To be eligible for the BankVic $5,000 First Home Buyer Grant you must:
Successful applications for the BankVic First Home Buyer Home Loan will:
Features of our First Home Buyer home loan include:
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2. First Home Buyer Package loan rate effective 25 October 2017 for new borrowers
You can also request a home loan key facts sheet which will highlight important information such as the total amount that you need to repay over the life of your loan.
Refer to Fees & Charges (PDF) for information on current fees & charges.
What do you get with the First Home Buyers Package?
What is the eligibility criteria for the $5,000 Grant?
When can I get the grant?
What account will the BankVic grant be paid into?
Do I have to pay the BankVic Grant back?
What’s the catch?
What’s the interest rate?
What are the fees?
There are no establishment, ongoing package, monthly or annual fees
There are no early repayment fees or redraw fees
There are no valuation fees
Can I make extra payments?
Can I get offset?
Which account can I use for my Offset?
What is the eligibility criteria for the Loan?
The First Home Buyer Package Loan is available for:
What is the minimum deposit I need?
What Loan to Valuation Ratio (LVR) can I borrow up to?
Can I redraw?
Can I split my loan between a fixed and variable interest rate?
Is the First Home Buyers Package available for construction of a property?
Can my parents offer assistance?
Yes. We can accept family guarantees to cover deposit requirements. There are no fees to set this up either.
What is a Family Guarantee?
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.
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.
Can my Family Guarantee be removed?
Yes, you can remove the guarantee once you have satisfied the following requirements:
What comes in the package?
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:
What limit can I get on the credit card?
Can I have a joint Silver credit card?
What happens when I close my loan?
If I switch to a standard Silver credit card will the interest rate change?
Are all members eligible for a Silver credit card with matching home loan interest rate?
How do I qualify for the $100 Insurance Cashback?
When will I receive the $100 Insurance Cashback?
What account will the $100 Insurance Cashback be paid into?
Before you apply...
We recommend that you read the following important documents:
TERMS & CONDITIONS: First Home Buyer Package (FHBP): FHBP $5,000 BankVic Grant: 1. Offered to the first 100 eligible members. You will need to settle your BankVic First Home Buyer package loan by 30 June 2018. Must be a member for at least 3 months prior to application date or employed by Victoria Police or in the health, emergency or public services sector. BankVic to be satisfied that the member meets first home buyer conditions through evidence of approval for the Victorian Government’s First Home Owner Grant or as a recipient of the Victorian State Revenue Office Stamp Duty First Home Buyer concessions or other means. Minimum loan amount of $300,000 required. FHBP $5,000 BankVic Grant to be deposited into a member’s BankVic loan account within 10 business days of loan commencement. FHBP Loan Available on new owner occupied loans, with principal and interest repayments to purchase a new (fully constructed) or established home. Maximum Loan to Valuation Ratios apply. Lenders Mortgage Insurance may be required. Not available for construction loans. 2. This comparison rate is calculated on a $150,000 loan over 25 years based on monthly repayments. WARNING: Comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Visa Silver credit card: 3. Must obtain a FHBP loan to be eligible for the Visa Silver credit card. Interest rate is the same as the FHBP Home Loan variable interest rate and subject to change. Published interest rate current as of 30/10/2017. Once your FHBP Home Loan is paid out, the Visa Silver credit card interest rate will revert to the standard interest rate for the Visa Silver credit card. FHBP Insurance Offer: 4. $100 cash back offer is available when you take out 2 general insurance policies through BankVic at the same time and obtain an FHBP Home Loan (E.g. Building & Contents Insurance). Cash back will be deposited into your BankVic transaction account on the date your FHBP loan commences. Any advice is general advice only and has been prepared without taking account of your objectives, financial situation or needs. Before acting on the advice you should consider whether the advice is appropriate for you. Before you make any decision to acquire any product or service you should obtain and consider the relevant Product Disclosure Statement available at a branch or by calling 13 63 73. Terms, conditions, limits and exclusions apply. As an AFSL holder, we sell general insurance products under an agreement with Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance. If you purchase insurance we will receive a commission that is a percentage of the premium. Ask us for more details before we provide you with any of these services. 5. Anywhere Account: Minimum deposit of $1,000 must be received in the account by close of business on the last business day of the month or you may incur an ATM operator fee. The deposit cannot be an internal transfer or interest earned from other BankVic products. Fees, charges, terms, conditions and lending criteria apply. BankVic reserves the right to vary or extend this offer. From Police Financial Services Limited (trading as BankVic) ABN 33 087 651 661 AFSL and Australian Credit Licence 240293. Contact BankVic for further details. (T 13 63 73, W bankvic.com.au) 10.17 BV6496