The Introductory 2 Year Variable Rate home loan from BankVic offers a low rate for the first two years, plus flexible repayment options and a redraw facility.
BankVic's Introductory 2 Year Variable Rate home loan is a mortgage for homebuyers that comes with a special introductory rate. You can borrow up to 95% of your property's value, meaning you can get the loan with a 5% deposit (but you may have to pay a lenders mortgage insurance premium).
Eligibility. Please note that BankVic loans are only available for eligible Victorian residents who are employees of police, health, emergency services and public service organisations, plus their families.
|Product Name||BankVic Introductory 2 Year Variable Rate|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$120,000|
|Maximum Loan Amount||$3,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||Yes|
|Suitable for Investment||No|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest|
|Lender's Legal Fee||$0|
|Ongoing Fees||$0 p.a.|
- Competitive rates
- Redraw facility
- There is a $295 discharge fee
What do I need to know about this loan?
This is a flexible variable rate home loan. BankVic offers a low rate for the first two years as a special introductory offer. The loan doesn't come with an offset account but it does have a redraw facility.
What are the features and benefits of the BankVic Introductory 2 Year Variable Rate home loan?
- Loan amount. This loan lets you borrow up to $3,000,000.
- Repayment flexibility. You can make monthly, weekly or fortnightly repayments and unlimited extra repayments.
- Portability. Because this loan is portable, it's easy to transfer the mortgage to a new property when upgrading or moving home.
- Split and redraw. This loan has split and redraw facilities.
What fees and charges come with this loan?
The BankVic Introductory 2 Year Variable Rate home loan only has a few fees to be aware of. These include:
- Application fee: The application fee is currently waived as long as you apply by 30 November 2019 and settle by 31 January 2020.
- Discharge fee: $295. You pay the discharge fee when you end the home loan.
- Switching fee: $200. You only pay this fee if switching from one BankVic mortgage to another.
How do I apply for this loan?
To apply for this product or to get more information, click the green "Go to site" button and leave your details on BankVic's website. Then a BankVic mortgage specialist will get in touch and you can start your application.