December 2016


As another year draws to a close, and the festive season begins, we would like to wish you a happy and safe holiday season from everyone at BankVic.

We would like to extend our thanks to those members who joined us on 24 November 2016 for our Annual General Meeting and we welcome our new Director, Lucinda Nolan, who we are sure will help lead us into another successful year.

The Board


As the festive season approaches, most of us may be taking a short, well earned break or returning home to visit family and friends. If you’re travelling overseas it’s important that you inform us of your overseas travel details, such as your departure dates, destination and return dates, so that we can be advised of your overseas card usage.

To make this even easier for our members, we have now launched a secure online form that allows you to notify us of your travel details 24/7. Visit for more information.


Blue Ribbon Charity Ball

On 11 November 2016, our staff dressed in their best to attend the Blue Ribbon Charity Ball. It proved to be a fun filled night, with a charity auction and raffle, the event raised much needed funds for the Victoria Police Blue Ribbon Foundation. We were pleased to do our part to help such a great cause.

Victoria Police Legacy

We were honoured to present the Board of Victoria Police Legacy with a donation of over $4,000 on 18 November 2016.

Victoria Police Legacy is a caring organisation that exists to support police families in times of tragedy. “These funds will go towards funding our family camps which are a fantastic support  to the families of deceased police members. These camps provide the families with an opportunity to bond, share experiences and aid in the healing process. We are very appreciative of BankVic’s ongoing involvement with Police Legacy,” said Executive Manager Lex de Man.

Victoria Police Legacy rely heavily on the generous financial support of Victoria Police members and sponsors to continue  their ongoing support of legatees.

Western Health Volunteer Days

As part of our ‘Generous Life’ Volunteer program, a group of 18 BankVic team members were excited to head to Western Health’s Footscray Hospital campus over two days in November to transform the staff courtyard into what is now called the ‘BankVic Oasis’ for staff and patients to enjoy.

This opportunity came about through our partnership with the Western Health Foundation. We provide our team members with two paid volunteer days per year which enables them to be personally involved in helping the communities that we are bonded with, through our members.

By volunteering at Western Health, our team members transformed the existing dilapidated courtyard, by digging up and replacing the garden, revitalising the pond, refurbishing the existing outdoor furniture and building new furniture. As a result, Western Health staff and patients now have a much needed space to enjoy.

Walk with Me

In July of 2016, Sue Contarino was chosen as the winner of the BankVic Community Hero Award for her brave and inspiring deeds. Suffering from late stage ovarian cancer, Sue rose above great adversity to raise funds and awareness towards research to develop early detection testing for Ovarian Cancer with the aim that no other woman would have to go through what her and her family have gone through.

Thanks to Sue’s dedication, we are excited to be supporting the second annual ‘Walk with Me’ event. It takes place on Sunday 26 February, the last Sunday in ovarian cancer awareness month.

The 42km charity walk begins at 6am from Lilydale Station and concludes in Warburton – however you can start and finish the walk at any time.

You can register now to join our BankVic walking team, or create  your own.

For more information, visit


Making interest-free deals work for you

Have you ever visited a retail store with the intention of buying something you need, such as a replacement fridge, only to be enticed into buying something you don’t really need, perhaps a smart TV, through an interest-free purchase program?

Whilst having up to five years interest-free to pay off a large purchase may sound too tempting to pass up, as with anything,  always remember the age-tested dictum “buyer beware”. In the case of interest-free it’s not as simple as it sounds.


Tony and Sue went window-shopping and fell in love with a deluxe cream leather lounge suite. The price tag was $5,000. They hadn’t planned to spend that much money but the salesperson came to their rescue offering the chance to take the lounge now and pay it off over 48 months free of any interest.

He explained that there was a $25 set-up fee and a $4.95 per month account keeping fee, but absolutely no interest would be charged during the loan period.

Tony and Sue had always been wary about these promotions – they knew there had to be a catch because businesses have to make a profit.


