In the market for your very first home? With a low 3.07% variable rate (3.07% comparison 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.
Available to owner occupiers making principal and interest payments, first home buyers will be able to grab a 3.07% (3.07% comparison rate*) 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 85% LVR requirement, though you may need to pay Lenders Mortgage Insurance (LMI) with a lower deposit.
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 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 (3.07%), not to mention $100 cashback for borrowers who also take out two BankVic general insurance products.
While it doesn't have the sharpest interest rate on the market, the suite of useful features and minimal fees could make the BankVic First Home Buyer Package a great option for first time buyers looking to get into the market.
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. The loan is also only available to Victorian first home buyers, so if you're from another state, you may be better off comparing other first home loans.
3.07% p.a.
n/a
n/a
n/a
3.07% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$0.00
n/a
$0.00
$0.00
n/a
$0.00
$295.00
$300,000
none
none
85.00%
Owner Occupier
Principal & Interest
Weekly, Fortnightly, Monthly
yes - free
no
yes - free
$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.
none
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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.
loans.com.au
Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
Bank of Queensland
Fixed Rate
2.09% p.a.
fixed 3 years
3.01% p.a.
People's Choice Credit Union
Fixed Rate Home Loan (Package)
1.99% p.a.
fixed 3 years
3.64% p.a.
loans.com.au
Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
loans.com.au
Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a.
2.47% p.a.
Bank of Queensland
Economy
2.59% p.a.
2.76% p.a.
Bank of Queensland
Fixed Rate
2.09% p.a.
fixed 3 years
3.01% p.a.
People's Choice Credit Union
Fixed Rate Home Loan (Package)
1.99% p.a.
fixed 3 years
3.64% p.a.
loans.com.au
Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a.
2.47% p.a.
$0.00
Yard
Variable Home Loan Special
2.09% p.a.
2.12% p.a.
$0.00
GMCU
Basic Variable
2.33% p.a.variable for 24 months and then 3.82% p.a.
3.71% p.a.
$8.00 monthly
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
