BankVic First Home Buyer Package
3.84% p.a.
3.85% p.a.
$0.00
BankVic First Home Buyer Package
3.84% p.a.
3.85% p.a.
$0.00
BankVic First Home Buyer Package
3.84% p.a.
3.85% p.a.
$0.00
Mozo Review BankVic First Home Buyer Package Review
Last updated: 13 March 2019.
What's hot:
3.84% variable rate (3.84% comparison rate)
No upfront or ongoing fees
2018 Mozo Experts Choice Award winner
Offset account and extra repayments features
What's not:
$195 discharge fee
Mozo snapshot:
In the market for your very first home? With a low 3.84% 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 3.84% 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 (3.84%), 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.
Any catches?
Don't forget that while there is a handy redraw facility included with this loan, you'll need to redraw a minimum of $50 at a time.
Details
Rates and fees information correct as at 19 March 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.Rates
-
3.84% p.a.
-
n/a
-
0 Months
-
none
-
3.85% p.a.
-
n/a
-
n/a
-
n/a
-
n/a
-
n/a
-
n/a
-
n/a
-
n/a
Fees
-
$0.00
-
$0.00
-
$0.00
-
$0.00
-
none
-
$0.00
-
$295.00
Other financial bits
-
$300,000
-
none
-
none
-
95.00%
Features
-
Owner Occupier
-
Principal & Interest
-
Weekly, Fortnightly, Monthly
-
yes - free
-
no
-
yes - fees apply
-
$50.00
-
yes
-
yes
-
Must be a Victorian first home buyer.
-
Packaged with a Silver credit card with interest rate matched to your home loan and $100 cash back on insurance when you take out two general insurance policies.
Customer Reviews
How are BankVic home loans rated by the Mozo community?
About BankVic
BankVic, formerly the Police Credit Union VIC, is a mutual bank wholly owned by its members. BankVic offers financial services for people working in police, health, emergency and public services along with their family and friends. Personal banking products available at BankVic include credit cards, home loans, insurance and financial advice.
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