BankVic Home Loans: The 2026 Review

BankVic, legally known as Police Financial Services Limited, was established to serve the financial needs of police, emergency services, and health workers. This community-driven initiative has its roots in Melbourne, Victoria, and reflects a strong commitment to supporting those who serve the public. In 2013, the institution rebranded as BankVic to better align with its mission and broaden its appeal while staying true to its foundational values.

Today, BankVic operates as an independent, member-owned mutual bank, distinct from the Big 4 banks. It reinvests profits into community services, maintaining a focus on providing financial solutions tailored to its members. With 27 products and 31 variations, BankVic offers a range of banking services through both physical branches and online platforms, ensuring accessibility and convenience for its members.

BankVic's target market includes police, emergency services, and health workers, offering them competitive rates and tailored financial products. The bank's unique value proposition includes benefits such as no account-keeping fees for select products and special rates for community service members. Despite certain fees and membership requirements, BankVic remains committed to delivering value-driven financial products, reinforcing its role as a community-focused institution.

• Legal Name: Police Financial Services Limited
• ABN: 33087651661
• 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 with features designed to provide flexibility and cost savings for borrowers, including competitive interest rates and the ability to make additional repayments without penalties.

• Additional Repayments: Borrowers can make additional repayments up to $10,000 per year without incurring penalties. This feature enables borrowers to reduce their loan balance faster, potentially saving on interest costs over the life of the loan.
• Insurance Inclusion: Insurance is available as an additional feature with BankVic home loans, providing borrowers with peace of mind and financial protection against unforeseen events.
• Flexible Repayment Options: Borrowers can choose to make their loan repayments weekly, fortnightly, or monthly. This flexibility allows borrowers to align their repayment schedule with their income cycle, enhancing cash flow management.
• Unlimited Additional Repayments: For select products, borrowers can make unlimited additional repayments. This feature offers the opportunity to pay off the loan sooner and reduce interest payments, providing greater financial flexibility.
• Redraw Facility: BankVic offers a redraw facility for borrowers who are at least one full repayment ahead, allowing them to access extra funds when needed. Redraws can be made from $50 with no fees, providing convenient access to funds through BankVic Internet Banking.
• Offset Account: An offset account can be linked to certain BankVic home loans, allowing borrowers to reduce the interest payable on their loan by offsetting the loan balance with funds in the account. This feature can lead to significant interest savings over time.
• Special Investor Rate: BankVic provides a special investor variable rate at 6.19% p.a., offering competitive pricing for investors seeking to maximise returns while managing their mortgage costs effectively.
• No Lenders Mortgage Insurance (LMI): For loans up to 80% Loan-to-Value Ratio (LVR), BankVic waives LMI, reducing upfront costs for borrowers and making home ownership more accessible.

BankVic offers a transparent fee structure for its home loan products, ensuring borrowers are well-informed about potential costs associated with their loans.

• 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 - Applies to non-standard properties such as country, interstate, or high-value locations. The fee is at cost.
• Title Search Fee: $25 - Charged for Torrens title searches when additional searches are required.
• Discharge Fee: $295 - Payable when discharging the mortgage upon loan payout. Excludes government and other charges.
• Early Repayment or Break Costs: Variable - Calculated based on the lender's estimate of loss due to breaking a fixed interest period.
• Security Substitution Fee: $400 - Charged for substituting the security on a loan. Excludes government and other charges.
• Switching Loan Products Fee: $200 - Applies when changing the type of home loan or interest rate.
• Mortgage Establishment Fee: $300 - Covers solicitor's fees, one Torrens title search, and mortgage preparation costs for existing loans.
• Production of Title Fee: $330 - Charged for revising the Certificate of Title, including consent to mortgage and ownership changes in Victoria.
• Representation Fee: $99 - Applies for attendance at settlement by BankVic or its representative.

BankVic provides home loans primarily to Australian citizens who are members of the bank, with a focus on serving police, emergency services, and health workers.

• Applicants must be at least 18 years old.
• Applicants must be Australian citizens.
• Applicants must have PAYG income and be outside any probationary employment period.
• Applicants must be members of BankVic.
• Applicants must be police officers or associated with the community service sectors.

• Lenders Mortgage Insurance (LMI) is waived for loans up to 80% Loan-to-Value Ratio (LVR).
• An establishment fee of $300 and a discharge fee of $295 apply to the loan.
• Additional repayments up to $10,000 annually can be made without penalties.