BankVic Personal Loans
BankVic is a customer-owned mutual bank that has served police officers, emergency responders, healthcare workers and their family and friends since 1974.
There are six branches for BankVic customers to visit and all of them are located within Victoria, Australia.
BankVic offers its members financial products such as personal loans, bank accounts, savings accounts, term deposits, home loans, credit cards, insurance and wealth management.
BankVic personal loan repayment calculator
Total interest paid
Total amount to pay
BankVic personal loans rates
Go to site
Secured Personal Loan
based on $30,000 loan amount for 5 years
Fully drawn advance
Unsecured Personal Loan
based on $30,000 loan amount for 5 years
Fully drawn advance
- Below-average upfront fees
- No ongoing fees
- Secured and unsecured loans available
- No low interest rates available
- Limited amount of branches
- No redraw facility
Features of a BankVic personal loan
The BankVic personal loans range includes a limited number of options for members. Loan types included secured and unsecured loans, with variable interest rates.
Loan amounts go up to $60,000 and are suited for expenses such as home renovations, purchasing a boat or personal items such as a computer.
Personal loan interest rates from BankVic range from moderate to high depending on the type of loan.
Members who take out a personal loan with BankVic can expect a below-average upfront fee and no monthly ongoing fees.
BankVic does not offer its members a redraw facility on personal loans.
BankVic personal loans - customer service
With only six branches to visit within Victoria, customers who live elsewhere in Australia and want to borrow from BankVic will need to use BankVic’s online banking services, or call BankVic’s customer care line by phone.
Who is eligible for a BankVic personal loan?
To be eligible for a BankVic personal loan, members should meet the following criteria:
- Be a member of BankVic
- Be over 18
- Pass the bank’s credit assessment
How to apply for a BankVic personal loan?
The following methods of personal loan applications are available from BankVic:
- Online application
- Phone application
- In person at a branch (Victoria only)
BankVic personal loans review
There is a limited number of personal loan options available from BankVic. Only those working within the police force, emergency services or healthcare (or their families and friends) have access to a BankVic personal loan.
Low interest rates are not available for those who borrow from BankVic. This could be an issue for borrowers who want to minimise the risk of additional debt.
There is also a low upfront fee payable, but no monthly ongoing fees. Some borrowers might see value in these potential savings.
No redraw facility is available with BankVic personal loans. This could be a deterrent for those who would like the option of borrowing back some of the money they’ve already paid off the loan balance.
Use RateCity’s personal loans comparison tool to find the best personal loan interest rates available for your needs.
Today's top personal loans products
Find popular personal loans lenders from a wide range of Australian. View All >
It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.
As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.
Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).
If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.
Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension.
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Depending on the lender, personal loans and medium-amount loans for $5000 can sometimes be approved in under an hour, and give you access to the money the same day. Other loans may take 24 hours or longer to assess your application, and you may not get the money for a few days.
If you need to borrow $2000 or less, alternatives to getting a personal loan or payday loan include using a credit card or the redraw facility of your home, car or personal loan.
Before you borrow $2000 on a credit card, remember that interest will continue being charged on what you owe until you clear your credit card balance. To minimise your interest, consider prioritising paying off your credit card.
Before you draw down $2000 in extra repayments from your home, car or personal loan using a redraw facility, note that fees and charges may apply, and drawing money from your loan may mean your loan will take longer to repay, costing you more in total interest.