Question 1

What is Bank First?

Accepted Answer

Bank First is a Victorian-based mutual bank that serves education professionals, their families, and the broader community. Operating under the legal name Victoria Teachers Limited, Bank First is one of Australia's largest customer-owned banks with over 91,000 members and assets exceeding several billion dollars.

Founded by teachers for teachers, Bank First has evolved from a small credit union into a comprehensive banking institution while maintaining its commitment to mutuality, social responsibility, and personalized service. The bank operates nationally while maintaining strong roots in Victoria's education sector.

Question 2

When was Bank First founded?

Accepted Answer

Bank First was founded on September 21, 1972, when 48 members of the Victoria Teachers Union (VTU) came together with a shared belief in the credit union movement's philosophy of mutuality. Each founding member purchased five shares at $2 each, giving the newly formed VTU Credit Union an initial capital of $480, which was famously stored in a shoebox.

The institution began operating from the basement of the VTU at 20 Bank Place, Melbourne. Following the merger of state school teaching unions into the Victorian Branch of the Australian Education Union (AEU), the organization rebadged as Victoria Teachers Credit Union (VTCU) in 1996. In 2012, it became Victoria Teachers Mutual Bank, and in December 2017, it adopted its current trading name, Bank First, while the legal entity remained Victoria Teachers Limited.

Question 3

Where is Bank First headquartered?

Accepted Answer

Bank First is headquartered at 117 Camberwell Road, Hawthorn East, Victoria. The bank moved to this purpose-built facility in 2012, marking a significant milestone in its growth and development.

The headquarters features modern offices and facilities designed to support both staff and member services. The location in Hawthorn East, a suburb of Melbourne, provides convenient access for members across Victoria while serving as the operational center for the bank's national activities.

Question 4

Where does Bank First operate?

Accepted Answer

Bank First operates throughout Victoria and has expanded its services nationally across Australia. The bank maintains a branch network in Victoria, with notable locations including its headquarters in Hawthorn East and a branch in Moonee Ponds that opened in the early 1980s.

Through its digital banking platforms, including mobile banking apps for iPhone and Android, online banking, and telephone banking services, Bank First serves members across all Australian states and territories. The bank's reach extends to any Victorian teacher regardless of location, as well as eligible family members and community members throughout Australia.

Question 5

What services does Bank First offer?

Accepted Answer

Bank First offers a comprehensive range of financial products and services, including:

Savings and Transaction Accounts: Everyday accounts, high-interest savings accounts, and specialized accounts for different life stages.

Home Loans: Competitive home loans with dedicated lending specialists and mobile lenders who visit members at their convenience.

Personal Lending: Personal loans, car loans, and lines of credit with competitive rates.

Credit and Debit Cards: Visa credit cards and debit cards with modern payment capabilities.

Term Deposits: Fixed-term investments with competitive returns.

Insurance: Comprehensive insurance products covering home, contents, motor vehicles, and other assets.

Digital Services: Award-winning mobile banking app, online banking platform, Osko instant payments, BPAY, and contactless payment options including Apple Pay, Google Pay, and Samsung Pay.

Financial Planning: Professional financial advice and planning services to help members achieve their financial goals.

Question 6

What makes Bank First unique?

Accepted Answer

Bank First's founding story distinguishes it in the Australian banking landscape. The institution was born from teachers' recognition that many Australians, including educators, were being underserved by traditional banks. The first loan ever issued by the credit union went to a single mother who needed a bond to secure housing for herself and her two children—a loan no one else would provide.

This spirit of putting people before profit continues today. As a mutual bank, Bank First is owned entirely by its members, with profits reinvested into better rates, products, and services. The bank has maintained a strong culture of social responsibility since inception, with ongoing partnerships including State Schools' Relief (since the 1980s) and the Teachers in Profile (TIP) program that has provided over $780,000 in funding to 600+ schools and preschools.

Question 7

What type of financial institution is Bank First?

Accepted Answer

Bank First operates as a Mutual Bank in Australia, which is a type of Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). Mutual banks are customer-owned financial institutions where members are also owners.

Unlike publicly listed banks that answer to external shareholders, Bank First operates for the benefit of its members. Each member has equal ownership and voting rights regardless of account size. This mutual structure ensures the bank's focus remains on delivering value to members rather than maximizing profits for external investors, aligning perfectly with the cooperative values on which it was founded.

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About Bank First in Australia