BankVic offers a range of home loans to its members who are refinancing, investing, or buying their first home.

The Victorian member-owned bank offers mortgage products with variable and fixed rates. BankVic members also have access to home loans with offset accounts or cashback promos for specific professionals.

LMI waivers 

BankVic waives lenders mortgage insurance (LMI) to police, emergency, and health workers borrowing up to 90% loan-to-value ratio (LVR) so long they meet certain home loan purposes (e.g., buying an owner-occupied home). 

BankVic's home loan rates are fairly competitive, with most of the bank's member customers expressing general satisfaction.

As a customer-owned institution, BankVic takes pride in its personable approach to delivering its services. However, challenges involving limited physical branches and operational delays in loan processing are noted. As with any product or service, experiences vary among customers.

Home Loans Available at BankVic

Special Offer Variable Rate Home Loan

What is it: A variable rate mortgage exclusively available for new BankVic home loans with principal and interest (P&I) repayments

Suitable for: First home buyers, refinancers, and investors taking out a home loan from BankVic for the first time. Borrowers seeking interest-only financing for construction purposes (up to 24 months) can also get the rate available through this special offer loan.

Features:

• $0 ongoing and annual fees

• $0 establishment fee

• Redraw facility (min $50)

• Unlimited additional repayments

• LMI waivers available for up to 90% LVR (subject to certain terms)

Offset Variable Rate Home Loan

What is it: A variable rate home loan with a linked offset account

Suitable for: Borrowers seeking a variable rate mortgage that offers the flexibility of an offset account where they deposit (and withdraw when needed) extra repayments to reduce the interest payable on their loan. Available for first home buyers, refinancers, and investors.

Features:

• $0 ongoing and annual fees

• $0 establishment fee

• Offset account

• Redraw facility (min $50)

• Unlimited additional repayments

• Flexible repayment schedules

• LMI waivers available for up to 90% LVR (subject to certain terms)

Fixed Rate Home Loan

What is it: A home loan with rates fixed for 1 to 5 years

Suitable for: First home buyers, refinancers, and investors looking to lock in a rate for up to five years.

Features:

• Fixed term (1-5 years)

• $0 ongoing and annual fees

• Additional repayments (up to $10k per year)

• LMI waivers available for up to 90% LVR (subject to certain terms)

BankVic Home Loan Cashback Offer

BankVic offers customers employed in the police force and emergency services (i.e., ambulance, fire and rescue) a $3,000 cashback for every eligible owner-occupier or investor home loan of at least $350,000 with an LVR of 80% or less.

Health workers, meanwhile, can get $2,000 cashback for home loans worth at least $200,000 with no more than 80% LVR.

Both offers are available for a new purchase or refinance and are limited to a maximum of one cashback per loan. Split and supplementary loans against one property will only be eligible for one cashback.

BankVic Home Loan Fees

BankVic home loan fees* are generally similar across all products, including its special offer variable rate, offset variable rate, and fixed rates.

• Establishment fee - $600

• Ongoing fee - $0

• Redraw fee - Free

• Discharge fee - $295

• Break costs - Varies (for fixed rate loans)

*These are correct at the time of writing and are subject to change.

How to Apply for a Home Loan with BankVic

Interested borrowers must be members of BankVic to be eligible to apply for a home loan. The bank's membership is primarily open to police, health, emergency service, and government department workers and their immediate families.

To apply for a BankVic home loan, customers must meet the following criteria:

• Become a BankVic member

• Be at least 18 years old

• Must have a regular PAYG income

• Must have an email address

Eligible applicants can apply online, in person at a branch, or over the phone. Once the application has been lodged, BankVic's lending consultants will review it and contact applicants if any additional information is required to help with the assessment.

Documents required may include the following:

• Passport or driver's licence

• Proof of income (recent payslips)

• List of assets

• List of current debts

• List of ongoing expenses

• Property details (if applicable)

BankVic will then provide conditional approval once all required information is completed and assessed, followed by unconditional approval when everything is finalised and verified.

The bank will then extend the loan offer and contract to sign. After receiving your signed loan documents, BankVic will confirm a settlement date upon which you will receive the funds.

As with most lenders, approval time and the whole application procedure vary on several factors, including the complexity of the application, the completeness of documents provided, and the bank's current processing workload.