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
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Pros and cons
- Below-average upfront fees
- No ongoing fees
- Secured and unsecured loans available
- No low interest rates available
- Limited amount of branches
- No redraw facility
BankVic personal loans rates
based on $30,000 loan amount for 5 years at 10.08%
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based on $30,000 loan amount for 5 years at 10.08%
Fully drawn advance
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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.
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Where can I get a personal loan?
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
Can you refinance a $5000 personal loan?
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.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
Can unemployed single parents get personal loans?
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.
What do single parents need for a personal loan application?
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
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.