When you take out a home loan with us
Cost of living bonus.
*Terms and conditions apply.
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Compare our owner-occupier home loans
For a 30 year loan term
Rates & fees
Check out our rates & fees
- Variable RateBase Rate (% PA)Comparison Rate (% PA)Variable Rate (P&I)6.10%6.10%
(1) This owner occupier variable rate home loan is for new borrowings and refinances from other financial institutions outside of BankVic. Borrow up to 80% of the property value with no Lenders Mortgage Insurance (LMI). Victoria Police, Health and Emergency services employees can borrow up to 90% of the property value and pay no LMI for new purchases within Metro Melbourne including Geelong. Offset account not available. Approval subject to BankVic's credit assessment.
Fixed RatesBase Rate (% PA)Comparison Rate (% PA)1 year fixed rate (P&I)6.49%6.19%2 year fixed rate (P&I)6.25%6.18%3 year fixed rate (P&I)6.49%6.26%4 year fixed rate (P&I)6.99%6.48%5 year fixed rate (P&I)6.99%6.54%(1) Fixed rates apply for owner occupied loans with principal and interest repayments, at the end of the Fixed Rate period the interest rate will revert to our variable rate applicable at that time. Borrow up to 80% of the property value with no Lenders Mortgage Insurance (LMI). Victoria Police, Health and Emergency services employees can borrow up to 90% of the property value and pay no LMI for new purchases within Metro Melbourne including Geelong. You can make up to $10,000 pa in additional payments without incurring any penalty cost, any amounts exceeding $10,000 may incur a break cost. Please see the fees and charges guide for more information. Approval subject to BankVic's credit assessment.
- Establishment Fee: may be charged when you setup a home loanFee TypesFeesSet-up fee$300Standard metro valuation$300Top-up fee$200Other fees that may be charged when you setup a home loanFee TypesFeesNon-standard valuation (1)At cost (for country, interstate and high value properties)Progressive inspection feeUp to $150 per inspectionProduction of title (held by BankVic)$330Title searchUp to $25 per searchBankVic representation at settlement$99Financial institution chequeFreeTransfer via Real Time Gross Settlement (RTGS)$15 per transaction. Waived only for BankVic home loan settlements.
(1) Some country and interstate areas may incur a valuation fee up to $1,000. In addition to the above valuation costs, a commercial loan may incur additional costs. These costs will be available upon application. Any valuation cost that is additional to the Establishment Fee, will be payable in full at the same time the Establishment Fee is due.
Fees that may be charged after taking out a home loanFee TypesFeesSecurity substitution and loan portability$400Loan switching$200Discharge fee$295 per lodgementThird party fees (1)At costRedraw (2)FreeFixed Rate early repayment and break costs (3)UnascertainableAnnual fee for Premium Home and WealthBuilder$ Packages (4)$375(1) Fees payable if we incur a fee from any third party, including our solicitor or PEXA, as result of any matter relating to your Loan Contract or Security following the Settlement Date.
(2) Only available with variable rate home loans. Minimum transaction is $50.00.
(3) Break costs are an amount equal to our reasonable estimate of our loss as a result of you breaking the fixed interest period. If during a fixed interest period you repay the loan or change from a fixed interest rate loan to a variable interest rate loan or change from one fixed interest loan to another or pay more than $10,000 of the money owing before it is due in a calendar year, then break costs may be applied. Refer to the terms of your Loan Contract for full terms and conditions and calculation details.
(4) Premium Home and WealthBuilder$ Packages are no longer for available for new borrowings or refinances.
Eligibility
Membership Eligibility
To be eligible for a BankVic home loan you need to be a member of BankVic. You can apply to become a member of BankVic as part of your home loan application.
You can become a member if you are an Australian citizen or resident and either:
- you are a member of a police force
- you are a person involved in emergency services, health work, or the government departments
- immediate family of one of the above BankVic members
When you join BankVic you become a member and equal shareholder in a 100% member-owned bank. Your membership shares cost $10 upon joining.
