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first home buyer loans
For a 30 year loan term
Variable Rate
5.95p.a.
Variable rate
5.95p.a.
Comparison rate
$1,193/mth repayments
Paying off P&I
Owner-occupier home loan
$0 establishment fee
$0 ongoing or annual fees
Unlimited additional repayments
Redraw available (min $50)
Family guarantee available
Terms and conditions apply
More Info
Eligibility
BankVic members 18 years and over. Approval is subject to meeting BankVic's credit assessment.
Loan terms
Owner-occupier variable rate home loan with principal & interest (P&I) repayments. Maximum 30 year loan term.
Available for construction
This rate is available on an interest only term for up to 24 months for construction purposes. Repayments revert to principal & interest at the end of the construction period for the remainder of the loan term.
Key documents you should consider
Variable Rate key facts sheet
Target market determination
Home Loan terms & conditions
BankVic credit guide
Family Guarantee application form
Fixed Rates
6.25p.a.
2 year fixed rate
6.06p.a.
Comparison rate
$1,231/mth repayments
Paying off P&I
Owner-occupier home loan
$600 establishment fee
$0 ongoing or annual fees
Additional terms available between 1 and 5 years
Additional repayments limited to $10k per year
Offset & Redraw not available
Terms and conditions apply
More Info
Eligibility
BankVic members 18 years and over. Approval is subject to meeting BankVic's credit assessment.
Loan terms
Fixed rate home loan with principal & interest (P&I) repayments for a set term of up to 5 years. Upon expiry of the fixed rate term, the interest rate will revert to BankVic's Variable rate (P&I) applicable at that time. Maximum 30 year loan term.
Key documents you should consider
Fixed rates key facts sheet
Target market determination
Home Loan terms and conditions
BankVic credit guide
Family Guarantee application form
Rates & fees
Check out our rates & fees
- Variable RateBase Rate (% PA)Comparison Rate (% PA)Variable Rate (P&I)5.95%5.95%
(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 RatesBase Rate (% PA)Comparison Rate (% PA)1 year fixed rate (P&I)6.49%6.05%2 year fixed rate (P&I)6.25%6.06%3 year fixed rate (P&I)6.49%6.15%4 year fixed rate (P&I)6.99%6.38%5 year fixed rate (P&I)6.99%6.46%(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 loanFee TypesFeesSet-up fee$300Standard metro valuation$300Top-up fee$200Other fees that may be charged when you setup a home loanFee TypesFeesNon-standard valuation (1)At cost (for country, interstate and high value properties)Progressive inspection feeUp to $150 per inspectionProduction of title (held by BankVic)$330Title searchUp to $25 per searchBankVic representation at settlement$99Financial institution chequeFreeTransfer 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 loanFee TypesFeesSecurity substitution and loan portability$400Loan switching$200Discharge fee$295 per lodgementThird party fees (1)At costRedraw (2)FreeFixed 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.
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.
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 Application Form 389.46 KBDOWNLOADFamily 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
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 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.
Home Buying
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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: