BankVic home loans

BankVic
BankVic's overall rating for home loans

(as rated by the Mozo community)

8.6 / 10

based on 12 reviews

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 04 December, 2016. Other information correct at the time of writing.

What home loans do BankVic offer?

Fixed Rate Home Loans 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 $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.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.22% p.a.

4.83% p.a.

$0.00

$600

3.97% p.a.

4.47% p.a.

$0.00

$600


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Variable Rate Home Loans Variable Rate Home Loans

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.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

3.79% p.a. variable for 24 months and then 4.59%

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

5.04% p.a.

5.08% p.a.

$0.00

$600

4.64% p.a.

4.68% p.a.

$0.00

$600

4.99% p.a.

5.03% p.a.

$0.00

$600

4.59% p.a.

4.63% p.a.

$0.00

$600


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Fixed Package Home Loan Fixed Package Home Loan

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.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.12% p.a.

4.76% p.a.

$375.00 yearly

$0

4.12% p.a.

4.94% p.a.

$375.00 yearly

$0

4.12% p.a.

4.83% 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


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Variable Package Home Loan Variable Package Home Loan

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.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.74% p.a.

5.10% p.a.

$375.00 yearly

$0

4.59% p.a.

4.96% p.a.

$375.00 yearly

$0

4.49% p.a.

4.86% 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


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Line of Credit 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

4.99% p.a.

n/a

$0.00

$600

4.59% p.a.

n/a

$0.00

$600

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BankVic home loan features in a glance

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.

How are BankVic home loans rated?

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.

BankVic home loans

Overall 8.6*

Price

Features

Customer service

Convenience

Trust

12 Reviews

* Overall rating based on reviews in the past 12 months.

Recent BankVic home loan reviews Recent BankVic home loan reviews

BankVic

BankVic Standard Variable Home Loan (Owner Occupier) home loan review

Overall rating   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...

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 (VIC), reviewed about 1 year ago

BankVic

BankVic Line of Credit (Owner Occupier) (Premium Package) home loan review

Overall rating   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...

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 (VIC), reviewed about 1 year ago

BankVic

BankVic Base Variable Home Loan (Owner Occupier) home loan review

Overall rating   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...

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 (VIC), reviewed over 1 year ago

BankVic

BankVic home loan review

Overall rating   9 / 10

Friendly and patient

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...

Full review

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.

    Price   8 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   8 / 10

    Trust   9 / 10

Less

Elizabeth (VIC), reviewed almost 2 years ago

BankVic

BankVic Fixed Rate Home Loan (Owner Occupier) home loan review

Overall rating   10 / 10

The Best Bank

I love my bank (BankVic). Just wish they had more branches.

Full review

I love my bank (BankVic). Just wish they had more branches.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Morgsvic (VIC), reviewed over 2 years ago

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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. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

* 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.

What do you need to apply for a BankVic home loan? 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 police force member
  • involved in health, emergency or public services
  • family member of a person employed in police, health, public or emergency service
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