BankVic will reduce its range of fixed rate home loans, maintaining a significant discount to the fixed rate loan options compared to all major banks.
This will bring BankVic’s 1 year interest rate to 4.50%pa, 3 year interest rate to 4.64%pa, 4 year interest rate to 4.74%pa, 5 year interest rate to 4.84%pa. Any new BankVic fixed rate home loan will benefit from the lower rates.
BankVic CEO, Stephen Capello said “in a competitive market we are pleased to be able to continue to pass on savings to our members in the form of interest rate reductions. As a 100% member-owned bank, our members are our first priority and this provides them with a great opportunity to lock in rates at historically low levels.”
Formerly known as Police Credit and founded in 1974, BankVic is a 100 per cent member owned bank serving police and those working in health, emergency and public services, as well as their families and friends. BankVic engages in responsible lending and is not exposed to either offshore funding or investment, and employs all staff locally in Victoria. In 2014 BankVic celebrated its 40th anniversary and is one of Victoria’s largest Mutual Banks with assets in excess of $1.3B and over 98,000 members. BankVic was awarded the 2014 Canstar Customer Owned Banking Institution of the Year and Canstar’s 2014 Customer Owned Bank of the Year for Everyday Banking, making it back to back winners.
For further media information, or to arrange an interview with CEO Stephen Capello, please contact: Sophie Maxwell at firstname.lastname@example.org or call 03 9268 9356.