BankVic reduces lending rates for home loans

With effect from 9 February 2015, BankVic will reduce its interest rates for its variable and fixed rate home loans.

The change to variable home loan rates for existing BankVic borrowers will be effective from 9 February 2015.

Any new home loans approved from 9 February 2015 will benefit from the lower variable rates.

Interest rates for variable and fixed rate home loans will decrease as follows:

Standard Variable Rate Loans

ProductOld rate % p.a.New rate % p.a.Change %
Standard Variable Rate Home Loans
Base Variable Rate Home Loan (L6) 4.944.69-0.25
Standard Variable Home Loan (L27) 5.495.24-0.25
Line of Credit (L9)5.495.24-0.25
Offset (L28)5.545.29-0.25

These interest rates are considerably lower than the recently announced standard variable home loan interest rates of the major banks:

           
Standard Variable Rate % p.a.
Westpac5.70
CBA5.65
NAB5.63

As announced on major banks' websites on 5 February 2015

24-month Honeymoon Variable Rate Loans; Premium Home & WealthBuilder$ Packages; Fixed Rate Loans

ProductOld rate % p.a.New rate % p.a.Change %
24-month Honeymoon Variable Rate Loan (0.85% discount)
2-year Discount Variable (L27) 4.644.39-0.25
1-year Discount Variable (L27) 4.644.39-0.25
Premium Home & WealthBuilder$ – Variable Rate Packages
Standard Variable home loan (Loans < $250,000: 0.25% discount) 5.244.99-0.25
Standard Variable home loan (Loans from $250,000 - $749,999: 0.40% discount) 5.094.84-0.25
Standard Variable home loan (Loans > $750,000: 0.50% discount) 4.994.74-0.25
Fixed Rate Home Loans
1-year4.844.59-0.25
2-year4.794.54-0.25
3-year4.994.74-0.25
4-year5.094.84-0.25
5-year5.144.89-0.25
Premium Home & WealthBuilder$ – Fixed Rate Packages
1-year4.744.49-0.25
2-year4.694.44-0.25
3-year4.894.64-0.25
4-year4.994.74-0.25
5-year5.044.79-0.25

Please check our interest rates webpage for our range of current savings and loan interest rates.

     

BankVic continues to provide our members with competitive products and services. Call us on 13 63 73 for all of your loan enquiries.

BSB: 704 230

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