First Home Buyer Package

Make your parents proud. Move out.
We’ll help you with a $5,000 BankVic grant for first home buyers.

Overview

Benefits

$5000 BankVic grant

  • Deposited into your loan account after your loan settles1

First Home Buyer Home Loan

  • 3.79%pa variable loan and comparison rate2
  • no establishment, ongoing package or annual fees
  • an offset account and free redraw (minimum $50)
  • up to 85% Loan to Value Ratio (LVR) without Lenders Mortgage Insurance (LMI)
  • family guarantee available, eliminating the need to pay LMI
  • pay weekly, fortnightly or monthly
  • ability to fix or split loans with no additional fees
  • interest calculated daily and debited monthly in arrears
  • pre-approval certificate (valid for three months)

Silver credit card

  • 3.79%pa interest rate matched to your home loan rate3
  • no annual fees
  • up to 44 days interest free period on purchases
  • balance transfers available

Insurance

  • Receive $100 cash back when you take out any two general insurance policies like home and contents insurance4

Anywhere Account

  • Get instant access to your funds and bank fee free with an everyday transaction account5
 

Eligibility

BankVic $5,000 grant

To be eligible for the BankVic $5,000 First Home Buyer Grant you must:

  • be a member for at least 3 months prior to application date or be employed by Victoria Police or in the health, emergency or public services sector
  • meet first home buyer conditions through evidence of:
    • approval for the Victorian Government’s First Home Owner grant or
    • as a recipient of the Victorian State Revenue Office Stamp Duty First Home Buyer concessions or other means
  • have a minimum loan amount of $300,000

First Home Buyer Home Loan

Successful applications for the BankVic First Home Buyer Home Loan will:

  • be for the purchase of a first home
  • be for owner occupied loans with principal and interest payments
  • be for the purchase of a new (fully constructed) or established home in Victoria
  • not be available for construction loans
  • meet our assessment criteria
  • only be for applicants 18 years and over

Features

Features of our First Home Buyer home loan include:

Rates & fees

Rates


 Rate pa Comparison rate pa
Owner-occupied2  3.79% 3.79%

2. First Home Buyer Package loan rate effective 25 October 2017 for new borrowers
Available on new owner occupied loans, with principal and interest repayments to purchase a new (fully constructed) or established home. Maximum Loan to Valuation Ratios apply. Lenders Mortgage Insurance may be required. Not available for construction loans. This comparison rate is calculated on a $150,000 loan over 25 years based on monthly repayments.
WARNING: Comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate.

Key facts sheet

You can also request a home loan key facts sheet which will highlight important information such as the total amount that you need to repay over the life of your loan.

Fees & charges

Refer to Fees & Charges (PDF) for information on current fees & charges.

FAQs

What do you get with the First Home Buyers Package?

  • A BankVic $5000 grant
  • A low ongoing variable home loan rate
  • A credit card with an interest rate that matches your home loan
  • $100 cash back when you take out two general insurance policies
  • Anywhere account, giving you instant access to your funds

What is the eligibility criteria for the $5,000 Grant?

  • The $5,000 BankVic Grant is offered to the first 100 eligible members.
  • You will need to settle your BankVic First Home Buyer package loan by 31 March 2018.
  • To be eligible you must
    • be a member for at least three months prior to application date or
    • be a new member who is employed by the Victorian Police or in the Health, Emergency or Public Services sector.
  • You must also meet the first home buyer conditions through evidence of
    • approval for the Victorian Government’s First Home Owner Grant or
    • as a recipient of the Victorian State Revenue Office Stamp Duty First Home Buyer concessions or other means.
  • The associated home loan requires a minimum loan amount of $300,000

When can I get the grant?

The BankVic $5000 Grant will be deposited into your BankVic loan account no later than 10 business days after settlement. 

What account will the BankVic grant be paid into?

It will be deposited into your loan account. 

Do I have to pay the BankVic Grant back?

No there is no requirement to payback the grant. 

What’s the catch?

There isn’t one. We want to help our members get into their first home

What’s the interest rate?

3.79%pa variable home loan rate and comparison rate

What are the fees?

There are no establishment, ongoing package, monthly or annual fees

There are no early repayment fees or redraw fees

There are no valuation fees

Can I make extra payments?

Yes there are no restrictions on variable rate loans

Can I get offset?

Yes an offset facility is available 

Which account can I use for my Offset?

You can use an S11 Anywhere account 

What is the eligibility criteria for the Loan?

