visa Classic Credit Card or Visa Platinum Credit Card (Platinum minimum limit $6,000). Higher limits will be considered upon request.
You can arrange to have more than one loan account available for different purposes such as share purchases, investment properties, or any other large expenses.
Though we do recommend that you make principal and interest repayments to reduce your loan balance, we do not demand repayments. However, if at any time the unpaid balance of the account exceeds the credit limit, you will need to immediately repay the necessary amount to reduce the unpaid balance to your credit limit.
Loan to Value Ratio (LVR)
We offer a maximum 90% of the value of the property (Lenders Mortgage Insurance is required for loans of more than 80% of the value of the property).
First mortgage over owner-occupied or investment property.
Home Loan Key Facts Sheet
A Home Loan Key Facts Sheet is an easy way to help you understand and compare home loans.
Generate a Home Loan Key Facts Sheet
A Key Facts Sheet provides you with loan information in a standardised format which allows you to compare different home loans.
Ready to Apply
Taking out an equity loan is a journey you shouldn’t go through alone. Our lending specialists are here to guide you through the buying process; from application to settlement. We’ll review your unique circumstances and recommend the best loan for your needs.
We're here for you
Our Mobile Lenders can visit you at home or work at a time that is suitable for you.
Home Loan Interest Rates effective 29 January 2018. Interest is calculated daily. Interest rates are per annum, current at the time of printing and are subject to change without notice.
1. Subject to approval & conditions apply. Fees & charges apply.