BankVic Home Loans

Mutual Banks in Australia - BankVic

BankVic is a provider of home loans, credit cards, car loans, personal loans, savings and transaction accounts, home insurance, car insurance,  travel insurance and other financial products.

What home loans does BankVic offer?

If you’re currently considering a home loan, the comparison table below displays some of the variable rate home loans on our database from BankVic that are available for first home buyers. This table is sorted by Star Rating (highest to lowest), followed by comparison rate (lowest-highest). Products shown are principal and interest home loans available for a loan amount of $350K in Victoria with an LVR of 80% of the property value. Before committing to a particular home loan product, check upfront with your lender and read the applicable loan documentation to confirm whether the terms of the loan meet your needs and repayment capacity. Use Canstar’s home loan selector to view a wider range of home loan products.

*Comparison rate based on loan amount of $150,000 and a term of 25 years. Read the Comparison Rate Warning

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BankVic home loan features

  • Offset account available on certain variable home loans
  • Redraw facility available
  • Additional repayments allowed
  • No penalty for early repayment
  • Repayments may be made weekly, fortnightly, or monthly
  • Maximum loan term of 30 years

The inclusions above represent a selection of the features available with BankVic home loans. Canstar is not making any suggestion or recommendation to you about this product. Additional conditions may apply to different features. Please see our comparison tables for more detailed information about products on offer from this provider. Check upfront with BankVic and please ensure that you read the product disclosure statement (PDS) or other loan documentation to determine all the current loan terms and conditions for the product you are considering and whether it meets your needs, before committing to it.

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BankVic Home Loan FAQs

Before getting started, you might first like to take a look at our applying for a home loan checklist for some pointers, and use the Canstar website to compare home loans with other providers before choosing a product that suits your needs: 

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If you decide to apply for a BankVic home loan, you can do this through its website, over the phone, in person at a BankVic branch or with a BankVic mobile lender. 

All applicants must: 

  • Be Australian residents
  • Be 18 years and over
  • Meet the lending assessment criteria which can be found on the BankVic website

At the time of writing, BankVic allows extra repayments on all of their home loans. A fixed rate home loan, however, only allows up to $10,000 in extra repayments each year and charges a penalty fee.

Further terms and conditions may apply. Contact BankVic for details.

To give you an idea of how making extra repayments could save money in interest over the life of your loan, you might like to try our Extra Repayments Calculator:

Home Loans Extra Repayments Calculator

At the time of writing, all of BankVic’s home loans offer a free redraw facility with a minimum redraw amount of $50, except for the Fixed Rate, Line Of Credit and Interest Only options.

If you’re in the market for a home loan, compare your home loan options with Canstar:

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BankVic was founded in 1974 to provide financial services to Victoria Police members and their families. Since that time, its services have been extended to cover health, emergency, and public sector workers. BankVic also aims for sustainability through a variety of ‘green initiatives’. Today, BankVic has 112,000 members and $1.78 billion in assets under management. 

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Written by: Eliza Parry-Okeden | Last updated: September 24, 2019