Line of Credit Investment Loan
- Last updated on 02 Apr 2020
Discount Variable Home Loan
specialRate cut to 2.59% p.a effective on 3 April 2020
Make the move to UBank's award winning home loan
Owner Occupier Discounted Variable Rate
based on $300,000 loan amount for 25 years
- No ongoing fees
- Parents can sign as guarantor
- Repayments may decrease if RBA cuts rates
- No extra repayments
- No redraw and no offset
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Interest rate structure
$50k - $100m
Principal & interest
Loan term range
1 - 30 years
Allows split interest
Investors, Line of Credit
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Estimated upfront fees
Minimum SMSF Amount
Compare and review home loans with similar features
BankVic is a member-owned bank that was founded by police officers in 1974. Today it serves police and emergency service workers as well as health workers and other public servants.
BankVic employs over 130 staff, has over 96,000 members and over $1 billion in assets, with a head office and branches in Melbourne. These branches offer services such as home and personal loans, credit cards, insurance and members can meet with BankVic financial planners for advice on a range of investment topics.
The bank was named the 2013 Money Magazine Credit Union of the Year.
BankVic home loan calculator
Interested in a BankVic home loan? RateCity has a suite of calculators that can show you what your repayments would be and how BankVic compares to its competitors. Simply plug in your borrowing amount below.
Specialist lenders, also known as non-conforming lenders, are lenders that offer mortgages to ‘non-vanilla’ borrowers who struggle to get finance at mainstream banks.
That includes people with bad credit, as well as borrowers who are self-employed, in casual employment or are new to Australia.
Specialist lenders take a much more flexible approach to assessing mortgage applications than mainstream banks.
The Rate Guarantee is RateCity putting its money where its mouth is. We believe that too many Australians are paying too much for their home loans. We’re so confident we can help Aussies save money, if we can’t beat your current rate, we’ll give you a $100 gift card.*
There are three reasons it pays to check your rate with the RateCity Rate Guarantee:
- You can find out how much you could save on your home loan by switching to a loan with a lower interest rate
- If we can’t beat your current rate, you can claim a $100 gift card with our Rate Guarantee*
- Everyone who checks their home loan will be entered in the draw for a chance to win $1 million!^
Additional payments to your home loan above the minimum monthly instalments, which can help to reduce the loan’s term and remaining payable interest.
Real Time RatingsTM is the only online system that ranks the home loan market based on your personal borrowing preferences. Until now, home loans have been rated based on outdated data. Our system is unique because it reacts to changes as soon as we update our database.
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.
Equity is the value of your property, less any outstanding debt against it. For example, if you have a $500,000 property and a $300,000 mortgage against the property, then you have $200,000 equity. This is the portion of the property that you actually own.
This type of loan is a flexible mortgage that allows you to draw on funds when you need them, similar to a credit card.
Equity refers to the difference between what your property is worth and how much you owe on it. Essentially, it is the amount you have repaid on your home loan to date, although if your property has gone up in value it can sometimes be a lot more.
You can use the equity in your home loan to finance renovations on your existing property or as a deposit on an investment property. It can also be accessed for other investment opportunities or smaller purchases, such as a car or holiday, using a redraw facility.
Once you are over 65 you can even use the equity in your home loan as a source of income by taking out a reverse mortgage. This will let you access the equity in your loan in the form of regular payments which will be paid back to the bank following your death by selling your property. But like all financial products, it’s best to seek professional advice before you sign on the dotted line.
This competition is currently for home loans only.
You may still be able to save money by checking the interest rates, fees, and charges on your personal loan, car loan or credit card – compare your options at RateCity.
But keep your eyes open – we may add options for car loans, personal loans, credit cards and more in the future.