UPDATED JUL 7, 2026

BankVic Home Loans: The 2026 Review

Enjoy competitive rates with BankVic's 6.04% p.a., tailored for police association members. Watch out for break costs on fixed-rate loans. Ready to refinance or upgrade?

Bheja Verdict

Very Good

4.1/5
✓
Highly competitive rates across products
✓
Wide range of loan options
Check Eligibility

BankVic Home Loans At a Glance

🏷️Best Rate Available

6.04%

Variable • Owner Occupied

💳Application Fee

$200

Upfront fee applies

📅Monthly Fee

$0

Ongoing service fee

🎁Cashback Offer

Available

1 products with cashback

Loan Range:$20K - $100.0M
LVR:Up to 96%
Products:28 variations
Offset Account:Available

Current BankVic Home Loan Rates

Last updated: July 2026

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Average Rate
6.09%
Best Rate
6.04%
Monthly Payment
$3,011
Advanced
  • BankVic

    Police Variable Home Loan Rate

    BankVic

    Min 4% DepositRedraw
    6.04%
    Interest Rate
    Variable
    6.04%
    Comparison Rate*
    $3,011
    per month
    Principal And Interest
    Visit lender’s site
    Fees:
    Application
    $300
    Discharge
    $295    + other fees may apply
  • BankVic

    Offset Police Variable Rate Home Loan

    BankVic

    Min 4% DepositOffsetRedraw
    6.08%
    Interest Rate
    Variable
    6.08%
    Comparison Rate*
    $3,024
    per month
    Principal And Interest
    Visit lender’s site
    Fees:
    Application
    $300
    Discharge
    $295    + other fees may apply
  • BankVic

    Home Loan Variable Rate

    BankVic

    Min 4% DepositRedraw
    6.10%
    Interest Rate
    Variable
    6.10%
    Comparison Rate*
    $3,030
    per month
    Principal And Interest
    Visit lender’s site
    Fees:
    Application
    $300
    Discharge
    $295    + other fees may apply
  • BankVic

    Offset Variable Rate Home Loan

    BankVic

    Min 4% DepositOffsetRedraw
    6.14%
    Interest Rate
    Variable
    6.14%
    Comparison Rate*
    $3,043
    per month
    Principal And Interest
    Visit lender’s site
    Fees:
    Application
    $300
    Discharge
    $295    + other fees may apply

* Comparison rate is calculated on a loan amount of $150,000 over 25 years. Rates and fees are subject to change. Terms and conditions apply.

+ Only key fees (application, discharge, ongoing) are displayed - other fees such as redraw, administration, and processing fees may also apply.

BankVic Product Statistics

Real-time insights and market analysis

BankVic offers 27 home loan products across 28 variations, the average variable rate is 6.21% p.a., the best available rate is 6.04% p.a..

Average Variable Rate

6.21%

13 products

Average Fixed Rate

6.71%

15 products

Best Available Rate

6.04%

Variable • Owner Occupied • P&I

Total Products

27

28 variations

Fee Summary

Application Fee

$200 - $300

Monthly Fee

$0

Discharge Fee

$295

Late Payment Fee

$0

Key Features

Across BankVic's range: 4 include an offset account, 13 offer redraw, 27 allow extra repayments.

Offset Account
14%
Redraw Facility
46%
Extra Repayments
96%
Split Loan
—

Product Ranges

BankVic's interest rates range from 6.04% to 7.10% p.a., maximum LVR from 96% to 96%, loan amounts span $20,000 to $100,000,000.

Interest Rates6.04% — 7.10%
Max LVR96% — 96%
Loan Amount$20K — $100.0M

Cashback Offer: If you're buying a property or refinancing, you may be eligible for a cashback offer.

Disclaimer: The key features displayed highlight what's available across the lender's home loan range. Individual products and variations may differ. Use the product table to search for a loan with the specific features you're looking for.

How BankVic Compares

FEATUREBankVicAustralian Mutual Bank LTDHume BankFire Service Credit UnionNewcastle Permanent Building Society
Best Variable Rate
6.04%
5.64%
5.99%
5.89%
5.99%
Best Fixed Rate (3yr)
6.39%
6.14%
6.39%
—
6.39%
Application Fee
$200
$250
$199
$150
$350
Monthly Admin Fee
$0BEST
$0
$0
$0
$0
Offset Account
Redraw Facility
Product Variations
28
182
115
5
109
💡

Bheja Insight: BankVic offers offset accounts like most community-owned lenders, helping reduce interest while keeping funds accessible.

About BankVic

Company overview and contact information

Founded in 1974 by police officers at the Russell St police station, BankVic is a community-owned financial institution dedicated to serving its members. With a 100% member-owned structure, it operates under the guidance of seven non-executive directors elected by its members. BankVic adheres to the Corporations Act and APRA's Prudential Standards, ensuring robust compliance and governance.

