BankVic home loan repayment calculator

Thinking about taking out a home loan with BankVic? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how BankVic home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.74 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Pros
  • Wide variety of home loan options.
  • Flexible repayment options across most loans.
  • Relatively low interest rates.
  • Member-owned.
Cons
  • Branch access limited to Melbourne.
  • Interest-only payments unavailable on some loans.

BankVic home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.74%

Variable

$590

2.78%

$0
BankVic
More details

2.70%

Fixed - 5 years

$0

2.92%

$0
BankVic
More details

2.50%

Fixed - 3 years

$0

2.93%

$0
BankVic
More details

2.70%

Fixed - 4 years

$0

2.95%

$0
BankVic
More details

2.50%

Fixed - 2 years

$0

2.97%

$0
BankVic
More details

2.50%

Fixed - 1 year

$0

3.02%

$0
BankVic
More details

2.99%

Variable

$290

3.03%

$0
BankVic
More details

3.07%

Variable

$0

3.07%

$0
BankVic
More details

3.11%

Variable

$590

3.15%

$0
BankVic
More details

3.24%

Variable

$290

3.28%

$0
BankVic
More details

2.80%

Fixed - 5 years

$590

3.51%

$0
BankVic
More details

2.70%

Fixed - 5 years

$0

3.57%

$375 annually
BankVic
More details

2.80%

Fixed - 4 years

$590

3.59%

$0
BankVic
More details

2.60%

Fixed - 3 years

$590

3.62%

$0
BankVic
More details

2.70%

Fixed - 4 years

$0

3.63%

$375 annually
BankVic
More details

2.50%

Fixed - 3 years

$0

3.64%

$375 annually
BankVic
More details

2.50%

Fixed - 2 years

$0

3.72%

$375 annually
BankVic
More details

2.60%

Fixed - 2 years

$590

3.72%

$0
BankVic
More details

2.89%

Intro 24 months

$590

3.74%

$0
BankVic
More details

2.60%

Fixed - 1 year

$590

3.80%

$0
BankVic
More details

2.50%

Fixed - 1 year

$0

3.81%

$375 annually
BankVic
More details

3.52%

Variable

$290

3.90%

$375 annually
BankVic
More details

3.52%

Variable

$290

3.90%

$375 annually
BankVic
More details

3.52%

Variable

$290

3.90%

$375 annually
BankVic
More details

3.92%

Variable

$590

3.96%

$0
BankVic
More details

3.92%

Variable

$590

3.96%

$0
BankVic
More details

3.92%

Variable

$590

3.96%

$0
BankVic
More details

2.95%

Fixed - 5 years

$590

3.99%

$0
BankVic
More details

2.95%

Fixed - 4 years

$590

4.11%

$0
BankVic
More details

3.97%

Variable

$590

4.11%

$0
BankVic
More details

2.85%

Fixed - 3 years

$590

4.21%

$0
BankVic
More details

2.85%

Fixed - 2 years

$590

4.35%

$0
BankVic
More details

2.85%

Fixed - 1 year

$590

4.51%

$0
BankVic
More details

4.64%

Variable

$590

4.68%

$0
BankVic
More details

4.65%

Variable

$590

4.68%

$0
BankVic
More details

4.69%

Variable

$590

4.73%

$0
BankVic
More details

BankVic customer service

BankVic members are able to contact the bank on specialised lines that cover products such as car and personal loans, home loans and insurance. There is also a direct line for those wanting to speak to a financial planner. Customers can make online enquiries, or visit or phone a branch for any immediate or important queries.

  • Customer service centre (phone)
  • Mobile app
  • Online banking
  • Email
  • Live Chat
  • Branch
  • Mobile banking staff

How to Apply

BankVic allows potential borrowers to apply for a loan in a number of ways, including online, by phone or by visiting a BankVic branch. There is also the option to make an appointment with a mobile lender. As BankVic is a member-owned bank, applicants will have to become a BankVic member to take out a loan. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include: 

  • Personal identification material.
  • Proof of employment and income.
  • Information on any current loans or debts you currently have.
  • Asset details, such as land, house, vehicles, savings, shares and super.

Learn more about BankVic

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

How will Real Time Ratings help me find a new home loan?

The home loan market is complex. With almost 4,000 different loans on offer, it’s becoming increasingly difficult to work out which loans work for you.

That’s where Real Time RatingsTM can help. Our system automatically filters out loans that don’t fit your requirements and ranks the remaining loans based on your individual loan requirements and preferences.

Best of all, the ratings are calculated in real time so you know you’re getting the most current information.

What is a debt service ratio?

A method of gauging a borrower’s home loan serviceability (ability to afford home loan repayments), the debt service ratio (DSR) is the fraction of an applicant’s income that will need to go towards paying back a loan. The DSR is typically expressed as a percentage, and lenders may decline loans to borrowers with too high a DSR (often over 30 per cent).

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

What is a guarantor?

A guarantor is someone who provides a legally binding promise that they will pay off a mortgage if the principal borrower fails to do so.

Often, guarantors are parents in a solid financial position, while the principal borrower is a child in a weaker financial position who is struggling to enter the property market.

Lenders usually regard borrowers as less risky when they have a guarantor – and therefore may charge lower interest rates or even approve mortgages they would have otherwise rejected.

However, if the borrower falls behind on their repayments, the lender might chase the guarantor for payment. In some circumstances, the lender might even seize and sell the guarantor’s property to recoup their money.

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor. 

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

Mortgage Calculator, Repayment Type

Will you pay off the amount you borrowed + interest or just the interest for a period?

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

Why was Real Time Ratings developed?

Real Time RatingsTM was developed to save people time and money. A home loan is one of the biggest financial decisions you will ever make – and one of the most complicated. Real Time RatingsTM is designed to help you find the right loan. Until now, there has been no place borrowers can benchmark the latest rates and offers when they hit the market. Rates change all the time now and new offers hit the market almost daily, we saw the need for a way to compare these new deals against the rest of the market and make a more informed decision.

Why is it important to get the most up-to-date information?

The mortgage market changes constantly. Every week, new products get launched and existing products get tweaked. Yet many ratings and awards systems rank products annually or biannually.

We update our product data as soon as possible when lenders make changes, so if a bank hikes its interest rates or changes its product, the system will quickly re-evaluate it.

Nobody wants to read a weather forecast that is six months old, and the same is true for home loan comparisons.