We are here for you every step of the way. Speak to us today and make a start towards buying your first home!

Ready to buy but not sure where to start?

We're here for you every step of the way. Speak to us today and make a start towards buying your first home!

6.10

%p.a

Variable rate

6.10

%p.a

Comparison rate

When you take out a home loan with us

Cost of living bonus.

You could be eligible for the cost of living bonus $250 every month for 6 months* when you take out a home loan with us between 1 March and 30 April 2024.

*Terms and conditions apply.
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Compare

Compare our
first home buyer loans

Get into your first home faster

For a 30 year loan term

Rates & fees

Check out our rates & fees

  • Variable Rate
    Base Rate (% PA)
    Comparison Rate (% PA)
    Variable Rate (P&I)
    6.10%
    6.10%
    1. (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 Rates
    Base 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. (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 loan
    Fee Types
    Fees
    Set-up fee
    $300
    Standard metro valuation
    $300
    Top-up fee
    $200
    Other fees that may be charged when you setup a home loan
    Fee Types
    Fees
    Non-standard valuation (1)
    At cost (for country, interstate and high value properties)
    Progressive inspection fee
    Up to $150 per inspection
    Production of title (held by BankVic)
    $330
    Title search
    Up to $25 per search
    BankVic representation at settlement
    $99
    Financial institution cheque
    Free
    Transfer 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 loan
    Fee Types
    Fees
    Security substitution and loan portability
    $400
    Loan switching
    $200
    Discharge fee
    $295 per lodgement
    Third party fees (1)
    At cost
    Redraw (2)
    Free
    Fixed Rate early repayment and break costs (3)
    Unascertainable
    • (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.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rate for our home loan is based on a on a new loan for a property purchase secured by a freehold property located within the metropolitan area and associated costs. The rate has been calculated on a loan amount of $150,000 over a term of 25 years.

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.

Get Started

  • If you’re just starting out or on your way to meeting your home loan deposit target there are some ways to get there a bit quicker. It can start with setting up a savings plan.

    Here are some steps to help you:  Are you ready to buy your first home?

    Calculate how much you can save over time with our Savings Calculator

  • To get a home loan as a first home buyer, your savings will need to cover 10% of the purchase price plus purchase costs that may apply such as stamp duty and conveyancing fees.  There is also the option of Lenders Mortgage Insurance (LMI), which will allow you to purchase a property with as little as a 5% deposit.

    The costs involved with purchasing a property
    Aside from the deposit for your home loan, there are other costs associated with buying a home that you’ll need to factor in. These may include stamp duty, land tax and conveyancing fees associated with the transfer of property. You will need to allow for these costs when calculating the size of your deposit.

    Use our Stamp Duty Calculator to help work out what you will need to pay  when purchasing a property.

    Note: Victoria Police, Health and Emergency services employees can borrow up to 90% of the property value and pay no LMI for new purchases withing Metro Melbourne including Geelong.

    Get help from a home loan expert

    Make an appointment
  • It’s worth getting an initial assessment to find out how much you can borrow based on your current circumstances. Our experienced lenders can do this for you. Why not get in touch today?

    You can also do a quick calculation using our Borrowing Power Calculator 

    Get help from a home loan expert

    Make an appointment
  • First Home Owner Grant
    You could be eligible to receive the $10,000 First Home Owner Grant as well as an exemption or Concession on Stamp Duty depending on the property you buy and other factors.

    Visit First Home Owner Grant to find out if it's available to help you get into the market.

    Our home loan specialists will also be able to guide you on eligibility for the First Home Owner Grant and help you with your application. 

    Family Guarantee
    Saving for a deposit for a home can take a while.  A Family Guarantee may be an option to help you get there sooner.

    A Family Guarantee allows family members to use the equity in their home as additional security, to help you increase your borrowing power.

    The extent of the guarantee is a limitedamount and is supported by taking a mortgage over the family members property.  They are only responsible for the guaranteed amount,which is the difference between the loan amount and 80% of the value of property.

    Family Guarantee Application Form 389.46 KBDOWNLOAD

Ready to Buy

You have your deposit, get ready to make a bid!

