Following the Reserve Bank of Australia’s (RBA) decision to decrease the official cash rate on 18 February 2025 by 0.25%, Bank First will be decreasing the interest rates on our savings and home loan products.

Savings

• Effective 27 February 2025, the interest rates on a range of our savings products will decrease by up to 0.25% p.a. followed by a decrease to the bonus interest rate on our Bonus Saver account and First Home Bonus Saver account by 0.25% p.a. on 1 March 2025.

• Your new interest rate will be displayed on 27 February through Internet Banking and the Bank First App in the transaction listing for your savings account.

Variable Home Loans

• Effective 27 February 2025, home loan variable interest rates will decrease by 0.25% p.a.  

• Your new interest rate will be displayed on 27 February through Internet Banking and the Bank First App in the transaction listing for your home loan account.

What happens to my home loan repayments?

Bank First regularly review repayments to ensure your home loan can be repaid within the loan term. You may have noticed that repayment changes haven't always occurred immediately after previous rate changes.

If your repayment is changing, we'll notify you via email from 6 March 2025 or if your preference is set to mail from 17 March 2025. The new repayment will take effect from 1 April 2025.

Did you know that keeping your repayment amount the same when interest rates decrease can help you pay off your home loan sooner?

If you have any questions about your home loan repayment, our consultants are here to help – call (03) 9834 8597 between Monday to Friday 9am to 5pm or email us at customerrelations@bankfirst.com.au.