Founded in 1974 by a group of police officers, BankVic has been supplying its members with great financial products, including a wide range of home loan options, ever since. 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.
Rates and fees verified as correct at 23 June, 2017. Other information correct at the time of writing.
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 $30,000, and free redraws (minimum applies). You’ll also have the option to make repayments weekly, fortnightly or monthly, and split your loan between fixed and variable rates.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.22% p.a. | 4.97% p.a. | $0.00 | $600 | ||
| 3.97% p.a. | 4.47% p.a. | $0.00 | $600 |
There are a couple of 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. Some options are fee-free, while others come with an application fee attached. One of the perks you’ll get in return for this added fee is the use of an offset account. You’ll also have unlimited free extra repayments and a redraw facility (minimum amount applies) with your variable rate BankVic home loan.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.09% p.a. variable for 24 months and then 5.19% p.a. | 5.03% p.a. | $0.00 | $600 | ||
| 3.79% p.a. variable for 24 months and then 4.59% p.a. | 4.49% p.a. | $0.00 | $600 | ||
| 4.49% p.a. | 4.53% p.a. | $0.00 | $600 | ||
| 3.99% p.a. | 4.03% p.a. | $0.00 | $600 | ||
| 5.24% p.a. | 5.28% p.a. | $0.00 | $600 | ||
| 4.64% p.a. | 4.68% p.a. | $0.00 | $600 | ||
| 5.19% p.a. | 5.23% p.a. | $0.00 | $600 | ||
| 4.59% p.a. | 4.63% p.a. | $0.00 | $600 |
Love bundling benefits? Then check out a fixed rate home loan package from BankVic. You can borrow from $50,000 - $1 million, up to 95% of the property’s value, but there are different rate tiers for different loan amounts. Money saving features like free extra repayments up to $30,000 and a free redraw facility (minimum applies) will help keep home loan costs low, while 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 ‡ |
|---|---|---|---|---|---|
| 4.12% p.a. | 4.90% p.a. | $375.00 yearly | $0 | ||
| 4.12% p.a. | 5.08% p.a. | $375.00 yearly | $0 | ||
| 4.12% p.a. | 4.97% p.a. | $375.00 yearly | $0 | ||
| 3.87% p.a. | 4.41% p.a. | $375.00 yearly | $0 | ||
| 3.87% p.a. | 4.59% p.a. | $375.00 yearly | $0 | ||
| 3.87% p.a. | 4.48% p.a. | $375.00 yearly | $0 |
Like the fixed rate alternative, there are different rate tiers for different loan amounts when you take out a variable rate home loan package from BankVic. You can borrow up to 95% of the property’s price, starting from $20,000 and pay a yearly fee to do it. You’ll have the use of an offset account with this offer, as well as unlimited free extra repayments and a free redraw facility (minimum applies). You can also cash in on the great 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 ‡ |
|---|---|---|---|---|---|
| 4.94% p.a. | 5.30% p.a. | $375.00 yearly | $0 | ||
| 4.79% p.a. | 5.15% p.a. | $375.00 yearly | $0 | ||
| 4.69% p.a. | 5.05% p.a. | $375.00 yearly | $0 | ||
| 4.19% p.a. | 4.56% p.a. | $375.00 yearly | $0 | ||
| 4.34% p.a. | 4.71% p.a. | $375.00 yearly | $0 | ||
| 4.09% p.a. | 4.47% 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 |
|---|---|---|---|---|
| 5.19% p.a. | n/a | $0.00 | $600 | |
| 4.59% p.a. | n/a | $0.00 | $600 |
| Free extra repaymentsFree 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 $30,000 on fixed rate options. |
| Free redraw facilityFree redraw facility | Find yourself needing some of those funds back? Redraws are free on your BankVic home loan, but keep in mind, a minimum amount applies to each transaction. |
| Package benefitsPackage 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. |
Now you’ve seen the details of BankVic home loans, why not get some first hand knowledge? Read through our customer review section to find out how BankVic’s customers rate it in areas like customer service, trust and price.
* Overall rating based on reviews in the past 12 months.
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...
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.
David (VIC), reviewed over 1 year ago
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...
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.
John (VIC), reviewed almost 2 years ago
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...
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.
Steve (VIC), reviewed about 2 years ago
The staff ensure the customer is looked after every step of the way. They are happy to discuss debt consolidation and budgeting. The staff do not rush customers through a transaction or query, but spend adequate time explaining products and...
The staff ensure the customer is looked after every step of the way. They are happy to discuss debt consolidation and budgeting. The staff do not rush customers through a transaction or query, but spend adequate time explaining products and services.
Elizabeth (VIC), reviewed over 2 years ago
I love my bank (BankVic). Just wish they had more branches.
I love my bank (BankVic). Just wish they had more branches.
Morgsvic (VIC), reviewed about 3 years ago
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* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.
† Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.
Is a BankVic home loan right for you? Then the next step is applying. To do so, you’ll need:
