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BankVic Honeymoon Home Loan

Features

The main feature of the BankVic Honeymoon Home Loan is the very low variable interest rate during a one or two- year introductory period, however this rate reverts to BankVic’s standard variable rate which is moderately high range, so be sure you take this into account.

You can pay off your Honeymoon Home Loan early without being charged any penalty fees for making additional repayments towards your loan amount.

And, redrawing these funds is free through the redraw facility, but you do have to be redrawing a minimum amount in order to use this feature.

This BankVic home loan has a loan portability option which allows you to take this loan with you in the event you decide to purchase a new home and move during your loan term. It also lets you choose between monthly, fortnightly or weekly repayments so you can structure the loan around your incomings and outgoings.

The Honeymoon Home Loan is an attractive offer for first home buyers since the total cost for the first few years is comparatively low. You also don’t need to make a large deposit on your property since this home loan allows you to borrow up to 95 per cent of your home’s value.

BankVic will also consider you for pre-approval which shows that you are a serious buyer since you have already met the pre-approval conditions by your lender.

Who is the BankVic Honeymoon Home Loan good for?

This loan is targeted at first home buyers and refinancers since the introductory period does have a very low interest rate and no establishment or ongoing fees.

This loan is not offered to investors.

Review - What RateCity says

The BankVic Honeymoon Home Loan can seem like a great way to start out homeownership but be aware that many of the perks offered in this loan are only for a limited time – particularly the low interest rate.

After the honeymoon period your rate will revert to a moderately high variable interest rate which means you’ll have to start making higher repayments and ultimately pay more over the life of your loan.

 

This home loan does not an offset account, but it does allow you to make additional repayments so you can pay off your loan faster.  Other tools such as a redraw facility, loan portability and pre-approval can be beneficial but only if they are what you are looking for in a home loan. It all depends on your specific situation and comes down to your own checklist in order to determine if the Honeymoon Home Loan is the most suitable option for you.

BankVic Honeymoon Home Loan Options

The BankVic Honeymoon Home Loan is offered at introductory periods from one to two years. Find out more information about these options below.

Product
Advertised rate
Comparison rate*
Monthly repayment
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Details

Variable Rates from

3.79%

Advertised rate

4.48%

Comparison rate
Pros
  • Low variable interest rate during introductory period.
  • Additional repayments allowed.
  • No upfront or ongoing fees.
Cons
  • Interest rate reverts to a moderately high rate.
  • No offset account.
  • Discharge fee.
Eligibility

Must be a BankVic member.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $290
  • Discharge fees: $195
  • Ongoing fees: $0

A huge benefit of the Honeymoon Home Loan is that you will not be charged any fees upfront or during your entire loan term, which adds up to be a large cost savings

However, you will be charged a moderate discharge fee when you complete this loan and if you decide to package this loan with one of BankVic’s package options, you will have to pay an annual fee.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About BankVic

BankVic is a member-owned bank based in, and with branch locations in, Victoria with a strong focus on offering its products and services to community members within the public and health services sectors.

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