Bank First is one of Australia’s largest mutual banks with around $4.7 billion in residents' assets; it’s proudly customer-owned and based primarily in Victoria. With a membership of over 90,000, Bank First offers a comprehensive range of financial products and services - from savings and transaction accounts to home, car, and personal loans, insurance, and school banking programs.

Bank First places a strong focus on supporting essential workers, particularly teachers, nurses, and allied health professionals, as well as first-home buyers. Eligible customers can access tailored benefits such as waived fees, full offset account options, and innovative home ownership solutions like shared equity arrangements.

Bank First origins

Founded 52 years ago, Bank First - originally known as Victoria Teachers Credit Union and later Victoria Teachers Mutual Bank - began in the early 70s when a group of teachers came together to establish a credit union. Each of the 48 educators part of the Victoria Teachers Union contributed $10, pooling their resources to create a line of credit specifically for fellow teachers who were often turned away by traditional banks due to their profession.

With an initial paid-up capital of just $480, the VTU Credit Union took its first steps. Operations kicked off in the basement of the Victorian Teachers Union building at Melbourne. To get things rolling, a business account was set up at the ANZ branch located at Little Collins Street, marking the official start of Bank First’s journey.

At present

Bank First offers a modern suite of digital banking tools, including a feature-rich mobile app, online banking with PayID for real-time transfers, international payment capabilities, and seamless contactless payments through Apple Pay and Google Pay.

The mutual bank continues to invest into education-focused scholarships, teaching grants, and community programs through its Community Fund. Its support has extended beyond the classroom, funding initiatives such as providing iPads for non-verbal students, partnering with charities like Pinchapoo, and contributing to food relief efforts through campaigns like One Box.