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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BankVic personal loans rates
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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.
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In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.
For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.
For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent. (Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions – although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.)
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.
Some lenders are able to approve applications over the internet and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the loan.
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.
However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
It’s unusual for a lender to make a personal loan above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.
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, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
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.