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first home buyers loans
For a 30 year loan term
Offer: Save 30% on LMI
First Home Buyer Package
3.07p.a.
Variable rate
3.07p.a.
Comparison rate
$851/mth repayments
Paying off P&I
$0 establishment fee
$0 ongoing, annual or package fees
Up to 85% LVR with no Lenders Mortgage Insurance
85.01% to 90% LVR 30% saving on Lenders Mortgage Insurance
Offset & redraw available (min redraw of $50)
Flexible repayments weekly, fortnightly or monthly
Unlimited additional repayments ($10k limit pa on fixed rate loans)
Family guarantee available
Terms and conditions apply
More Info
Loan Terms
Maximum 30 year loan term
Insurance Benefits
No-obligation quotes for insurance (with an option of 90 days free building insurance cover during settlement period)
Package Benefits
- 0.10% discount on fixed rate loan terms
- No annual fee on Silver Visa credit cards, with the interest rate matched to your home loan
- $100 cash back when you take out any two general insurance policies
Silver credit card
Key documents you should consider
FHB Package key facts sheet
Visa conditions of use
BankVic credit guide
Family Guarantee application
Offer: $2,000 cashback
Base Variable
2.74p.a.
Variable rate
2.78p.a.
Comparison rate
$815/mth repayments
Paying off P&I
$600 establishment fee
$0 ongoing, annual or package fees
Up to 80% LVR with no Lenders Mortgage Insurance
Redraw available (min $50)
Flexible repayments weekly, fortnightly or monthly
Unlimited additional repayments
$2000 cash back available for eligible loans
Terms and conditions apply
More Info
Loan terms
Maximum 30 year loan term
Insurance
No-obligation quotes for insurance (with an option of 90 days free building insurance cover during settlement period)
Key documents you should consider
Variable rate key facts sheet
BankVic credit guide
Introductory 2 Year Rate
2.89p.a.
Variable rate
3.74p.a.
Comparison rate
$831/mth repayments
Paying off P&I
$600 establishment fee
$0 ongoing, annual or package fees
Up to 80% LVR with no Lenders Mortgage Insurance
Redraw available (min $50)
Flexible repayments weekly, fortnightly or monthly
Unlimited additional repayments
Roll to Standard Variable rate after 2 years
Terms and conditions apply
More Info
Loan Terms
Maximum 30 year loan terms
Insurance
No-obligation quotes for insurance (option for 90 days free building insurance cover during settlement period)
Key documents you should consider
Variable rate key facts sheet
BankVic credit guide
Standard Variable
3.92p.a.
Variable rate
3.96p.a.
Comparison rate
$946/mth repayments
Paying off P&I
$600 establishment fee
$0 ongoing, annual or package fees
Up to 80% LVR with no Lenders Mortgage Insurance
Offset & redraw available (min redraw of $50)
Flexible repayments weekly, fortnightly or monthly
Unlimited additional repayments
Terms and conditions apply
More Info
Loan terms
Maximum 30 year loan term
Insurance
No-obligation quotes for insurance (with an option of 90 days free building insurance cover during settlement period)
Interest only repayments
Interest only options available
Key documents you should consider
Variable rate key facts sheet
BankVic credit guide
Rates & fees
Read about our rates & fees
- First Home Buyer PackageBase Rate (% PA)Comparison Rate (% PA)Variable rate3.07%3.07%1 year fixed rate2.50%3.02%2 year fixed rate2.50%2.97%3 year fixed rate2.50%2.93%4 year fixed rate2.70%2.95%5 year fixed rate2.70%2.92%First Home Buyer Silver Credit Card3.07%
(1) The First Home Buyer Package (FHBP) Loan is available on the purchase of a first home, on owner-occupied loans with principal and interest repayments to purchase a new (fully constructed) or established home (not applicable for construction loans).
If you have between 85.01% to 90% Loan to Value Ratio and take out a BankVic first home loan, following settlement, BankVic will refund you 30% of the Lender’s Mortgage Insurance premium. Offer available from 1 September 2020. BankVic may vary or end the offer at any time without notice.
