Rates and fees verified as correct at 19 October, 2021. Other information correct at the time of writing. Advertiser disclosure.
Like to have a fixed budget each month? Then check out a fixed rate home loan from BankVic. You can borrow between $50,000 and $1 million, up to 95% of the property’s value. In terms of features, you’ll be able to make free extra repayments up to $10,000, and choose between weekly, fortnightly or monthly repayments. You’ll also have the option to split your loan between fixed and variable rates.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 2.15% p.a. | 3.51% p.a. | $0.00 | $600 | ||
| 2.99% p.a. | 4.25% p.a. | $0.00 | $600 | ||
| 2.64% p.a. | 4.16% p.a. | $0.00 | $600 |
There are a few different variable rate home loans on offer from BankVic, and depending on which one you choose, you may have slightly different features available to you. You can secure a loan for up to 95% of the property’s price, starting from $20,000. There are no ongoing service fees, but you will have to factor in an application fee. Some of the perks you’ll get in return for this added fee are unlimited free extra repayments and a redraw facility (minimum amount applies). And if you opt for the BankVic Offset Variable Home Loan, you'll also have access to a 100% mortgage offset account to help you reduce your interest costs.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.11% p.a. | 3.16% p.a. | $0.00 | $600 | ||
| 1.95% p.a.variable for 24 months and then 3.11% p.a. | 2.96% p.a. | $0.00 | $600 | ||
| 2.19% p.a.variable for 36 months and then 3.92% p.a. | 3.52% p.a. | $0.00 | $600 | ||
| 3.97% p.a. | 4.02% p.a. | $0.00 | $600 | ||
| 3.92% p.a. | 3.97% p.a. | $0.00 | $600 | ||
| 3.24% p.a. | 3.29% p.a. | $0.00 | $600 | ||
| 2.99% p.a. | 3.03% p.a. | $0.00 | $600 | ||
| 2.45% p.a. for 36 months and then 3.24% p.a. | 3.29% p.a. | $0.00 | $600 | ||
| 2.35% p.a. for 36 months and then 3.24% p.a. | 3.29% p.a. | $0.00 | $600 | ||
| 4.69% p.a. | 4.74% p.a. | $0.00 | $600 | ||
| 4.64% p.a. | 4.69% p.a. | $0.00 | $600 |
Love bundling benefits? Then check out a couple of fixed rate home loan packages from BankVic. If you're a Victorian first home buyer, you can borrow from $300,000, up to 85% of the property's value, and there's also a Premium Package where you can borrow from $50,000 - $1 million, up to 95% of the property's value. Money saving features like free extra repayments up to $10,000 and an offset account (available only with the First Home Buyer Package) will help keep home loan costs low. Meanwhile premium package benefits, including discounts on insurance premiums, bonus interest on term deposits and an annual fee free credit card, will cover the rest of your banking needs. Keep in mind, there’s a yearly fee to consider.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 2.05% p.a. | 3.64% p.a. | $375.00 yearly | $0 | ||
| 2.05% p.a. | 3.64% p.a. | $375.00 yearly | $0 | ||
| 2.05% p.a. | 3.64% p.a. | $375.00 yearly | $0 | ||
| 2.54% p.a. | 4.28% p.a. | $375.00 yearly | $0 | ||
| 2.54% p.a. | 4.18% p.a. | $375.00 yearly | $0 | ||
| 2.54% p.a. | 4.14% p.a. | $375.00 yearly | $0 |
Like the fixed rate alternative, BankVic offers two types of variable rate home loan packages: a first home buyer option (available to Victorian residents only) and a premium package option. The main difference is, you'll have more flexible features at your disposal, including an offset account, unlimited free extra repayments and a free redraw facility (minimum applies). You can also cash in on the great premium package perks, including an annual fee free credit card, bonus interest on term deposits and discounted insurance premiums.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.42% p.a. | 3.81% p.a. | $375.00 yearly | $0 | ||
| 3.52% p.a. | 3.91% p.a. | $375.00 yearly | $0 | ||
| 3.67% p.a. | 4.06% p.a. | $375.00 yearly | $0 | ||
| 4.39% p.a. | 4.76% p.a. | $375.00 yearly | $0 | ||
| 4.24% p.a. | 4.61% p.a. | $375.00 yearly | $0 | ||
| 4.19% p.a. | 4.57% p.a. | $375.00 yearly | $0 |
Why not use the equity already built up in your home to pay for your other major spending goals? Whether you’re in the market for a new car or a kitchen renovation, a line of credit home loan from BankVic can make it happen. You’ll be able to get your hands on between $50,000 and $1,000,000, up to 95% of the value of your property. But remember, there’s an application fee to consider.
| Product | Rate | Comparison Rate | Service fee | Upfront fee |
|---|---|---|---|---|
| 3.92% p.a. | n/a | $0.00 | $600 | |
| 4.74% p.a. | n/a | $0.00 | $600 |
Make extra repayments to pay your home loan off quicker. Just keep in mind that while these fee-free additional repayments are unlimited on variable rate options, they’re limited to $10,000 on fixed rate options.