  • Before you make an offer on a property, you may want to get a pre-loan approval. This gives you confidence around your borrowing power. BankVic can give you one that lasts for three months.

    You’ll need the following documentation

    Pay slips – 2 if you’re a full time permanent employee, if you’re a casual you may need to show your last 2 group certificates

    • Transaction account statements for the last 3 months if you’re not a BankVic member
    • Any personal loans, credit cards etc

    Apply for a pre-approved loan today. Book a mobile lender or talk to a home loan specialist today.

    Get help from a home loan expert

    Make an appointment
  • You will need to arrange payment of your deposit on the day of the auction or private sale once you sign the contract of sale. This is usually 10% of the purchase price and can be paid via electronic transfer. 

    Your BankVic home loan specialist can help you through this process.

  • Whether you’re buying at auction or through a private sale it can be a nerve-wracking experience.

    Check weekly auction results to get an understanding of what property is worth in the area and attend auctions to see how they work so you can be more confident when it’s your turn to bid.

    Read about how you can win at auction here Tips for bidding at auction

    Once you've found the property you want to buy, here are the next steps:

    1. Get a contract of sale from the real estate agent.  This will include all the items that come as fixtures with the property
    2. Organise a building and pest inspection
    3. Hire a conveyancer to review the contract of sale

Lock in a Loan

Once you've successfully bid on a property, it's time to lock in a loan that will best meet your needs.

  •  Variable rate loans

    Variable rates can go up or down over time which means your repayments can increase or decrease. They usually have features like offset or redraw facilities allowing you to reduce interest on your loan by depositing savings and at the same time enabling you to access funds.

    Fixed rate loans

    With a fixed rate loan you know exactly how much your repayments will be for the term of your loan which can make budgeting easier as you wont be affected by interest rate changes. However, you are locked into the term you choose so if you want to exit your loan or sell your property you could be left with break fees from your lender.

    Split loans

    You can also look to splitting your loan so that a portion is in a variable loan and the other portion is fixed. This allows you to still enjoy the flexible features of a variable loan whilst still having certainty that your repayments will remain the same in the fixed portion.

  • Once your offer to buy a property has been accepted you’ll need to apply for a home loan.

    If you’ve already received your pre-loan approval you’re part of the way there. You’ll need to get back in touch with your lender who will finalise your full loan application and approval process.

    If you’re applying for the loan without a pre-approval you’ll need the following documentation:

    Pay slips – 2 if you’re a full-time permanent employee, if you’re a casual you may need to show your last 2 group certificates

    • Transaction account statements for the last 3 months if you’re not a BankVic member
    • Any personal loans, credit cards etc

    If applicable you’ll also need to get the following things ready

    • First home-owner grant forms
    • Stamp duty concession or exemption form
    • Contact details of your lawyer, conveyancer or settlement agent

     

    Get help from a home loan expert

    Make an appointment

    Ready to submit a home loan application?

    Apply now
  • A settlement period is what is agreed between you and the seller and can take up to 1 to 4 months.

    Your lender and conveyancer will do most of the work for you during the settlement process. Key steps usually include:

     Pre-settlement final inspection

    • Checking and signing the transfer documents
    • Registering the transfer of ownership
    • Making final payment to the seller

     Once all this is done the keys to your new property and you can move in on settlement day.

  • Here are some ways to pay off your home loan sooner

     Change your payment frequency

    Switch from monthly to fortnightly or weekly repayments. As interest is calculated daily you will reduce the total interest paid. Also you’ll make 26 repayments per year instead of 12 meaning you’ll end up paying more off your loan effectively reducing your interest

    Use salary packaging to pay off your mortgage

     If you work in health or a sector that uses salary packaging you can use salary packaging to pay off your home loan. Health workers can dedicate up to $9010 of pre-tax income a year to mortgage repayments.

WAYS TO APPLY

We're here to help at every step

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:

  1. 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.
  2. 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.
  3. 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.
  4. Police eligibility is limited to current police employees or the Australian Federal Police.
  5. 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.
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