8.7/10

Based on 446 BankVic product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.

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.  

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 28 May 2024. 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

6.49% p.a.

6.26% p.a.

$0.00

$600

6.84% p.a.

6.65% p.a.

$0.00

$600

6.64% p.a.

6.59% 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

6.10% p.a.

6.10% p.a.

$0.00

$0

6.50% p.a.

6.55% p.a.

$0.00

$600

6.60% p.a.

6.65% p.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 customer reviews
Overall
8.2/10
Price
7.8/10
Features
6.9/10
Customer service
8.2/10
Convenience
7.4/10
Trust
8.5/10
Based on 39 BankVic product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Recent BankVic home loan reviews

BankVic Home Loan
Overall 1/10
Worst Bank in Australia

We have almost $500k in savings with BankVic. We also have a $386k Investment Property loan. We have sold the investment property and over $400k was sent to BankVic as part of the settlement on Friday. I called today (Monday) to find out what was happening with the loan. BankVic's response was that they did not know anything about the payment. They later called back to say they had found the money but apparently do not know what to do with it. I tried escalating this to senior management. Senior management won't speak to me because it is beneath them to speak to a member and the loans department won't speak to me because I have escalated the issue to senior management.

Read full review

We have almost $500k in savings with BankVic. We also have a $386k Investment Property loan. We have sold the investment property and over $400k was sent to BankVic as part of the settlement on Friday. I called today (Monday) to find out what was happening with the loan. BankVic's response was that they did not know anything about the payment. They later called back to say they had found the money but apparently do not know what to do with it. I tried escalating this to senior management. Senior management won't speak to me because it is beneath them to speak to a member and the loans department won't speak to me because I have escalated the issue to senior management.

Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Seaton, Victoria, reviewed 4 months ago
BankVic Variable Rate
Overall 10/10
BankVic an Australian member-owned mutual bank

I reveiw my BankVic as Excellent in every category, because so far i have not had any issue, plus they are competively priced, offer many bundled products and is an Australian member-owned mutual bank.

Read full review

I reveiw my BankVic as Excellent in every category, because so far i have not had any issue, plus they are competively priced, offer many bundled products and is an Australian member-owned mutual bank.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Maria, Victoria, reviewed 11 months ago
BankVic Variable Rate
Overall 2/10
Biggest banking regret glad to be changing banks

Have been trying to refinance our home loan moving away from this bank due to lack of physical branches and the fact you have to go to the post office now to try and deposit money into your account. They lied to the other finacial institution about having not received any information about our wish to change banks then proceeded to try and stop us from changing asking what can we do to keep you with our bank has something gone wrong? When i said i dont like speaking over the phone i want to speak to a person face to face they said we didnt have the right paperwork. convienitly the banking portal also didnt have an upto date form for the other finacial institution to draw from so we had to wait for them to email us then resubmit the paperwork again. Pay out estimate came in with over $12k in unexplained extra costing that we now have to wait for an answer as to what this amount is for. They also refused to roll a personal loan into our current home loan, took 2 months to finalise that personal loan when we originally applied for it and having no physical branch its been a game of try to get in touch with the rep and email and wait for ever for a reply. I can safely say that my haste to think ill of our previous finacial institution over minor issues that could have been resolved with a simple conversation, i mad a massive mistake and moving across to BankVic was a stupid decision that by the look of it is about to set my family back another 12k for nothing.

Read full review

Have been trying to refinance our home loan moving away from this bank due to lack of physical branches and the fact you have to go to the post office now to try and deposit money into your account. They lied to the other finacial institution about having not received any information about our wish to change banks then proceeded to try and stop us from changing asking what can we do to keep you with our bank has something gone wrong? When i said i dont like speaking over the phone i want to speak to a person face to face they said we didnt have the right paperwork. convienitly the banking portal also didnt have an upto date form for the other finacial institution to draw from so we had to wait for them to email us then resubmit the paperwork again. Pay out estimate came in with over $12k in unexplained extra costing that we now have to wait for an answer as to what this amount is for. They also refused to roll a personal loan into our current home loan, took 2 months to finalise that personal loan when we originally applied for it and having no physical branch its been a game of try to get in touch with the rep and email and wait for ever for a reply. I can safely say that my haste to think ill of our previous finacial institution over minor issues that could have been resolved with a simple conversation, i mad a massive mistake and moving across to BankVic was a stupid decision that by the look of it is about to set my family back another 12k for nothing.

Price
1/10
Features
1/10
Customer service
3/10
Convenience
3/10
Trust
1/10
Less
Chani, Victoria, reviewed over 1 year ago
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 over 4 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 over 8 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:

You’ll also need to be a member before you take out a home loan with BankVic.

You can become a member if you are an Australian citizen or resident and either:

Home loan quick links