The First Home Buyer Package Loan is available for:

  • The purchase of a first home
  • Owner occupied loans with principal and interest repayments
  • The purchase of a new (fully constructed) or established home
  • It’s not available for construction loans

What is the minimum deposit I need?

You can have as little as 5% but this will depend on your circumstances

What Loan to Valuation Ratio (LVR) can I borrow up to?

You can borrow up to 85% of the value of the property without Lenders Mortgage Insurance (LMI) or 100% (plus costs) with a Family Guarantee 

Can I redraw?

Yes our redraw facility is free (minimum $50 per redraw) 

Can I split my loan between a fixed and variable interest rate?

Yes and there is no additional cost to do this

Is the First Home Buyers Package available for construction of a property?

No, it is only available when purchasing a new (fully constructed) or established home 

Can my parents offer assistance?

Yes. We can accept family guarantees to cover deposit requirements. There are no fees to set this up either.

Download the Family Guarantees Application Form

What is a Family Guarantee?

A Family Guarantee allows a family member to use the equity in their home as additional security for your loan. This will enable you to avoid paying Lenders Mortgage Insurance (LMI) and maximise the amount you can borrow. To do this, the guarantor will need to move their home loan to BankVic.

Example

Jarrod is planning to buy a $550,000 house with a $27,500 deposit (LVR of 95%) which means Lenders Mortgage Insurance (LMI) would be payable due to the high LVR for this loan.

As Jarrod’s parents have equity in their home they could provide a Family Guarantee of $82,500 as additional security on the loan, reducing Jarrod’s LVR to 80%.

By doing this Jarrod can avoid paying Lenders Mortgage Insurance saving him up to $20,000.

Benefits for the Borrower

  • Helps to reduce or avoid Lenders Mortgage Insurance, saving you money
  • Enables you to get into the market sooner
  • Maximises the amount you can borrow – up to 100% of the purchase price plus costs such as Stamp Duty and Legal Fees
  • Allows you to get help from your parents without having to ask them for cash to contribute to your deposit

Benefits for the Guarantor

  • You can help your children to buy a home without having to give them a deposit (cash)
  • You can nominate a specific amount that you’re comfortable to contribute as security for your child’s loan – called a ‘Limited Guarantee’
  • You can be released when the borrowers loan to value ratio is reduced to the required level

Download the Family Guarantees Application Form

Can my Family Guarantee be removed?

Yes, you can remove the guarantee once you have satisfied the following requirements:

  • Your repayments must have been made on time, every time, for the last 6 months
  • Your loan balance (including redraw) must be less than 80% of the value of your property. This can be from a combination of extra repayments and/or capital growth in the value of your property
  • Your credit history, income, employment and all other aspects of your situation must meet the lenders policy

Download the Family Guarantees Application Form

What comes in the package?

As a First Home Buyer, we wanted to give you a great deal on not just your loan but the rest of your banking too. 

With the First Home Buyers Package you also get:

Silver Credit Card

  • Interest rate matched to your home loan rate
  • No annual fee
  • Up to 44 days interest free period on purchases
  • Balance transfers available

Insurance

  • Protect your new asset with BankVic insurance through CGU
  • Receive $100 cash back when you take out any two general insurance policies like home and contents insurance

Anywhere Account

  • Get instant access to your funds and bank fee free with an everyday transaction account

 

What limit can I get on the credit card?

Your limit will be assessed based on your borrowing capacity with a maximum limit of $10,000.

Can I have a joint Silver credit card?

No, however if you have a co-borrower on your First Home Buyers Loan your co-borrower can have an additional card.

What happens when I close my loan?

You can either close the card or switch to the standard Silver credit card, which has a higher interest rate.

If I switch to a standard Silver credit card will the interest rate change?

Yes, your interest rate will change to the standard Silver credit card interest rate.

Are all members eligible for a Silver credit card with matching home loan interest rate?

No, only members who are eligible for the First Home Buyer Package

How do I qualify for the $100 Insurance Cashback?

You will need to take out two general insurance policies through BankVic, eg. Home and Contents Insurance, at the time of applying for your First Home Buyer Package loan 

When will I receive the $100 Insurance Cashback?

You will receive the cashback upon settlement of your First Home Buyer Package loan. 

What account will the $100 Insurance Cashback be paid into?

The $100 cash back will be deposited into your BankVic transaction account on the date your First Home Buyer Package loan commences.

Apply now

4 easy ways to apply

Before you apply...

We recommend that you read the following important documents:

BSB: 704 230

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