Bank First home loans come from Victoria Teachers Limited, a customer-owned mutual bank based in Hawthorn East, Melbourne, that began in 1972 as a credit union for Victorian teachers. This page is a factual profile to help borrowers understand who Bank First is and where its home loans may fit. However, it is not an assessment or a recommendation.
Bank First at a Glance
| Item | Detail |
|---|---|
| Lender type | Customer-owned mutual bank (authorised deposit-taking institution) |
| Owned by | Its customers (members), not external shareholders |
| Founded or established | 1972, Melbourne, as a credit union formed by Victorian teachers |
| Headquarters | Hawthorn East, Melbourne, Victoria |
| Regulated by | APRA as an ADI; ASIC Australian Credit Licence 240960 (Victoria Teachers Limited) |
| Listed on the ASX | No, it is a mutual |
| Home loans for | Owner-occupiers, investors, first home buyers, and education and healthcare workers |
Ownership and History of Bank First
Bank First traces its origins to 1972, when a group of Victorian teachers formed a credit union in the basement of their union building in Melbourne. According to the bank’s own history and the Australian Mutuals Archives, the credit union later became Victoria Teachers Credit Union and then Victoria Teachers Mutual Bank as it grew beyond traditional credit union services.
Later, the organisation adopted the Bank First name in 2017. However, its legal name remains Victoria Teachers Limited, which is how it appears on APRA’s register of authorised deposit-taking institutions and on ASIC’s credit licensee register.
Because Bank First is a mutual, its customers are its owners and each holds an equal share. The bank reports more than 90,000 members across Australia and continues to describe its focus as putting teachers, nurses and allied health professionals first.
Where Bank First Home Loans May Suit
- Teachers, nurses and allied health workers. For example, Bank First publishes a lenders mortgage insurance (LMI) waiver for eligible education and healthcare employees, which may allow borrowing up to 90% of the property value without LMI, subject to eligibility and lender criteria.
- First home buyers. Bank First is a participating lender in the Australian Government 5% Deposit Scheme, which can help eligible first home buyers purchase with a smaller deposit and no LMI. However, eligibility criteria apply to government schemes. See our first home loans page.
- Borrowers who want offset and flexibility. In particular, Bank First home loans include options with a 100% offset account and a choice of fixed or variable rates and principal and interest or interest-only repayments.
- People who prefer a customer-owned bank. As a mutual, Bank First exists for its members rather than shareholders.
Home Loan Types Bank First Offers
- Owner-occupied home loans
- Investment property loans
- Loans for building, which we cover on our construction loans page
- Fixed rate and variable rate loans
- Principal and interest or interest-only repayments
Getting a Bank First Home Loan Through Ingram Financial
Of course, every lender has its own policies, processes and quirks, and they change often. Rather than working through them on your own, let Ingram Financial help you navigate the maze and compare Bank First with the other lenders on our panel.
Shannon Ingram, our principal broker, compares Bank First home loans with the rest of the panel based on your goals, income and deposit. We also work with clients across the Sutherland Shire and, by phone and video, across Australia. In the meantime, to see current Bank First products, use the lender filter in our comparison tool. Then contact us to talk through the options.
Bank First Home Loan FAQs
Yes. Bank First is the trading name of Victoria Teachers Limited, an authorised deposit-taking institution regulated by APRA. It operates as a customer-owned mutual bank rather than a listed bank.
Its customers own Bank First. It has no external shareholders, and it reports more than 90,000 members across Australia.
Bank First started in 1972 as a credit union for Victorian teachers and still focuses on education and healthcare workers, including its LMI waiver for eligible employees in those sectors. The lender sets eligibility, so ask us about your situation.
Yes. Bank First appears as a participating lender for the Australian Government 5% Deposit Scheme. However, eligibility criteria apply to government schemes.
Yes. Bank First is one of the lenders on the Ingram Financial panel, so Shannon can compare it with other lenders and help with your application.
Ingram Financial has no ownership ties to Bank First. Bank First is simply one of the lenders on our panel. We checked the lender information on this page in September 2026. However, it may change, and the lender sets product availability, policies and eligibility criteria.
The information on this page is general in nature and does not take into account your objectives, financial situation or needs. Lending criteria, fees and charges apply. Consider whether it is appropriate for you and speak to us for advice specific to your situation.