Bank First was born in 1972 when a group of 48 educators came together with a shared belief and started their own financial institution. Founded on care and compassion, its first loan was to a single mother for a bond to acquire housing for herself and her two children. While it was initially set up to service people working in the education sector, it is now open to anyone. Today, it serves over 100,000 customers and is proud to be driven by the same care and compassion as when it started. Formerly Victoria Teachers Mutual Bank, it changed its name to Bank First in December 2017 to reflect its focus on putting its customers first.
Formerly a credit union, Bank First has won many awards for outstanding customer service and the value we provide to our customers. One of these is Money magazine's 2017 Personal Lender of the Year award.
Every year, the bank also provides donations and grants to organisations, programs and people that make a real difference in the Victorian education community and the environment. Some of the worthy causes it donates to include the State Schools' Relief, Better Buddies, Early Childhood Education Foundation, and CUFA. It also provides generous grants and awards that support our education system in the pursuit of excellence. These incentives include the Student Teacher Awards and Teaching Initiatives Program.
Bank First has service centres in Hawthorn East and Moonee Ponds. Though it does not have a large branch network, you can contact its member service consultants on Mondays to Fridays. You can also access your funds via any Commonwealth Bank ATM, giving you access to one of the largest ATM networks in the country.
The bank offers a range of financial products, including transaction accounts, savings accounts, term deposits, credit cards, insurance products, home loans, personal loans and car loans. In terms of home loans, it offers complete, first rate, premier package and standard options.
To apply for a home loan with Bank First, you need to be over 18 years old and a permanent resident of Australia. You also need to provide the following:
- Your personal contact details
- Proof of income and other earnings
- Proof and type of employment
- Details about the property you want to buy
- Statements showing any assets, savings or debts you have
- Personal insurance documents
You can apply for a home loan online through the website or can request a consultation with a Bank First representative.