Following the Reserve Bank’s decision on Tuesday 3 November to lower the official cash rate by 0.15% to 0.10%, BankVic has taken the opportunity to reduce our fixed home loan rates to historic lows.
Effective 17 November 2020, BankVic will reduce its fixed rates across all terms for new Owner-Occupied and Investor home loans paying principal and interest. Of note, our Premium Home Package 3 year fixed rate will reduce to 1.95% (3.62% comparison rate) and our First Home Buyers Package 3 year fixed rate will also reduce to 1.95% (2.84% comparison rate). These rates are among the most competitive in market providing borrowers with certainty around repayments and helping more of our members into their first homes.
As a member-owned bank, BankVic’s profits are 100% re-invested to benefit our members, strengthen their communities and provide a competitive banking alternative to the major for-shareholder-profit banks.