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 am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 5.00%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

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

BankVic home loans rates

Advertised Rate

1.95%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

2.72%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

2.25%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

2.76%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

2.74%

Variable

Total estimated upfront fees
$590
Comparison Rate*

2.79%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

1.95%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

2.80%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

1.95%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

2.89%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

2.19%

Intro 36 months

Total estimated upfront fees
$0
Comparison Rate*

2.89%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

2.05%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

2.99%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

2.99%

Variable

Total estimated upfront fees
$290
Comparison Rate*

3.04%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

3.07%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.08%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

3.11%

Variable

Total estimated upfront fees
$590
Comparison Rate*

3.16%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

3.24%

Variable

Total estimated upfront fees
$290
Comparison Rate*

3.29%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Product
Advertised Rate

2.35%

Fixed - 5 years

Total estimated upfront fees
$590
Comparison Rate*

3.34%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Product
Advertised Rate

2.05%

Fixed - 4 years

Total estimated upfront fees
$590
Comparison Rate*

3.35%

Ongoing fee
$0
Go to site
Company
BankVic

Winner of Best 4 year fixed pi, RateCity Gold Awards 2021

More details
Product
Advertised Rate

2.05%

Fixed - 3 years

Total estimated upfront fees
$590
Comparison Rate*

3.49%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

2.25%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.49%

Ongoing fee
$375 annually
Go to site
Company
BankVic

Winner of Best 5 year fixed pi, RateCity Gold Awards 2021

More details
Advertised Rate

1.95%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.50%

Ongoing fee
$375 annually
Go to site
Company
BankVic
More details
Advertised Rate

1.95%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.62%

Ongoing fee
$375 annually
Go to site
Company
BankVic
More details
Product
Advertised Rate

2.05%

Fixed - 2 years

Total estimated upfront fees
$590
Comparison Rate*

3.64%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

2.89%

Intro 24 months

Total estimated upfront fees
$590
Comparison Rate*

3.74%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

1.95%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.75%

Ongoing fee
$375 annually
Go to site
Company
BankVic
More details
Product
Advertised Rate

2.15%

Fixed - 1 year

Total estimated upfront fees
$590
Comparison Rate*

3.80%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

2.05%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.90%

Ongoing fee
$375 annually
Go to site
Company
BankVic
More details
Advertised Rate

3.52%

Variable

Total estimated upfront fees
$290
Comparison Rate*

3.90%

Ongoing fee
$375 annually
Go to site
Company
BankVic
More details
Advertised Rate

3.52%

Variable

Total estimated upfront fees
$290
Comparison Rate*

3.90%

Ongoing fee
$375 annually
Go to site
Company
BankVic
More details
Advertised Rate

3.92%

Variable

Total estimated upfront fees
$590
Comparison Rate*

3.96%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

3.92%

Variable

Total estimated upfront fees
$590
Comparison Rate*

3.97%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Product
Advertised Rate

2.89%

Fixed - 5 years

Total estimated upfront fees
$590
Comparison Rate*

3.98%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

3.97%

Variable

Total estimated upfront fees
$590
Comparison Rate*

4.02%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Product
Advertised Rate

2.89%

Fixed - 4 years

Total estimated upfront fees
$590
Comparison Rate*

4.10%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

2.79%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

4.11%

Ongoing fee
$375 annually
Go to site
Company
BankVic
More details
Product
Advertised Rate

2.54%

Fixed - 3 years

Total estimated upfront fees
$590
Comparison Rate*

4.14%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

2.79%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

4.22%

Ongoing fee
$375 annually
Go to site
Company
BankVic
More details
Advertised Rate

2.44%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

4.25%

Ongoing fee
$375 annually
Go to site
Company
BankVic
More details
Product
Advertised Rate

2.54%

Fixed - 2 years

Total estimated upfront fees
$590
Comparison Rate*

4.30%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

2.44%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

4.40%

Ongoing fee
$375 annually
Go to site
Company
BankVic
More details
Product
Advertised Rate

2.54%

Fixed - 1 year

Total estimated upfront fees
$590
Comparison Rate*

4.49%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

2.44%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

4.57%

Ongoing fee
$375 annually
Go to site
Company
BankVic
More details
Advertised Rate

4.64%

Variable

Total estimated upfront fees
$590
Comparison Rate*

4.68%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

4.64%

Variable

Total estimated upfront fees
$590
Comparison Rate*

4.69%

Ongoing fee
$0
Go to site
Company
BankVic
More details
Advertised Rate

4.69%

Variable

Total estimated upfront fees
$590
Comparison Rate*

4.74%

Ongoing fee
$0
Go to site
Company
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 home loans

How do I apply for a home loan pre-approval from Commonwealth Bank?

To apply for a Commbank home loan pre-approval, you can either call the bank at 13 2224 or meet one of the bank’s lending specialists. You can set up a meeting online if you wish. You’ll need to do some homework before contacting the bank, such as gathering information on the kind of properties you’d like to buy and their prices.

Preparing a financial summary, which lists all your income sources as well as significant expenses, can also help determine how much you can afford to borrow. You may also want to check your credit score before applying for pre-approval.

It’s worth remembering that a CBA home loan pre-approval doesn’t guarantee that you’ll get the loan. Once you get the pre-approval, you’ll have about three to six months to decide on a property and apply for the home loan. The bank will then confirm that the property is suitable for the loan before fully approving it.

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

Can I apply for an ANZ non-resident home loan? 

