HOME LOANS FOR POLICE
Compare our low rate home loans
Police Variable Rate
6.04p.a.
Variable rate
6.04p.a.
Comparison rate
Owner-occupier home loan
Available to Police only
100% overtime considered
$0 establishment fee
$0 ongoing or annual fees
Unlimited additional repayments
Redraw available (min $50)
Apply Now Terms and conditions apply
Offset Police Variable Rate
6.24p.a.
Variable Rate
6.24p.a.
Comparison Rate
Owner-occupier home loan
Available to Police only
100% overtime considered
$0 establishment fee
$0 ongoing or annual fees
Offset & Redraw available
Unlimited additional repayments
Apply Now Terms and conditions apply
Fixed Rates
6.25p.a.
2 year fixed rate
6.18p.a.
Comparison rate
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
Apply Now Terms and conditions apply
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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.
Rates & fees
Check out our rates & fees
- Police Variable RateBase Rate (% PA)Comparison Rate (% PA)Police Variable Rate for owner-occupiers (P&I)6.04%6.04%
(1) This owner occupier variable rate home loan is for new borrowings, refinances and top-ups. Eligibility is limited to current employees of Victoria Police or the Australian Federal Police, who can borrow up to 80% of the property value with no Lenders Mortgage Insurance (LMI) or up to 90% with no LMI for new purchases within Metro Melbourne and Geelong. Offset account not available. Approval subject to BankVic's credit assessment.
Offset Police Variable RateBase Rate (% PA)Comparison Rate (% PA)Offset Police Variable Rate for owner-occupiers (P&I)6.24%6.24%(1) This owner occupier offset police variable rate home loan is for new borrowings, existing BankVic loans requesting to take advantage of the offset feature and refinances from other financial institutions outside of BankVic. Eligibility is limited to current employees of Victoria Police or the Australian Federal Police, who can borrow up to 80% of the property value with no Lenders Mortgage Insurance (LMI) or up to 90% with no LMI for new purchases within Metro Melbourne and Geelong. Approval subject to BankVic's credit assessment. An eligible offset account must be linked to the offset variable home loan.
Fixed RatesBase 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) 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.
Police Variable RateBase Rate (% PA)Comparison Rate (% PA)Police Variable Rate for investors (P&I)6.44%6.49%Police Variable Rate for investors (IO)6.54%6.54%(1) This investor variable rate property loan is for new borrowings, refinances and top-ups. Eligibility is limited to current employees of Victoria Police or the Australian Federal Police. Borrow up to 80% of the property value with no Lenders Mortgage Insurance (LMI) or up to 90% of the property value with LMI. Offset account not available. Approval subject to BankVic's credit assessment.
Offset Police Variable RateBase Rate (% PA)Comparison Rate (% PA)Offset Police Variable Rate for investors (P&I)6.64%6.69%(1) This offset police investor variable rate property loan is available for new borrowings, refinances and top-ups. Eligibility is limited to current employees of Victoria Police or the Australian Federal Police. Borrow up to 80% of the property value with no Lenders Mortgage Insurance (LMI) or up to 90% of the property value with LMI. Approval subject to BankVic's credit assessment. An eligible offset account must be linked to the offset variable home loan.
Fixed RatesBase rate (% PA)Comparison rate (% PA)1 year fixed rate (P&I)6.64%6.56%2 year fixed rate (P&I)6.40%6.53%3 year fixed rate (P&I)6.64%6.59%4 year fixed rate (P&I)7.14%6.79%5 year fixed rate (P&I)7.14%6.83%1 year fixed rate (IO)6.84%6.58%2 year fixed rate (IO)6.60%6.57%3 year fixed rate (IO)6.84%6.65%4 year fixed rate (IO)7.34%6.86%5 year fixed rate (IO)7.34%6.92%(1) Fixed rates apply for investment loans with principal and interest repayments, at the end of the Fixed Rate period the interest rate will revert to our investor variable rate applicable at that time. Borrow up to 80% of the property value with no Lenders Mortgage Insurance (LMI) or up to 90% of the property value with 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. Approval subject to BankVic's credit assessment.
- Establishment Fee: may be charged when you setup a home loanFee TypeFeesSet-up fee$300Standard metro valuation$300Top-up fee$200Other fees that may be charged when you setup a home loanFee TypeFeesNon-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 TypeFeesSecurity 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.
Why BankVic?
Why choose us?
100% member-owned
Being member-owned means our profits benefit our members and their communities
We make it easy
We are online, it's easy to get us on the phone, or visit a branch
We're flexible
We work with you to find what's right for you, not everyone else
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: