BankVic’s standard variable rate home loan offers a range of features with no ongoing management fees. Customers have flexibility in making repayments on a weekly, fortnightly and monthly basis. That’s useful because repaying more often may help you repay the loan faster and save on interest costs.
Customers have the ability to make extra repayments while being able to redraw these repayments at the minimum amount of $50 without being charged a fee. However, the loan lacks an offset account, which can otherwise help you reduce interest costs by having your surplus cash in a transaction account offset your mortgage principal and interest payable.
The Standard Variable Loan does, however, have a moderately high upfront cost, which might outweigh the benefit of not paying any ongoing fees.
The loan calculates interest payments daily and debits them monthly in arrears, which it claims as a feature, but this is standard home loan practice. The loan is also portable which means you have the ability to move homes and take your home loan with you when you go.
BankVic will pre-approve home loans for a certain period, which means you can show real-estate agents that you’re able to purchase a property with a pre-approved home loan certificate.
A low minimum loan amount of $20,000 applies. You can apply online, visit a branch or speak to a mobile lender to organise your home loan. BankVic’s mobile lenders can come to you at a time and place that suits you, which is a useful benefit.
Borrowers can also get a no-obligation quote for pay-by-the-month insurance, with an option of 90 days free building insurance cover during the settlement period, another small perk.
The Standard Variable Loan is a basic loan that may suit you if you’re already a member of BankVic or if you are looking to become a member. It may also suit those who want to have pre-approval for an owner-occupier or investment home loan.
This loan is also good for people who want a basic home loan with flexibility in making repayments and the ability to redraw any extra repayments with no additional cost.
The BankVic Standard Variable Loan may be good for people who want a no-frills home loan with no ongoing fees. The loan allows you to make early fee-free repayments and redraw these payments. However, this loan has a moderately high variable rate and moderately high upfront cost that might negate the benefit of having no ongoing fees. It’s best to do some research to see if this home loan suits your needs and to weigh the pros and cons if you’re interested.
BankVic offers a Standard Variable Loan for owner-occupiers and investors. To find out more about each option, follow the links below.
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