You may be eligible to apply for an ANZ non-resident home loan only if you meet the following two conditions:

  1. You hold a Temporary Skill Shortage (TSS) visa or its predecessor, the Temporary Skilled Work (subclass 457) visa.
  2. Your job is included in the Australian government’s Medium and Long Term Strategic Skills List. 

However, non-resident home loan applications may need Foreign Investment Review Board (FIRB) approval in addition to meeting ANZ’s Mortgage Credit Requirements. Also, they may not be eligible for loans that require paying for Lender’s Mortgage Insurance (LMI). As a result, you may not be able to borrow more than 80 per cent of your home’s value. However, you can apply as a co-borrower with your spouse if they are a citizen of either Australia or New Zealand, or are a permanent resident.

How long does Bankwest take to approve home loans?

Full approval for a home loan usually involves a property valuation, which, Bankwest suggests, can take “a week or two”. As a result, getting your home loan approved may take longer. However, you may get full approval within this time if you applied for and received conditional approval, sometimes called a pre-approval, from Bankwest before finalising the home you want to buy.  

Another way of speeding up approvals can be by completing, signing, and submitting your home loan application digitally. Essentially, you give the bank or your mortgage broker a copy of your home’s sale contract and then complete the rest of the steps online. Bankwest has claimed this cuts the approval time to less than four days, although this may only happen if your income and credit history can be verified easily, or if your home’s valuation doesn’t take time.

Can I take a personal loan after a home loan?

Are you struggling to pay the deposit for your dream home? A personal loan can help you pay the deposit. The question that may arise in your mind is can I take a home loan after a personal loan, or can you take a personal loan at the same time as a home loan, as it is. The answer is that, yes, provided you can meet the general eligibility criteria for both a personal loan and a home loan, your application should be approved. Those eligibility criteria may include:

  • Higher-income to show repayment capability for both the loans
  • Clear credit history with no delays in bill payments or defaults on debts
  • Zero or minimal current outstanding debt
  • Some amount of savings
  • Proven rent history will be positively perceived by the lenders

A personal loan after or during a home loan may impact serviceability, however, as the numbers can seriously add up. Every loan you avail of increases your monthly installments and the amount you use to repay the personal loan will be considered to lower the money available for the repayment of your home loan.

As to whether you can get a personal loan after your home loan, the answer is a very likely "yes", though it does come with a caveat: as long as you can show sufficient income to repay both the loans on time, you should be able to get that personal loan approved. A personal loan can also help to improve your credit score showing financial discipline and responsibility, which may benefit you with more favorable terms for your home loan.

How can I get ANZ home loan pre-approval?

Shopping for a new home is an exciting experience and getting a pre-approval on the loan may give you the peace of mind that you are looking at properties within your budget. 

At the time of applying for the ANZ Bank home loan pre-approval, you will be required to provide proof of employment and income, along with records of your savings and debts.

An ANZ home loan pre-approval time frame is usually up to three months. However, being pre-approved doesn’t necessarily mean you will get your home loan. Other factors could lead to your home loan application being rejected, even with a prior pre-approval. Some factors include the property evaluation not meeting the bank’s criteria or a change in your financial circumstances.

You can make an application for ANZ home loan pre-approval online or call on 1800100641 Mon-Fri 8.00 am to 8.00 pm (AEST).

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).

Can I get a NAB home loan on casual employment?

While many lenders consider casual employees as high-risk borrowers because of their fluctuating incomes, there are a few specialist lenders, such as NAB, which may provide home loans to individuals employed on a casual basis. A NAB home loan for casual employment is essentially a low doc home loan specifically designed to help casually employed individuals who may be unable to provide standard financial documents. However, since such loans are deemed high risk compared to regular home loans, you could be charged higher rates and receive lower maximum LVRs (Loan to Value Ratio, which is the loan amount you can borrow against the value of the property).

While applying for a home loan as a casual employee, you will likely be asked to demonstrate that you've been working steadily and might need to provide group certificates for the last two years. It is at the lender’s discretion to pick either of the two group certificates and consider that to be your income. If you’ve not had the same job for several years, providing proof of income could be a bit of a challenge for you. In this scenario, some lenders may rely on your year to date (YTD) income, and instead calculate your yearly income from that.

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 should I get an ING home loan pre-approval?

When you apply for an ING home loan pre-approval, you might be required to provide proof of employment and income, savings, as well as details on any on-going debts. The lender could also make a credit enquiry against your name. If you’re pre-approved, you will know how much money ING is willing to lend you. 

Please note, however, that a pre-approval is nothing more than an idea of your ability to borrow funds and is not the final approval. You should receive the home loan approval  only after finalising the property and submitting a formal loan application to the lender, ING. Additionally, a pre-approval does not stay valid indefinitely, since your financial circumstances and the home loan market could change overnight.

 

 

How long does NAB home loan approval take?

The time required to get your home loan from NAB approved can vary based on a number of factors involved in the application process. 

Once you have applied for a home loan, a NAB specialist will contact you within 24 hours over the phone to take down relevant information, including your total income, debts (existing loans, credit cards, etc.), assets (car, shares, etc.), and your monthly expenses (food, utility bills, etc.). Your lender might also ask for information related to the property you want to purchase, including the type of dwelling and preferred postcode.

NAB will then verify all your information and check your credit score, and if the details stack up, you should be given a conditional approval certificate. This certificate stipulates how much money NAB is willing to lend you and is typically valid for 90 days. 

Once you have your conditional approval, you can start browsing for properties that you like and that fit within the budget that NAB has provided. After you find a suitable property, you’ll need to give a copy of the signed deed to NAB, following which you should get full approval and access to the funds. This process can take up to 4-6 weeks.