BankVic Base Variable Loan


The BankVic Base Variable Loan is available for both owner-occupied properties and investment properties, with relatively moderate interest rates for each.

However, these rates are accompanied by fewer loan features, such as no offset account, although, this isn’t necessarily a con if you’re looking for a simple, home loan that still has some flexibility in repayment options.

You’ll have the ability to make weekly, fortnightly or monthly repayments on this loan as well as to make additional repayments towards your total loan amount which allow you to pay off your loan sooner.

The redraw facility also provides flexibility since you can access your additional repayments if you find you need those funds back.

Another great feature of the BankVic Base Variable Loan is that there are no upfront fees or ongoing fees, which can save you a ton in the long run.

You can be pre-approved for this loan which in some cases can show agents that you’re a serious buyer.

You only have to make a small deposit in order to qualify for this loan since you can borrow up to 95 per cent of your property’s value whether you’re an investor or owner-occupier. But make sure you factor in the cost of lender’s mortgage insurance if you are going to be borrowing more than 80 per cent of your property’s value.

And, if you move homes during your loan term or if you want to change the property in which this loan is secured against, the loan portability option lets you take your Base Variable Loan with you.

Who is the BankVic Base Variable Loan good for?

The Base Variable Loan could be a suitable option for both owner-occupiers and investors looking to have a home loan without a bunch of features, but who still want to have some flexibility.

Also, you must be a member of BankVic so this loan is most suitable if you meet the eligibility criteria to become a member or, of course, if you already are a BankVic member.

Review - What RateCity says

If you’re an investor or owner-occupier looking for a no-frills home loan that is simple, but still offers flexibility, the BankVic Base Variable Loan could be worth considering.

While the interest rates aren’t the lowest on the market, they are generally below average. Combine this with relatively low fees and it could appeal to people looking for value for money from a recognised bank.

BankVic Base Variable Loan Options

Check out more information about the home and investment options for the BankVic Base Variable Loan at the links that are provided below.

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  • Moderately low rates.
  • Early repayments allowed.
  • No upfront or ongoing fees.
  • Discharge fee.
  • No offset account.
  • Limited branches.

Must be a BankVic member.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Estimated upfront fees: $590.00
  • Discharge fees: $195
  • Ongoing fees: $0

There are no upfront fees or ongoing fees charged for the Base Variable Loan, but it is not completely fee free because you will be charged a discharge fee following the completion of your loan.

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

BankVic is a 100 per cent member-owned bank serving the community of Victoria and its service members. Banking and customer service is offered by BankVic at one of four branches within Victoria, online and over the phone.

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