BankVic First Home Buyer Package

Key features

Available to owner occupiers making principal and interest payments, first home buyers will be able to grab a 3.07% (3.08% 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.

Who is it good for

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. 

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. 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.