Bankfirst Personal Loans



Bank First Personal Loan

Bankfirst is a customer-owned mutual bank that is registered as an Authorised Deposit-taking Institution, and is protected and regulated by the same guidelines that are applicable to all banks and financial institutions in Australia. Formerly known as Victoria Teachers Mutual Bank, the bank is headquartered in the state of Victoria. It currently has over 110,000 customers and assets worth over $2.69 billion under its management.

Bankfirst Personal Loans Rates

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Pros & Cons-Bankfirst


  • Strict lending policies.
  • Signup Fees.
  • Strict Age Restrictions.
  • Customer Support.


  • Home Loan for Self-Employed.
  • High Property Value for First Home Buyers.

About Bank First Personal Loan

A personal loan can be used for several things, including paying off debt, funding a wedding, and purchasing significant purchases. Bank First Personal Loan is a popular option for borrowers searching for a simple and quick way to receive cash because of its flexible repayment periods and low-interest rates.

Features of a Bank First Personal Loan

Bank First Personal Loan offers several features that make it a top choice for borrowers. Some of the key features include:

  • Reasonable interest rates: Bank First offers personal loan borrowers competitive interest rates, making it simpler for borrowers to repay their loans without going bankrupt.
  • Flexible repayment options: Bank First Personal Loan gives customers the option to select the loan period that best fits their financial situation.
  • Without the need for collateral, personal loans from Bank First make it simpler for applicants to be authorised for loans without putting their assets at risk.

Fast and simple application process: Applying for a Bank First Personal Loan is simple and only takes a few minutes.

Eligibility Criteria

To be eligible for a Bank First Personal Loan, you must meet the following requirements:

  • You must be an Australian citizen or permanent resident.
  • You must be at least 18 years old.
  • You must have a steady source of income.
  • You must have a good credit score.

How to apply for a Bank First Personal Loan?

The application process for a Bank First Personal Loan is simple and straightforward. Follow these steps to apply:

  • Visit the Bank First website and navigate to the personal loan page.
  • Click on the "Apply Now" button to start the application process.
  • Fill out the application form with your personal information, including your name, address, and income.
  • Provide information about the loan amount and purpose.
  • Submit the application and wait for a decision.

Documents Required for Bank First Personal Loan

To complete the application process for a Bank First Personal Loan, you will need to provide the following documents:

  • Proof of income: This can include recent pay stubs, tax returns, or bank statements.
  • Proof of identity: This can include a driver's license, passport, or other government-issued ID.
  • Proof of address: This can include a utility bill or lease agreement.
  • Credit report: Bank First will run a credit check to determine your creditworthiness.

Bank First Personal Loan Calculator

It's important to ascertain how much you can afford to borrow and what your monthly payments will be before submitting an application for a Bank First Personal Loan. On their website, Bank First provides a Personal Loan Calculator that determines the overall cost of the loan, including interest and fees. 

You must enter the loan amount, interest rate, and period into the calculator. The calculator will calculate an approximate monthly payment and the total cost of the loan when you provide this information. This tool is a huge help in figuring out whether a Bank First Personal Loan is the correct choice for you.

Customer Service Bank First Personal Loan

Bank First is a reputable lender in the personal loan market because of its reputation for providing exceptional customer service. The bank provides live chat, email, and phone as options for contacting customer care. On their website, Bank First also offers a thorough FAQ section that provides answers to a lot of frequently asked questions about personal loans.

Frequently Asked Questions

What is the interest rate of a personal loan in BankFirst?

BankFirst offers competitive interest rates for personal loans. The specific interest rate will depend on the borrower’s credit score, loan term, and loan amount. To get an estimate of the interest rate, you can use the BankFirst personal loan calculator.

What is the minimum and maximum loan amount for a BankFirst personal loan?

The minimum and maximum loan amount for a BankFirst personal loan will depend on the borrower’s creditworthiness, income, and other factors. BankFirst offers personal loans ranging from $1,000 to $100,000, with repayment terms of up to 7 years.

What is the loan term for a BankFirst personal loan?

The loan term for a BankFirst personal loan can range from 12 to 84 months, depending on the borrower’s preference and creditworthiness

How can I calculate my BankFirst personal loan repayments using the loan calculator?

To calculate your BankFirst personal loan repayments, you can use the BankFirst personal loan calculator available on their website. Enter the loan amount, interest rate, and loan term in the fields provided, and the calculator will show you the estimated monthly payment schedule.

How does BankFirst customer service support customers with their personal loans?

BankFirst provides excellent customer service to support their customers with their personal loans. They have a team of dedicated loan specialists who can answer any questions or concerns regarding personal loans. Customers can also access their accounts online or through the mobile app to manage their loans [3].

What happens if I miss a payment on my BankFirst personal loan?

If you miss a payment on your BankFirst personal loan, you may be charged a late fee. Therefore, it’s important to contact BankFirst as soon as possible to discuss your options and arrange to catch up on payments. Failure to make payments may result in default and damage to your credit score.

Can I get a BankFirst personal loan if I have bad credit or no credit history?

BankFirst considers applicants with all types of credit history, including those with bad credit or no credit. However, borrowers with good credit scores are more likely to get approved for a personal loan and receive better rates and terms. It’s recommended to check your credit report and score before applying for a personal loan and explore your options for improving your creditworthiness.


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