Visa Silver Credit Card: The Visa Silver Credit Card must be obtained with a FHBP loan to be eligible for the interest rate the same as the FHBP Home Loan variable interest rate. 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: $100 cash back offer is available when you take out two general insurance policies through BankVic at the same time and obtain an FHBP Home Loan. The cash back will be deposited into your BankVic transaction account on the date your FHBP loan commences.Terms, conditions, limits and exclusions apply.
Base VariableBase Rate (% PA)Comparison Rate (% PA)Variable rate special (1)2.74%2.78%Variable rate3.11%3.15%(1) This owner occupier variable home loan rate offer is for new borrowings and refinances from other financial institutions outside of BankVic. Minimum loan amount of $200,000 with an LVR up to 80%. Offset account not available. The offer is current as at 27 July 2020. BankVic may vary or end the offer at any time without notice.
Cashback: Members who take out a new owner occupier loan or refinance their existing home loan to BankVic during the campaign period will receive $2,000 cashback deposited into their BankVic loan account up to 20 days after the loan has funded. Cashback is limited to a maximum of two cashbacks (each cashback applied per single property, irrespective of the number of loans involved in the transaction).
Introductory 2 Year RateBase Rate (% PA)Comparison Rate (% PA)Introductory 2 year variable rate2.89%3.74%(1) Minimum loan amount of $120,000 for new principal and interest borrowings and refinances from other financial institutions.
Upon expiry of the introductory 2 year rate, the interest rate will revert to our standard variable rate applicable at that time.
Standard VariableBase Rate (% PA)Comparison Rate (% PA)Variable rate3.92%3.96%Offset Variable LoanBase Rate (% PA)Comparison Rate (% PA)Variable rate3.97%4.01% - New home loan feesFee TypesFeesEstablishment fee - valuation required$600Establishment fee - no valuation required$300Additional title search feesUp to $25 per searchExisting home loan feesFee TypesFeesEstablishment fee - valuation required$330Establishment fee - no valuation required$220Production of title (held by BankVic)$330Switching loan product when changing type of interest rate$200Security substitution & loan portability$400Home valuation feesFee TypesFeesProperty Valuation Fee - Metropolitan$290Property Valuation Fee - Country$330Property inspection fee - Metropolitan$137.50Property inspection fee - Country$155Home settlement feesFee TypesFeesAdministration fee upon discharge$295 per lodgementBankVic attendance at settlement$99Transfer fee via RTGS$15Fixed rate loansFee TypesFeesFixed loan break costs may be payable (1).
(1) 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.
PAYMENT FEESFee TypesFeesReturned payment due to incorrect bank account details$14Direct debit stopped payment$19Dishonour for insufficient funds for external transfers$9 after 3 attemptsBankVic dishonour charge$19Personal cheque book (25 pages)$10RECORD FEESFee TypesFeesAccess to records under privacy act$50Voucher archive retrieval - up to 30 days since transaction$6Voucher archive retrieval - up to 30 to 90 days since transaction$7.50Voucher archive retrieval - 90+ days since transaction$10Services fee on a time basis$15 per quarter hourPhotocopy cost$2 per pageOTHER FEESFee TypesFeesAdditional or reprint statement fee$2 per pageList of transactions via branch or contact centre$2 per pageDormant account fee (1)$40 per yearCompany search fee$25(1) Dormant fee - applied where there have been no transactions in the account for at least 1 year, we have written to you but you have not given us written notice stating you wish the account to remain open.
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.
WAYS TO APPLY
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at every step
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Financial well-being
First home buying
- Read more
Are you ready to buy your first home?
Home ownership may be more achievable than you realised There are 6 key steps to help set you up to buy your first home
- Read more
What does COVID-19 mean for first home buyers?
The market is full of choice, but is much smaller than usual Private and off market sales have increased Inspections have been banned, resulting in many agents asking for evidence of home loan pre-approval
- Read more
How to speed up your first home loan application
There are some very easy to follow steps that will help speed up your home loan being approved They are; Be organised, Learn about LVR and LMI, and Consider a family guarantor.
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: