Bank First
Premier Package Home Loan
6.74%
Interest rate
6.97%
Comparison rate
Ratings
LVR options
LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.
An LVR of 95% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
60%
LVR
Bank First
70%
LVR
Bank First
80%
LVR
Bank First
90%
LVR
Bank First
95%
LVR
Bank First
Repayment options
Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.
Tips: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.
Paying pricinpal and interest
Bank First
Paying interest only
Bank First
Q&As
Does Bank First Premier Package Home Loan comes with an offset account?
Yes, Premier Package Home Loan comes with a 100% offset account.
A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
What are the costs to apply for Bank First Premier Package Home Loan?
There is upfront costs of $400 to apply for Premier Package Home Loan.
- Settlement fee: $400
Premier Package Home Loan also comes with ongoing account fees of $390 per year.
- Annual fee: $390 per year
Are there costs when I exit or refinance to another lender?
Bank First charge a discharge fee of $395, which covers the cost for removing the mortgage that has been registered on the title of your property.
IMPORTANT: Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with Bank First or a mortgage broker just to be sure. This information should be used as a guide only.