BankVic offers a diverse range of 27 home loan products with variations to suit different needs, featuring competitive rates from 6.04% to 7.10%. These products are designed to cater to a wide array of customers, including those looking to upgrade or refinance their homes. Their comprehensive banking tools, including a user-friendly app and calculators, enhance the borrowing experience.

What sets BankVic apart is its commitment to community and tailored financial solutions, such as its partnership with the Northern Territory Police Association. This focus on community and award-winning value in investment and home lending positions BankVic as a trusted choice for those seeking personalized and responsible banking solutions.

Company Details

Legal Name: BankVic
ABN: 33087651661
Established: 1974
Ownership: 100% member-owned
AFSL: 240293

Key Features

BankVic offers a range of home loan features designed to provide flexibility, cost savings, and convenience for borrowers, particularly those in the police, health, emergency, and public service sectors.

Offset Account

BankVic allows borrowers to link an offset account to their home loan, which can significantly reduce interest payments. For example, a $50,000 offset can save up to $252 per month, totalling $3,024 annually.

Redraw Facility

With BankVic, if you are at least one full repayment ahead, you can redraw a minimum of $50 without incurring fees. This feature offers easy access to extra funds through BankVic Internet Banking.

Extra Repayments

Borrowers can make unlimited additional repayments on select BankVic home loans, enabling faster loan repayment and interest savings. Fixed loans allow extra repayments up to $10,000 per year.

Repayment Frequency Options

BankVic offers flexibility in managing repayments with options to pay weekly, fortnightly, or monthly. This allows borrowers to align payments with their income schedule, enhancing cash flow management.

Fixed Rate Security

BankVic’s fixed-rate loans provide the certainty of stable repayments during the fixed term, offering peace of mind and protection against interest rate fluctuations.

Digital Banking Tools

BankVic offers a comprehensive mobile app and online banking platform, providing borrowers with easy access to account management, loan calculations, and appointment bookings.

Insurance Options

As an added feature, BankVic includes insurance options with their home loans, providing additional security and peace of mind for borrowers.

Fee-Free Transactions

BankVic provides fee-free transactions on domestic Visa purchases, BPAY, and loan redraws, helping borrowers save on everyday banking costs.

Cashback Offers

Eligible borrowers purchasing or refinancing a property with BankVic may qualify for cashback offers, providing immediate financial benefits.

Support for First Home Buyers

BankVic offers tailored support and resources for first home buyers, including financial education and fee-free transactions, easing the entry into home ownership.

Fees & Charges

BankVic offers a transparent fee structure for its home loans, with a variety of upfront, ongoing, and other fees that cater to different borrower needs. Fee waivers and variations are available depending on specific circumstances, enhancing flexibility for customers.

Fee Type
Amount
Description
Top-Up Fee
$200
Charged for increasing the loan amount without a valuation. Waived if a standard metro valuation is required.
Valuation Fee - Non-Standard
Variable
At cost for non-standard properties such as country or high-value areas.
Title Search Fee
$25
Applied for Torrens title when additional searches are required.
Discharge Fee
$295
Payable upon payout of the loan when requesting to discharge the mortgage.
Early Repayment or Break Costs
Variable
Costs incurred for breaking a fixed interest period, based on estimated loss.
Security Substitution Fee
$400
Charged for substituting security, exclusive of government charges.
Switching Loan Products Fee
$200
Payable when changing the type of home loan or interest rate.
Mortgage Establishment Fee Existing Loan
$300
Includes solicitor fees, title search, and mortgage preparation costs.
Representation Fee
$99
Charged for attendance at settlement by BankVic or its representative.
International Transaction Currency Conversion Fee
3.65% of AUD transaction
Applied to transactions involving currency conversion.
Replacement Card Fee
$10
Charged for replacing a lost or damaged card.
Emergency Replacement Card or Cash Overseas
USD$175
Fee for emergency card or cash replacement while overseas.
Direct Debit Dishonour Charge
$9
Applied when a direct debit transaction is dishonoured.
Visa Credit Card Annual Fee
$0-$40/year
Varies by card type: Low Rate $0, Gold $40, Qantas $0.

Fees subject to change. Refer to lender documentation for current rates.

Eligibility Criteria

BankVic offers home loans to Australian citizens who are members of the bank, providing accessible financial solutions for a range of borrowers, including police officers and community members.

Must be at least 18 years old
Must be an Australian citizen
Must be a member of BankVic
Must have PAYG income and not be in a probationary employment period
Must purchase 10 shares at $1.00 each to become a member
Loan-to-Value Ratio (LVR) up to 96%
Loan amounts range from $20,000 to $99,999,999
Must provide necessary documentation as per eligibility criteria

Important Notes

  • Membership is required for loan eligibility, involving the purchase of shares.
  • LVR implications: Higher LVRs may affect eligibility and terms.
  • Special programs are available for police officers through partnerships.
  • Discharge fee of $295 is payable upon loan payout.

