BankVic Home Loan Review

Bankvic Home Loan Review

Read Here for Our BankVic Home Loan Review:

BankVic is a B Corps bank for the Victorian police, health, public and emergency service employees. BankVic was founded in 1974 to improve the well-being of the Victoria police force and their families. After more than four decades, its services have extended to employees of the health, emergency and public service sectors. Home loans are one of the services that it offers to its members.

Its Main Purpose

BankVic aims to build healthy communities that are socially, financially and environmentally sustainable. It’s this purpose that drives the Bank’s operations as certified B Corporations or B Corps. It takes care of its members by reinvesting 100 per cent of its profits to benefit its members and the community.

What does it mean to be a B Corps Bank?

As a certified B Corps, you must meet the highest standards of verified environmental and social performance, legal accountability and public transparency. This helps you to balance your purpose and profit.

With more than 110,000 members and $2 million in assets, BankVic still never loses sight of its past. It makes sure that it takes care of the financial well-being of each of its members.

The Bank works with partner organisations that deliver critical services to all of its members and the whole of the Victorian community to bring about lasting change. It has contributed over $3.1 million worth of donations and sponsorships to non-profit organisations.

What are the different home loans that you can take out?

BankVic offers different home loan packages for different needs.

First home buyers

If you are planning to buy your very first home, you might want to consider these home loan packages.

First home buyer loan package

Key features:

  • Four-year fixed-rate home loan package
  • 95% fixed rate per annum
  • No establishment fee
  • No ongoing, annual or package fees
  • Maximum loan term of 30 years
  • Up to 85% loan to value ratio (LVR) with no lenders mortgage insurance
  • Offset and redraw only, with a minimum $50 redraw per transaction
  • Choose from flexible repayments: weekly, fortnightly or monthly
  • Unlimited additional repayments, with a $10,000 limit per year on fixed-rate loans
  • Family guarantee available
  • Additional package benefits available on fixed rate loans, credit cards and insurance

3 year introductory rate

Key features:

  • 19% variable rate per annum
  • $200,000 minimum loan amount
  • No establishment fee
  • No ongoing, annual or package fees
  • Up to 80% LVR
  • Redraw facility is available, with a minimum of $50 per transaction
  • Flexible repayments: weekly, fortnightly or monthly
  • Unlimited additional repayments
  • Roll to a base variable rate after three years
  • Maximum year loan terms of 30 years

Base Variable

Key features:

  • 74% variable rate per year
  • $600 establishment fee
  • No ongoing, annual or package fees
  • Up to 80% LVR with no lenders mortgage insurance
  • Redraw facility, with $50 minimum per transaction
  • Unlimited additional repayments
  • A maximum of 30-year loan term

Upgrade and refinance

These owner-occupied loans are available if you want to upgrade or refinance your home loans.

Fixed-rate premium home package

Key features:

  • 95% two-year fixed per annum
  • $375 annual package fee
  • Up to 80% LVR
  • Offset and redraw on variable loans
  • Unlimited additional repayments
  • Additional package benefits on home loans, term deposits, insurance and credit cards

3 year introductory rate

Key features:

  • 19% variable per annum
  • No establishment fee
  • No ongoing, annual or package fees
  • $200,000 minimum loan amount
  • Up to 80% LVR
  • Redraw facility
  • Unlimited additional repayments
  • Roll to a base variable rate after three years

Variable rate premium home package

Key features:

  • 67% variable rate per annum
  • $375 annual package fee
  • Up to 80% LVR
  • Offset and redraw facility
  • Unlimited additional repayments

Base variable

Key features:

  • 74% variable rate per annum
  • $600 establishment fee
  • No ongoing, annual or package fees
  • Up to 80% LVR
  • Redraw facility
  • Unlimited additional repayments

Fixed rate home loan

Key features:

  • 05% two-year fixed rate and 3.64% comparison rate per annum
  • $600 establishment fee
  • No ongoing, annual or package fees
  • Up to 80% LVR
  • Offset and redraw facility
  • Additional repayments allowed

Standard variable home loan

Key features:

  • 92% variable rate per annum
  • $600 establishment fee
  • Up to 80% LVR
  • Offset and redraw facility
  • Unlimited additional repayments

Investor home loans

These home loan products are available to those who are purchasing properties as an investment.

Base variable

Key features:

  • 99% variable rate per annum
  • $600 establishment fee
  • Up to 80% LVR
  • Redraw facility
  • Unlimited additional repayments
  • Interest-only options are available

Fixed rate

Key features:

  • 54% 3-year fixed rate per annum
  • $600 establishment fee
  • Up to 80% LVR
  • Offset and redraw facility
  • Additional repayments limited to $10,000 per year
  • Interest-only options are available
  • Additional terms available from 1 to 5 years

Standard variable

  • 64% variable rate per annum
  • $600 establishment fee
  • Up to 80% LVR
  • Offset and redraw facility
  • Unlimited additional repayments

Compare Your Options at Makes Cents.

When planning to take out home loans, it is wise to know all your options available to you. At Makes Cents, we’ll help you find the best loans that suit you best. Start comparing today!

Our BankVic Home Loan Review is just one of many. You can also read reviews on many more Home Loan Reviews at MakesCents.



Latest Posts