|Product||Interest rate from||Comparison rate from||Upfront fee|
|Car Loan (Fixed, Secured)||
9.12% p.a.based on $30,000
|Unsecured Personal Loan (Variable)||
12.08% p.a.based on $10,000
Unsecured Personal Loan
Unsecured personal loan options from BankVic have either a variable interest rate or fixed rate. On one hand your rate may stay the same over the life of the loan (fixed) or it could fluctuate with the market (variable), meaning it could go up or down over the life of your loan
With a BankVic personal loan you’ll be able to borrow as little as $500 up to a maximum of $30,000. You’ll have an option to choose the loan term that best suits your budget too, as BankVic allows you to select repayment terms from 1 to 5 years. Plus, you can choose to time your repayments with your pay cycle, with the option of between weekly, fortnightly and monthly repayments. Not only that, you can also make free extra repayments too.
While there is an upfront application fee of $90 for all BankVic personal loans, unlike many other loans in the market there are no ongoing fees like service fees, late payment or exit fees. Plus, for a limited time BankVic is offering an application fee waiver to customers.
Car loans with BankVic are fixed interest rate loans. They work in a very similar way to the unsecured personal loan options in terms of fees and features. However, BankVic car loans have different limits. There is no maximum (as long as you can afford the repayments) and the minimum loan amount is $10,000.
It’s also important to note, there is no application fee waiver available on this loan - so make sure to budget for that upfront cost.
Repayment schedule options: Across all BankVic personal loan products there is the option to make either weekly, fortnightly or monthly repayments. This means you can align your repayments with when you get paid if you want to!
Extra repayments: BankVic also gives borrowers the flexibility to make additional repayments on top of regular ones. There’s no extra charge for doing so - just be mindful there is no redraw facility available.
No early repayment penalty: If you end up paying down your entire loan ahead of time, BankVic won’t slap you with a hefty fee - which some lenders do.
There are three easy ways you can apply: online, over the phone or in-branch. You’ll need to be a BankVic member and you’ll also need to supply the usual information like your driver’s licence or passport as well as proof of income and details of assets/liabilities.
Here’s a rundown of what you’ll need:
Two most recent payslips
Three months worth of most recent everyday bank statements
Three months worth of most recent credit statements (if applicable)
Mozo users have rated BankVic personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
For members only, I don't think they really have tried with their interest rates.Read full review
For members only, I don't think they really have tried with their interest rates.
BankVic have really looked after me. Their one on one service is really something I appreciate with this bank. Here you are treated as a person and not a number.Read full review
BankVic have really looked after me. Their one on one service is really something I appreciate with this bank. Here you are treated as a person and not a number.