With BankVic's award-winning First Home Buyer Package, you get: 

• A 3.79% p.a variable rate and comparison rate
  
• A 3.79% Silver credit card matched to our home loan rate.
  
• Receive a $100 cash back when you take out any two general insurance policies, like home or contents insurance.
  
• 85% Loan to value ratio (LVR) without Lenders Mortgage Insurance (LMI)

3.79%pa variable home loan rate and comparison rate

There are no establishment, ongoing package, monthly or annual fees

There are no early repayment fees or redraw fees

There are no valuation fees

 

Yes there are no restrictions on variable rate loans

 

Yes an offset facility is available 

 

You can use an S11 Anywhere account 

The First Home Buyer Package Loan is available for:

• The purchase of a first home
  
• Owner occupied loans with principal and interest repayments
  
• The purchase of a new (fully constructed) or established home
  
• It’s not available for construction loans
  

 

You can have as little as 5% but this will depend on your circumstances

What is Lenders Mortgage Insurance (LMI)?

Lenders Mortgage Insurance (LMI) usually applies to borrowers who are taking out loans for more than 80% of the value of a property. As its name suggests, LMI covers the lender if you’re unable to pay back your home loan.

If you end up in this position, your property will be sold and any money from the sale will first go towards paying off your mortgage. If this still doesn’t cover the full amount you owe, LMI covers the lender for the difference between the sale price and the amount outstanding on your loan.

You can borrow up to 85% of the value of the property without Lenders Mortgage Insurance (LMI) or 100% (plus costs) with a Family Guarantee 

 

Yes our redraw facility is free (minimum $50 per redraw) 

Yes and there is no additional cost to do this

No, it is only available when purchasing a new (fully constructed) or established home 

Yes. We can accept family guarantees to cover deposit requirements. There are no fees to set this up either.

Download the Family Guarantees Application Form

A Family Guarantee allows a family member to use the equity in their home as additional security for your loan. This will enable you to avoid paying Lenders Mortgage Insurance (LMI) and maximise the amount you can borrow. To do this, the guarantor will need to move their home loan to BankVic.

Example

Jarrod is planning to buy a $550,000 house with a $27,500 deposit (LVR of 95%) which means Lenders Mortgage Insurance (LMI) would be payable due to the high LVR for this loan.

As Jarrod’s parents have equity in their home they could provide a Family Guarantee of $82,500 as additional security on the loan, reducing Jarrod’s LVR to 80%.

By doing this Jarrod can avoid paying Lenders Mortgage Insurance saving him up to $20,000.

Benefits for the Borrower

• Helps to reduce or avoid Lenders Mortgage Insurance, saving you money
  
• Enables you to get into the market sooner
  
• Maximises the amount you can borrow – up to 100% of the purchase price plus costs such as Stamp Duty and Legal Fees
  
• Allows you to get help from your parents without having to ask them for cash to contribute to your deposit
  

Benefits for the Guarantor

• You can help your children to buy a home without having to give them a deposit (cash)
  
• You can nominate a specific amount that you’re comfortable to contribute as security for your child’s loan – called a ‘Limited Guarantee’
  
• You can be released when the borrowers loan to value ratio is reduced to the required level
  

Download the Family Guarantees Application Form

Yes, you can remove the guarantee once you have satisfied the following requirements:

• Your repayments must have been made on time, every time, for the last 6 months
  
• Your loan balance (including redraw) must be less than 80% of the value of your property. This can be from a combination of extra repayments and/or capital growth in the value of your property
  
• Your credit history, income, employment and all other aspects of your situation must meet the lenders policy
  

Download the Family Guarantees Application Form

With BankVic's First Home Buyer Package, not only will you get a great variable home loan rate, but we'll give you a credit card with a rate that matches your home loan plus a whole lot more. And the best bit? There's no initial or ongoing fees! 

As a First Home Buyer, we wanted to give you a great deal on not just your loan but the rest of your banking too. 

With the First Home Buyers Package you also get:

Silver Credit Card

• Interest rate matched to your home loan rate
  
• No annual fee
  
• Up to 44 days interest free period on purchases
  
• Balance transfers available

Insurance

• Protect your new asset with BankVic insurance through CGU
  
• Receive $100 cash back when you take out any two general insurance policies like home and contents insurance

Anywhere Account

• Get instant access to your funds and bank fee free with an everyday transaction account
  

 

Your limit will be assessed based on your borrowing capacity with a maximum limit of $10,000.

 

No, however if you have a co-borrower on your First Home Buyers Loan your co-borrower can have an additional card.

 

You can either close the card or switch to the standard Silver credit card, which has a higher interest rate.

 

Yes, your interest rate will change to the standard Silver credit card interest rate.

No, only members who are eligible for the First Home Buyer Package

You will need to take out two general insurance policies through BankVic, eg. Home and Contents Insurance, at the time of applying for your First Home Buyer Package loan 

You will receive the cashback upon settlement of your First Home Buyer Package loan. 

The $100 cash back will be deposited into your BankVic transaction account on the date your First Home Buyer Package loan commences.