The credit provider is not obligated to tell you that the interest free period is ending (although some providers do). It’s up to you to work out how much you need to pay every month to clear the debt during the promotional period and pay that  amount - or more if you can. If you don’t, you’ll end up paying  ridiculously high interest.

In our example, Tony and Sue would receive a bill for the minimum repayment due each month, probably around $75. Obviously this wouldn’t fully repay the $5,000 purchase price in 48 months and that’s when they would start to pay real interest – around 30% per annum! That would mean the interest  charged at the end of the promotion would be $1 for every $3 of the amount outstanding. For instance, if you had a loan of $3,000, how would you feel about paying an extra $1,000 interest per year? That’s not smart buying.


Also be careful when agreeing to long periods to pay off a relatively inexpensive item, e.g. a $1,000 TV. The monthly account keeping fee will add up considerably over a longer period. Five years (60 months) at $4.95 is an extra $297 in fees, or an additional 29.7% on a $1,000 purchase. Reducing the  period of the loan will save you money on these fees. There are also late payment fees if you miss the monthly due date.


If you intend to buy using an interest-free offer, check your  budget and make sure you can repay the entire purchase price (plus fees) before the expiry of the interest-free period. If you do this, interest will be your friend. If you don’t, it will be a very expensive enemy.

Source: ASIC’s MoneySmart website Interest-free deals


Understanding banking in Australia and finding the best Australian mutual banks

We’re excited to announce that BankVic has been listed as one of the Top Mutual Banks in Australia, as published on Advisory HQ.

The list was compiled based on customer-centric criteria, such as products and services, fees and charges, transparency, history, stability and guiding values.

For more information on this article, visit

Why not tell your friends and family about BankVic? Here are  some great reasons why:

We put more money in member’s pockets1. Our deposit accounts have no monthly account keeping or ATM fees.2

Achieve your dream home faster. Our home loan rates are on average 0.68% lower than the Big 4 banks3.

Every bank has tellers, we have listeners. We’re here to make banking easier for you, whether it’s face to face, over the phone or even visiting you at your work place.

We know life’s busy that’s why we’ve made banking easier for you with secure internet and mobile banking.

We profit for you, not from you. We’re committed to putting our member’s financial wellbeing first and provide a range of services from savings accounts, credit cards, to insurance and wealth management4.


2016 has been a great year and we thank you for your support. We look forward to jumping into 2017 and helping you achieve your financial goals.

We’re proud to share our top 10 achievements for 2016: 

  • Our membership grew to 100,000 members strong
  • Our standard variable home loan stayed well below the average Standard Variable home loan offered by the big banks
  • We opened our Glen Waverley office and branch providing face to face banking facilities to the Police Academy and local communities
  • We implemented the ability for members to make online appointments for mobile lenders, financial planners and branch staff
  • We installed ATMs at two major Police sites, City West complex and the Police Academy
  • We were awarded 2016 Mozo People’s Choice award for banking as well as Canstar 5 star awards for credit cards and deposits
  • We launched the inaugural BankVic Community Hero Award which saw us recognise over 140 Community Heroes
  • We upgraded our website and mobile app ensuring a more user friendly experience
  • We introduced our ‘Generous Life’ volunteering program, enabling BankVic team members to be involved in helping the communities BankVic is bonded with
  • We moved our Head Office to new premises in Spring Street  


Christmas shopping and other holiday season expenses can put a dent in your budget that might take you months to recover from. Here are a few ideas to help you plan for next Christmas – it’s never too early!

  • Open a Christmas savings account so that you save regularly during the year for holiday season expenses.
  • Buy things like Christmas cards, decorations and wrapping paper in January at the post-Christmas Day sales.
  • Take advantage of sales and bargains throughout the year – shop early for the gifts you need to buy.
  • Organise a Kris Kringle, where everyone buys one gift for one other person; that way, you don’t have to buy gifts for everyone on your Christmas list.
  • Give yourself a budget for each gift before you shop (and stick to it). 
  • Consider lay-by when purchasing your gifts.


Keep an eye out in January Member Matters for:

  • ‘You want to change because’

BSB: 704 230

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