based on 430 BankVic banking product reviews as rated by Mozo community

BankVic home loans

Founded in 1974 by a group of police officers, BankVic (previously The Police Credit Co Operative) has been supplying its members with great financial products, including a wide range of home loan options, ever since.  In 2020, BankVic became a certified B Corp.  And in 2021, BankVic was a recipient of a Mozo Experts Choice Home Loan Award for the Fixed Rate Home Loan category.

Membership is open to police, health, public service and emergency service employees, as well as their families. If that sounds like you, check out the home loan options on offer below.

What home loans do BankVic offer?

Rates and fees verified as correct at 19 October, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

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.

Home loan repayments calculator

years

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

Variable Rate Home Loans

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.

Home loan repayments calculator

years

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

Fixed Package Home Loan

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.

Home loan repayments calculator

years

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

Variable Package Home Loan

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.

Home loan repayments calculator

years

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

Line of Credit

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

BankVic home loan features in a glance

Free icon

Free extra repayments

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.

Free icon

Free redraw facility

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.

Free icon

Package benefits

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.

How are BankVic home loans rated?

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.

Icon of home-loans
BankVic home loans
Overall
Price
Features
Customer service
Convenience
Trust

36 Reviews

Recent BankVic home loan reviews

BankVic Home Loan
Overall 8/10
Good rate but I recommend shopping around.

Good rate and I like the redraw function, but when I made an enquiry about reducing the rates, they ignored my emails.

Read full review

Good rate and I like the redraw function, but when I made an enquiry about reducing the rates, they ignored my emails.

Price
9/10
Features
6/10
Customer service
6/10
Convenience
3/10
Trust
7/10
Less
Lawrence, Victoria, reviewed almost 2 years ago
BankVic Standard Variable Home Loan
Overall 10/10
Great people, expertise and excellent service.

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 review

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.

Price
9/10
Features
8/10
Customer service
10/10
Convenience
9/10
Trust
10/10
Less
David, Victoria, reviewed about 6 years ago
BankVic Line of Credit (Premium Package)
Overall 10/10
More than a Bank. Customers always come first.

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 review

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.

Price
9/10
Features
9/10
Customer service
10/10
Convenience
9/10
Trust
10/10
Less
John, Victoria, reviewed about 6 years ago
BankVic Base Variable Home Loan
Overall 9/10
Really is members first service

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 review

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.

Price
9/10
Features
8/10
Customer service
10/10
Convenience
8/10
Trust
10/10
Less
Steve, Victoria, reviewed over 6 years ago
BankVic Line of Credit
Overall 7/10
good customer follow up

low fees reasonable interes rates

Read full review

low fees reasonable interes rates

Price
5/10
Features
5/10
Customer service
6/10
Convenience
6/10
Trust
7/10
Less
Andrew, Victoria, reviewed over 6 years ago

What do you need to apply for a BankVic home loan?

Is a BankVic home loan right for you? Then the next step is applying. To do so, you’ll need:

  • Your passport and/or Australian driver's licence
  • Your employment, income and living expense details
  • Details of your assets including, land, vehicles, savings, shares and super
  • Details of any amount you owe on loans, overdrafts, or credit cards

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:

  • A police force member
  • Involved in health, emergency or public services
  • Family member of a person employed in police, health, public or emergency services
  • People working within 5kms of a BankVIC Branch

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