BankVic Home Loan Pros & Cons

Our expert take on whether BankVic is right for you

Pros

  • +Competitive rates below market average
  • +Significant long – term savings potential
  • +Flexible repayment options
  • +Redraw facility available
  • +Cashback offer for healthcare workers

Cons

  • –Poor app design with frequent crashes
  • –Limited after – hours support
  • –Discharge fee upon loan payout

Best For

  • Healthcare workers seeking cashback offers
  • First home buyers needing support
  • Borrowers looking for flexible repayment options
  • Community-focused individuals preferring a customer-owned bank

Not Ideal For

  • Tech-savvy borrowers needing a robust mobile app
  • Those requiring 24/7 customer support
💡

Bheja Verdict: BankVic offers competitive home loan rates with strong savings potential, ideal for community-focused borrowers seeking flexibility and value.

Expert Secrets (Why Use Us?)

Insider knowledge about BankVic that most borrowers don't know

LMI Cost Examples

1For a $500,000 loan at 85% LVR, LMI costs $6,000.
2At 90% LVR, the LMI rises to $12,500 for the same loan amount.
3A 95% LVR incurs a $21,000 LMI cost on a $500,000 loan.
4For a $750,000 loan at 85% LVR, LMI costs $9,000, increasing to $18,750 at 90% LVR.

Fee Waivers

Top-up fee waived when a standard metro valuation is required for an increase in loan amount.

Offset Benefits

A $10,000 offset saves $50/month ($600/year), reducing interest payments.
A $25,000 offset saves $126/month ($1,512/year), offering significant savings.
A $50,000 offset saves $252/month ($3,024/year), enhancing financial flexibility.
A $100,000 offset saves $503/month ($6,036/year), maximizing interest savings.

Admin & Logistics (The Help Desk)

Everything you need to manage your loan

Application Process

6 Steps
1
Complete Loan Repayments: Ensure all outstanding loan repayments are completed before initiating the discharge process. (Tip: Double-check your loan balance to confirm there are no remaining amounts due.)
2
Contact BankVic: Call BankVic at 13 63 73 to request a discharge form and initiate the discharge process. (Tip: Have your loan account details ready when you call.)
3
Submit Discharge Form: Fill out the discharge form provided by BankVic and submit it as instructed. (Tip: Ensure all information is accurate to avoid delays.)
4
Pay Discharge Fee: Pay the $295 discharge fee upon the payout of your loan. (Tip: Confirm the payment method and any additional charges with BankVic.)
5
Lodge Discharge of Mortgage: After the loan is repaid, a discharge of mortgage must be lodged at Land Services Victoria. (Tip: Consider hiring a conveyancer to assist with this process if needed.)
6
Confirm Settlement: Coordinate with BankVic or their representative to attend the settlement, if applicable. (Tip: Check if a representation fee of $99 applies for attendance at settlement.)

Processing Times

Discharge Process10-14 business days
💡

Pro Tips

  • Request the discharge at least 2 weeks before your planned settlement date to avoid delays.
  • Keep a copy of all documents submitted and received for your records.
  • Verify if there are any additional charges or government fees applicable to your situation.
  • Consider consulting a conveyancer to assist with the lodging process at Land Services Victoria.
  • Ensure all contact details with BankVic are up-to-date to receive timely updates.

BankVic Mortgage Calculator

Estimate your repayments using current BankVic home loan rates

Over 30 years, borrowing $480,000 at 6.04%, total cost including interest and known fees could be around $1,041,190. Estimated monthly repayment: $2,890.20.

Estimated total cost over 30 years
$1,041,190
Estimated repayment
$2,890.20
monthly repayment
Amount you borrow: $480,000 · At 6.04% · Variable — can change with the market

Known fees in this estimate

Application fee
$300
Settlement fee
$99
Legal fee
$25
Discharge fee
$295
Total ongoing fees (30 yrs)
$0
How is this calculated?

Estimated total cost includes the amount borrowed, interest over the full loan term, and any upfront, ongoing, and discharge fees published by the lender. It does not include stamp duty, LMI, or savings from an offset account.

The revert rate is the rate your loan may switch to when a fixed, introductory, or interest-only period ends. Where a lender hasn't published this rate, we use an estimate.

Cost breakdown

Amount you borrow
$480,000
Total interest
$560,471
Upfront fees
$424
Ongoing fees
$0
Discharge fee
$295
Estimated total cost
$1,041,190
  • These figures are estimates only. Your actual repayments and costs may differ. Confirm all details with your lender before making a decision.
  • Where a lender hasn't published their revert rate (the rate that applies after a fixed, introductory, or interest-only period ends), we estimate it. Your repayments may change when this period ends.
  • Split loans and offset accounts aren't included in this estimate.
  • For product comparison and comparison rates, see the rates table above.

Still Unsure? Let a human handle it.

Not sure if BankVic is right for you? Our brokers can help you compare options.

Frequently Asked Questions

Once you submit your application, a lending consultant will contact you to review it, which typically takes 5-10 business days. Approval is subject to BankVic's credit assessment.

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