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.
Make an appointmentGet help from a home loan expert
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
Make an appointmentGet help from a home loan expert
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 ‘limited’ amount and is supported by taking a mortgage over the family member’s property. They are only responsible for the guaranteed amount,which is the difference between the loan amount and 80% of the value of property.
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.
Make an appointmentGet help from a home loan expert
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:
- Get a contract of sale from the real estate agent. This will include all the items that come as fixtures with the property
- Organise a building and pest inspection
- Hire a conveyancer to review the contract of sale
Compare
Compare our
first home buyers loans
For a 30 year loan term
Base Variable
2.74p.a.
Variable rate
2.79p.a.
Comparison rate
$815/mth repayments
Paying off P&I
$600 establishment fee
$0 ongoing, annual or package fees
Redraw available (min $50)
Flexible repayments weekly, fortnightly or monthly
Unlimited additional repayments
Construction interest only rate available
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
Home loan terms and conditions
BankVic credit guide
Family guarantee application
Fixed Rate
2.05p.a.
3 year fixed rate
3.49p.a.
Comparison rate
$744/mth repayments
Paying off P&I
$600 establishment fee
$0 ongoing, annual or package fees
Offset & Redraw not available
Flexible repayments weekly, fortnightly or monthly
Additional repayments limited to $10k per year
Additional terms available between 1 and 5 years
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)
End of fixed rate period
The loan will revert to the Standard Variable rate at the end of the fixed rate period
Key documents you should consider
Fixed rate key facts sheet
Home loan terms and conditions
BankVic credit guide
Offer: $1,500 cash back
3 Year Introductory Rate
2.19p.a.
Variable rate
2.89p.a.
Comparison rate
$758/mth repayments
Paying off P&I
$0 establishment fee
$0 ongoing, annual or package fees
$200k minimum loan amount
Up to 80% LVR maximum
Redraw available (min $50)
Flexible repayments weekly, fortnightly or monthly
Unlimited additional repayments
Roll to Base Variable rate after 3 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
Home loan terms and conditions
BankVic credit guide
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
Make an appointmentGet help from a home loan expert
Apply nowReady to submit a home loan application?
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 your offset or redraw account to reduce interest
Put any savings you have in your offset or redraw account as this will reduce the amount of interest you pay on your loan. You may choose to put any overtime or surplus money like a tax return into this account.
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.
Rates & fees
Read about our rates & fees
- Base VariableBase Rate (% PA)Comparison Rate (% PA)Variable rate special (P&I) (1)2.74%2.79%Variable rate (P&I) (2)3.11%3.16%Construction variable rate special (IO) (3)2.74%2.79%Construction variable rate (IO)3.11%3.16%
(1) This owner occupier variable rate home loan offer is for new borrowings and refinances from other financial institutions outside of BankVic. Minimum loan amount of $200,000. Borrow up to 80% of the property value. First home buyers can borrow up to 90% of the property value. Offset account not available. The offer is current as at 1 July 2021. BankVic may vary or end the offer at any time without notice.
(2) This owner occupier variable rate home loan offer is available for new borrowings, refinances and top-ups. Minimum loan amount of $20,000. Borrow up to 80% of the property value with no Lenders Mortgage Insurance (LMI). First home buyers can borrow up to 90% of the property value with no LMI. Offset account not available.
(3) Construction interest only variable rates are available for up to 24 months for construction purposes only. Repayments revert to principal & interest at the end of the construction period for the remainder of the loan term. Current as at 4 May 2021.
Fixed RateBase Rate (% PA)Comparison Rate (% PA)1 year fixed rate2.15%3.80%2 year fixed rate2.05%3.64%3 year fixed rate2.05%3.49%4 year fixed rate2.39%3.46%5 year fixed rate2.49%3.40%(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 standard variable rate applicable at that time. The minimum loan amount is $50,000. Borrow up to 80% of the property value with no Lenders Mortgage Insurance (LMI). First home buyers can borrow up to 90% of the property value with no LMI. 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.
3 Year Introductory RateBase Rate (% PA)Comparison Rate (% PA)3 year introductory variable rate2.19%2.89%(1) Minimum loan amount of $200,000 for new principal and interest borrowings and refinances from other financial institutions. Upon expiry of the 3 year introductory rate, the interest rate will revert to our Base Variable rate applicable at that time.
Cash back: Eligible members will receive $1,500 cash back deposited into their BankVic loan account up to 20 days after the loan has funded. Cash back is limited to a maximum of two cash backs (each cash back applied per single property, irrespective of the number of loans involved in the transaction).
First Home Buyer Package (No longer for sale)Base Rate (% PA)Comparison Rate (% PA)Variable rate3.07%3.08%1 year fixed rate2.05%2.99%2 year fixed rate1.95%2.89%3 year fixed rate1.95%2.80%4 year fixed rate2.29%2.83%5 year fixed rate2.39%2.81%(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).
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.
- 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.
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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: