BankVic Home Loans: The 2026 Review

BankVic, officially known as Police Financial Services Limited, was established in 1974 to address the financial needs of police officers and their families. Over the years, the bank has expanded its services to include professionals in the health, emergency, and public service sectors. As a member-owned mutual bank, BankVic operates independently, ensuring that its profits are reinvested into providing better services and products for its members.

Today, BankVic is a community-focused financial institution headquartered in Melbourne, Victoria. It stands out in the financial sector by offering competitive rates and personalised services tailored to its niche market. Unlike the Big 4 banks, BankVic is 100% member-owned, which allows it to prioritise the needs of its members over shareholders. This unique business model has earned BankVic a reputation for high customer satisfaction and award-winning home loan products.

BankVic primarily serves members in Victoria but provides its services nationwide. It targets police, health, emergency, and public service workers, offering benefits such as LMI waivers for specific professions and flexible repayment options. With a focus on digital banking and branch access, BankVic ensures convenient account management, making it a compelling choice for community service workers seeking tailored financial solutions.

• Legal Name: Police Financial Services Limited
• ABN: 33087651661
• Established: 1974
• Headquarters: Melbourne, Victoria
• Type: Mutual Bank
• Ownership: Independent

• Website: https://www.bankvic.com.au
• Phone: 13 63 73
• Email: [email protected]
• Address: GPO Box 2074, Melbourne VIC 3001

BankVic offers a range of home loan products designed for community service workers, featuring flexible repayment options and unique benefits such as LMI waivers for specific professions.

• Additional Repayments: Borrowers can make additional repayments up to $10,000 per year on fixed loans without incurring break costs. This feature allows borrowers to reduce their loan balance faster, potentially saving on interest over the life of the loan.
• Insurance Options: BankVic includes insurance as an additional feature, providing borrowers with peace of mind and financial protection. This can be particularly beneficial for those looking to safeguard their investment and family.
• Flexible Repayment Options: Repayments can be made weekly, fortnightly, or monthly, offering borrowers the flexibility to align their loan payments with their income schedule. This helps in managing cash flow more effectively.
• Cashback Offers: Eligible borrowers purchasing a property or refinancing may receive a cashback offer. This can provide immediate financial relief and assist with covering associated costs like legal fees or moving expenses.
• Offset Account: An offset account can be linked to the home loan, allowing borrowers to reduce the interest payable on their loan by offsetting the loan balance with their savings. This feature is available on select products and can significantly reduce the overall interest paid.
• Redraw Facility: If borrowers are at least one full repayment ahead, they can redraw $50 or more without fees using BankVic Internet Banking. This provides access to extra funds when needed, offering financial flexibility.
• LMI Waivers: BankVic offers Lenders Mortgage Insurance (LMI) waivers for loans up to 90% LVR for certain professions, such as police and health workers. This reduces upfront costs and makes home ownership more accessible for eligible members.
• Digital Banking: BankVic provides robust digital banking services, including online banking and a mobile app, ensuring convenient account management. These tools allow borrowers to manage their loans efficiently from anywhere.

BankVic offers a transparent fee structure that caters to the unique needs of community service workers, with specific fees varying by product and service requirements.

• Top Up Fee: $200 - Charged when you request to increase your loan amount.
• Valuation Fee - Non-Standard: Variable - At cost valuation for non-standard properties, such as those in country or high-value areas.
• Title Search Fee: $25 - Applicable for Torrens title when additional searches are required.
• Discharge Fee: $295 - Payable upon loan payout if you request to discharge the mortgage. Excludes government charges.
• Early Repayment or Break Costs: Variable - Costs incurred if you break the fixed interest period. Calculated based on estimated loss.
• Switching Loan Products Fee: $200 - Charged when you switch your home loan type or interest rate.
• Mortgage Establishment Fee - Existing Loan: $300 - Covers solicitor fees, one Torrens title search, and mortgage preparation costs.
• Production of Title Fee: $330 - For revising Certificate of Title, applicable in Victoria. Fee may differ in other states.

BankVic caters primarily to community service workers, offering accessible home loan options with benefits like LMI waivers and flexible repayment terms.

• At least 18 years old
• Australian citizen
• Member of BankVic
• PAYG income and not on probation
• Police officer or community service worker
• Meet credit assessment standards

• LMI waivers available for loans up to 90% LVR for police and health workers.
• $0 establishment fees for select products.
• Special programs available for first home buyers and professional packages.