Our verdict

Earn bonus interest and get $600 cashback when you start saving for a home deposit with a First Home Bonus Saver Account from Bank First.

If you then combine the money you save with a home loan from Bank First, you will receive $600 cashback and will also be able to take advantage of a waived home loan establishment fee.

Pros

High variable interest rate of 4.60% p.a.
$0 account-keeping fees
No minimum deposit
$600 home loan cashback

Cons

Limited branch network
Requires a monthly deposit of $100 to earn bonus interest
Any withdrawals made will forfeit the bonus interest for that month

Buying your first home is one of the biggest financial decisions you’ll ever make and getting the money together for a deposit can be a daunting challenge. To help its customers save to buy their first home, Bank First offers the First Home Bonus Saver Account. With no minimum deposit, the account pays competitive bonus interest whenever you deposit at least $100 per month and don’t make any withdrawals.

Details

Key details

Product Name	Bank First First Home Bonus Saver Account
Maximum Variable Rate	4.60% p.a.
Standard Variable Rate	0.05% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Bonus interest

A base variable interest rate applies to the account at all times. However, in months when you deposit at least $100 into your account and don't make any withdrawals, a generous bonus interest rate applies. This allows disciplined savers to build a bigger balance faster and save towards their first home.

Interest calculated daily

The interest paid on your First Home Bonus Saver Account is calculated daily and credited to your account balance on a monthly basis.

No minimum deposit

There is no minimum deposit required to open a First Home Bonus Saver Account.

Easy access to your money

With 24/7 access to your funds via Internet and phone banking, you can deposit and withdraw money to and from your account whenever you want.

$600 home loan cashback

If you have a First Home Bonus Saver Account and you apply for a home loan with Bank First, you will receive $600 cashback from your home loan. In order to qualify for this offer, you must have held the account for at least 12 months and maintained a minimum balance of $5,000 for three consecutive months immediately before applying for the home loan.

Waived home loan establishment fee

Your home loan establishment fee will also be waived if you apply for a mortgage with Bank First.

See more Bank First products

How to apply

If the First Home Bonus Saver Account sounds like it could be the right account to help you save for a new home, click on the "Find out more" link on this page. You will be securely redirected to the Bank First website, where you can read the full terms and conditions of the account and begin an application.

Eligibility

However, before you apply, it's important to make sure that you satisfy the eligibility criteria:

Minimum age. You must be at least 18 years of age to open a First Home Bonus Saver Account.
Residency requirements. This account is only available to Australian residents.

First home requirements. You will only be eligible for this account if you are a first home buyer and you have never owned real estate (either vacant land or a dwelling) in Australia.
One account. You can only hold one First Home Bonus Saver Account.

The First Home Bonus Saver Account from Bank First offers a number of benefits for anyone looking to save money to buy their first home. Compare it with other first home savings accounts before deciding whether or not it's right for you.

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Alison Finder

Editor

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Bank First First Home Bonus Saver Account