Find yourself needing some of those funds back? Redraws are free on your variable BankVic home loans, but keep in mind, a minimum amount applies to each transaction.
Take out a BankVic package home loan and you’ll be able to get your hands on discounted insurance cover, an annual fee-free credit card and bonus interest on your term deposits.
Mozo users have rated BankVic home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
36 Reviews
Good rate and I like the redraw function, but when I made an enquiry about reducing the rates, they ignored my emails.
Read full reviewGood rate and I like the redraw function, but when I made an enquiry about reducing the rates, they ignored my emails.
BankVic (formerly Police Credit) is an excellent, honest and competitive bank with an emphasis on customer service. We have had our personal and home loans through them for several years and have had other people, such as our conveyancer describe them as being excellent to work with. When you call them you can always get a person that you can have a conversation and joke with if you like and everything gets sorted quickly. Their products offer a great balance of features and competitiveness. They won't be the cheapest in the market but they don't sting you with hidden fees and charges either. Improvements; the main things they could improve are their network of fee-free ATMS and their online platform. They especially need to implement 2-factor authentication for the banking platform, as I think they are probably the only bank that doesn't at this point. Although, they do ring you quickly re any suspect transactions.
Read full reviewBankVic (formerly Police Credit) is an excellent, honest and competitive bank with an emphasis on customer service. We have had our personal and home loans through them for several years and have had other people, such as our conveyancer describe them as being excellent to work with. When you call them you can always get a person that you can have a conversation and joke with if you like and everything gets sorted quickly. Their products offer a great balance of features and competitiveness. They won't be the cheapest in the market but they don't sting you with hidden fees and charges either. Improvements; the main things they could improve are their network of fee-free ATMS and their online platform. They especially need to implement 2-factor authentication for the banking platform, as I think they are probably the only bank that doesn't at this point. Although, they do ring you quickly re any suspect transactions.
Very customer oriented. BankVic originally established as a Co Operative with a fundamental philosophy of returning profits to its member base. That ideal has continued since recently becoming a Bank. Very competitive Interest Rates on all Savings and Loan Accounts. Nil Annual or Administrative Fees.
Read full reviewVery customer oriented. BankVic originally established as a Co Operative with a fundamental philosophy of returning profits to its member base. That ideal has continued since recently becoming a Bank. Very competitive Interest Rates on all Savings and Loan Accounts. Nil Annual or Administrative Fees.
BankVic was recommended by friend and I couldn't be happier. Both setting up a new account and taking out a home loan was hassle free - no pressure process. I compare that to my original first choice lender (one of big banks) who took on role of 'faux friend' but was later unresponsive to my queries and questions as first time lender. After gaining pre-approval I nonetheless disregarded them and couldn't be happier. Customer service is first rate. They're easy to get hold of and speak with and are professional and genuine in providing service. Products themselves are easy to understand. In my base a 'basic variable home loan'. Easy to log in to my account and see the status of my banking details. Important communications (approvals - rate reductions!) are sent out via SMS - but they never try to sell me additional products. I'm just a satisfied customer - rare - but not yet extinct breed if you're banking with BankVic.
Read full reviewBankVic was recommended by friend and I couldn't be happier. Both setting up a new account and taking out a home loan was hassle free - no pressure process. I compare that to my original first choice lender (one of big banks) who took on role of 'faux friend' but was later unresponsive to my queries and questions as first time lender. After gaining pre-approval I nonetheless disregarded them and couldn't be happier. Customer service is first rate. They're easy to get hold of and speak with and are professional and genuine in providing service. Products themselves are easy to understand. In my base a 'basic variable home loan'. Easy to log in to my account and see the status of my banking details. Important communications (approvals - rate reductions!) are sent out via SMS - but they never try to sell me additional products. I'm just a satisfied customer - rare - but not yet extinct breed if you're banking with BankVic.
low fees reasonable interes rates
Read full reviewlow fees reasonable interes rates
Is a BankVic home loan right for you? Then the next step is applying. To do so, you’ll need:
You’ll also need to be a member before you take out a home loan with BankVic. To be eligible for membership, you’ll have to be a First Responder including: