Your guide to comparing home loan deals from BankVic
Founded in 1974 by a group of police officers, BankVic specialises in financial solutions targeted at specific professional groups like the police, health and public service. It offers a wide range of financial services and is 100% member owned.
Who is BankVic?
Loans form a major part of BankVic’s financial portfolio. BankVic mortgage experts can also help you choose the right loan option to suit your budget. Some of BankVic’s home loan features include competitive rates, easy accessibility, flexible terms and pre-approvals.
Compare BankVic Home Loans
Home loans offered by BankVic
Standard Variable Rate Home Loan
This is BankVic’s most basic home loan offering and it has a competitive variable interest rate. With a complimentary redraw facility and no ongoing management fees, this loan aims to make the most of your money. However, charges for property valuation, early repayment of loans and establishment fees do apply.
Other loan features include portability and the option to make weekly, fortnightly or monthly repayments.
Fixed Rate Home Loan
If you like to plan your budget in advance and know what your repayments will be, this fixed rate option could suit you. This loan features an additional repayment facility and flexible terms for repayment, with weekly, fortnightly or monthly payments available.
Interest on this loan is calculated on a daily basis, while optional mortgage repayment insurance is available.
Line of Credit Home Loan
The Line of Credit option is BankVic’s all-in-one solution that allows customers to unlock the equity in their home. This loan comes with a Visa debit card which is linked to your loan account and will enable you to withdraw cash or make purchases.
There is no penalty for additional repayments and the loan comes with an optional 90 days of free building insurance cover. The Line of Credit Home Loan is portable and repayments are made monthly.
Offset Variable Home Loan
This option lets you use your savings to reduce the interest you need to pay on your loan. There is no penalty for additional repayment, so you can get out of debt quicker if your budget allows.
Flexible payment options can be tailored to suit your budget, while other features include a redraw facility and loan portability.
Honeymoon 1-2 Year Discount Variable Home Loan
This option gives you a discount on BankVic’s standard variable interest rate for an introductory period, letting you pay off a larger amount of debt quicker. Other key features of this loan include zero establishment fees, a free redraw facility and flexible repayment terms.
Premium Home Package Home Loan
Depending on the amount you borrow under this package, you can also get a discount off the standard variable rate. An annual fee does apply, but the fee for switching loans between variable and fixed rates is waived. In addition, the cost of up to three standard property valuations can be waived every year as part of this package.
Pros and cons of BankVic home loans
- Choice. BankVic offers several home loans to choose from, with products available for a wide range of borrowers.
- Competitive rate of interest. BankVic’s competitive interest rates can help you save a substantial amount over the life of your loan.
- Free redraw facility. Most BankVic loans have a free redraw facility.
- Additional repayments. Many loans don’t include any additional fees for extra repayments every year.
- Property investment guide. This handy BankVic tool gives you easy access to a wealth of useful advice about buying property and helps you make an informed choice
- Non-refundable fees. Costs that may have been incurred while assessing applications, such as a securities register enquiry and additional title search, are not refundable even if the loan is not approved.
How to apply for BankVic home loans
If you’d like to apply for a BankVic home loan, please consult a mortgage broker. To apply for a loan from BankVic:
- You must be above 18 years of age
- You must be a BankVic member
- You must meet the bank’s lending criteria
Documents needed to apply for a BankVic home loan
You’ll need to supply a range of personal details, including:
- Your driver’s licence
- Details of your residential address
- Proof of your previous address if you have been residing less than five years in your current address
- Employment details, including your employer and your job title, or your business activity if self-employed
BankVic will want you to provide documentation regarding the property you are purchasing, including:
- A copy of the contract of sale
- Title and building plan details
- Property valuation details
You will need to provide financial information so the lender can determine your ability to make repayments and how much you can borrow. The information you’ll have to provide includes:
- Details of your income and tax returns
- Details of assets that you may own, including shares, savings, real estate, vehicles etc.
- Details of your liabilities and other recurring expenses
Compare BankVic loans with other products on the market to make sure you end up choosing the best possible loan for you.