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BankVic Premium Package Loan

Features

Available to owner-occupiers only, the Premium Home Package Loan combines a BankVic home loan account with benefits and discounts on other BankVic financial products.

The BankVic home loans eligible under this package are the line of credit, and fixed or variable rate home loans, with a discount on the rates for each of these loans.

Once these rate discounts are applied, the rates offered by this package are competitive. Other discounts included in this package are a Visa Gold credit card with a waived annual fee, a free consultation with a financial planner, discounts on select insurance premiums and three free property valuations within the Victoria Metropolitan area and major regional centres.

You can pay this loan off early by making additional repayments, but be sure you don’t make more than the maximum amount that is allowed during a fixed rate period or else you will have to pay a break cost fee.

Another way you can help to pay this loan off early is by using the offered 100 per cent offset account through making payments towards this transaction account, which offsets the interest you must repay towards your loan.

Finally, this loan is portable, so if you move homes throughout your loan term you are able to take the Premium Home Package Loan with you.

Who is the BankVic Premium Package Loan good for?

This home loan could be a great option for current BankVic members who have already determined that they would like to have all of these products alongside your home loan account.

Review - What RateCity says

If you are looking for a one stop shop for all your financial products then the BankVic Premium Home Package Loan could be worth considering.

 

The discounts on your home loan rate make this product competitive, however there is a considerable annual fee so make sure you are getting enough benefits from the package to justify the fee. 

BankVic Premium Package Loan Options

To see all of the options available under the BankVic Premium Home Package Loan, follow the links provided below.

Product
Advertised rate
Comparison rate*
Monthly repayment
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Fixed Rates from

3.87%

Advertised rate

4.60%

Comparison rate

Variable Rates from

4.09%

Advertised rate

4.47%

Comparison rate
Pros
  • Relatively low rates.
  • Fees waived on other BankVic products.
  • 100 per cent offset account.
Cons
  • Annual package fee.
  • Restrictions on use of the redraw facility.
  • Not available to investors.
Eligibility

Must be a member of BankVic.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $0 - $290.00
  • Discharge fees: $195
  • Ongoing fees: $375 annually

One of the great features of the Premium Home Package Loan is that the cost for establishing this loan is waived if you are opening this loan package as a new borrower.

However, you will have to pay an annual fee for the life of the loan which can add up over the life of the loan, plus a discharge fee at the end of the loan.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Monthly repayments
  • Weekly repayments
  • Fortnightly repayments
  • Loan allows split interest rate
About BankVic

Founded by a group of police officers, BankVic is a member-owned bank in Victoria focused on providing financial services to the police, public service, emergency and health sectors of the community.

There are four branches in Victoria, a customer service phone line that operates five days a week and 24/7 online banking facilities.

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