BankVic First Home Buyer Package

Mozo snapshot:

In the market for your very first home? With a low 3.79% variable rate, handy features like an offset account and the potential to make extra repayments, plus no upfront or services fees, the First Home Buyer Package from BankVic could be the home loan that helps you get into your first property. It’s perhaps little surprise then that the BankVic offer took out a 2018 Mozo Experts Choice Award for Best First Home Buyer Loan.

Key features:

Available to owner occupiers making principal and interest payments, first home buyers will be able to grab a low 3.79% variable rate with the First Home Buyer Package on loans worth more than $300,000.

BankVic even makes it easier for first home buyers to enter the market with a smaller deposit thanks to the maximum 95% LVR requirement, though you’ll need to stay below 85% LVR in order to avoid paying Lenders Mortgage Insurance.

The package provides all the handy features you’ll need, including an offset account, extra repayment facility and, should you need it, the potential to make free redraws on those extra payments - though there is a minimum $50 redraw amount.

Want to focus all your funds into paying off your loan? BankVic makes that easier with no upfront or legal fees when you apply and no ongoing service or annual fees throughout the life of the loan. However, while it may seem a long time down the road, you’ll need to pay a $195 discharge fee once you’ve paid off the loan.

The First Home Buyer Package also comes with a complimentary no annual fee BankVic Visa Silver credit card with an interest rate which is matched to that of the home loan (3.79%), not to mention cashback on certain BankVic insurance products.

Who it's good for:

With a suite of useful features to go with a competitive interest rate and minimal fees, the BankVic First Home Buyer Package could be a great option for first time buyers looking to get into the market.