As the bank for the police, emergency services, and health workers, our profits are reinvested to provide better value banking and to support our community.
Core members are members whose primary income is derived from any of the professions as outlined below:
- Police - any police or protective service officer employee. All other law enforcement agencies are covered as employees of Government Departments
- Health - any health professional who holds registration with one of the 15 National Boards governed by the Australian Health Practitioner Regulation Agency (AHPRA), as well as any employee of any private or public hospital, health centre, or ancillary service within the health sector
- Emergency Service Workers – any Ambulance employee, or employee of State Emergency Services (SES), Country Fire Authority (CFA), Fire Rescue, and Australian Volunteer Coast Guard (AVCG)
- Government Departments - an employee of any state or federal government department
- BankVic Employee - an employee of BankVic
All members not covered by any of the definitions above will be considered Non-Core.
What to expect
Here with you at every step
1. Start your application
Apply online, in branch, over the phone or with one of our mobile bankers to get your home loan journey underway.
2. Review your application
Once we have received your application, one of our lending consultants will be in contact to review your application with you and let you know if any additional information is required to help with our assessment.
3. Conditional Assessment
When we have received all the required information, we will assess your application and if all is in order, provide you with conditional approval.
4. Unconditional Approval
Together we’ll make sure everything is finalised and verified, you will then receive a loan offer and contract to sign.
5. Settlement
When we have received your signed loan documents, a settlement date will be confirmed and on the agreed date, we will draw down funds to pay for your property or pay out your old loan.
With you every step
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Financial well-being
Owner-occupied
- Read more
How to save on your home loan
Easy ways to pay your loan off fasterThink about potential savings you could make from refinancingConsider switching between a variable rate or fixed rate
- Read more
Thinking of refinancing your home loan?
How much could refinancing save you? Could you refinance to unlock the equity in your property? Would you benefit from a longer or shorter loan term? Is refinancing worth your time and effort?Would you benefit from a different loan product?
Terms and conditions
Important things you should know
Information on this page is general in nature and does not take into account your personal circumstances. You should consider whether it is appropriate for you before acquiring the product or service.
Fees and charges may apply. Interest rates are variable and subject to change. Information on our terms & conditions, interest rates and fees & charges are available on request.
We recommend that you read the following documents:
Campaign terms and conditions
Cost of Living Bonus
Read on to find out about our full campaign terms and conditions.
*TERMS AND CONDITIONS:
- This bonus offer is available on applications received between 1 March 2024 - 30 April 2024 and settled by 30 June 2024. Bonus offer terms and conditions apply. This bonus offer is for new owner-occupier and investment home purchases and refinances from other financial institutions to BankVic. BankVic membership eligibility and lending criteria applies. Fees and charges may apply. Information about our terms and conditions, interest rates, fees and charges are available at bankvic.com.au.
- Non police eligible members will receive a bonus of $250 and all eligible police members will receive a bonus of $350 per month for 6 months deposited into their BankVic transaction or savings accounts every third Wednesday of every month between July and December 2024. This account must be in the same name as the home loan account. For joint accounts, the bonus will be credited to a jointly held transaction or savings account otherwise, to the primary account holder. This offer is limited to one bonus per loan, regardless of the number of mortgaged properties involved in the transaction. Split and supplementary loans against one security will be eligible for one bonus only. A minimum loan amount of $200,000 and a maximum LVR of 80% is required.
- This offer is not compatible with any other bonus or cash back offer issued by BankVic. BankVic may vary or end this offer at any time without notice. This offer excludes refinances from another BankVic loan. Split and supplementary loans against one security will be eligible for one bonus only.
- Police eligibility is limited to current police employees or the Australian Federal Police.
- A Target Market Determination (TMD) is available at bankvic.com.au. Police Financial Services Limited ABN 33 087 651 661 - trading as BankVic | AFSL and Australian Credit Licence 240293.