Successful applications for the BankVic First Home Buyer Home Loan will be eligible1 and meets first home buyer conditions, through evidence of:
Features of our First Home Buyer home loan include:
|Rate p.a.||Comparison rate p.a.|
|First Home Buyer variable rate loan1|
|First Home Buyer fixed rate loans2|
1. First Home Buyer variable loan rate effective 5 March 2020 for new borrowers
2.First Home Buyer fixed rates effective 25 March 2020 for new borrowers
TERMS & CONDITIONS: 1. The First Home Buyer Package (FHBP) Loan 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. Fees, charges, terms, conditions and lending criteria apply. The 2-year fixed rate expires 2 years from settlement date and will then revert to the FHB variable rate. Rates are current as at 25 March 2020 and subject to change. Comparison rate WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rate for our home loans is based on a new loan for a property purchase secured by a freehold property located within the metropolitan area and associated costs. The rate has been calculated on a loan amount of $150,000 over a term of 25 years. 2. Visa Silver credit card: Must obtain a FHBP loan to be eligible for the Visa Silver credit card. Interest rate is the same as the FHBP Home Loan variable interest rate and subject to change. Once your FHBP Home Loan is paid out, the Visa Silver credit card interest rate will revert to the standard interest rate for the Visa Silver credit card. 3. FHBP Insurance Offer: $100 cash back offer is available when you take out two general insurance policies through BankVic at the same time and obtain an FHBP Home Loan (E.g. Building & Contents Insurance). Cash back will be deposited into your BankVic transaction account on the date your FHBP loan commences.Terms, conditions, limits and exclusions apply.
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.
Refer to Fees & Charges (PDF) for information on current fees & charges.
What do you get with the First Home Buyers Package?
With BankVic's award-winning First Home Buyer Package, you get:
What is the eligibility criteria for the $2,500 Grant?
When can I get the grant?
The BankVic $2,500 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! BankVic's First Home Buyer Package is designed to help our members get into their first home.
What’s the interest 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 Everyday account
What is the eligibility criteria for the Loan?
The First Home Buyer Package Loan is available for:
What is the minimum deposit I need?
You can have as little as 5% but this will depend on your circumstances
What are Loan to Valuation Ratio (LVR) and Lenders Mortgage Insurance (LMI)
Lenders Mortgage Insurance (LMI) usually applies to borrowers who are taking out loans for more than 80% of the value of a property. As its name suggests, LMI covers the lender if you’re unable to pay back your home loan.
If you end up in this position, your property will be sold and any money from the sale will first go towards paying off your mortgage. If this still doesn’t cover the full amount you owe, LMI covers the lender for the difference between the sale price and the amount outstanding on your loan.
LVR is a commonly used acronym in the mortgage and property industry. LVR stands for Loan to Value Ratio. It is the percentage of money you borrow for a home loan compared to the value of the property. It is used to assess your risk factor as a borrower; lenders will calculate your LVR before deciding whether or to approve you for a home loan.
What Loan to Valuation Ratio (LVR) can I borrow up to?
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?
Is the First Home Buyers Package available for construction of a property?
Can my parents offer assistance?
Yes. We can accept family guarantees to cover deposit requirements. There are no fees to set this up either.
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.
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.
Can my Family Guarantee be removed?
Yes, you can remove the guarantee once you have satisfied the following requirements:
What comes in the First Home Buyers Package?
With BankVic's First Home Buyer Package, not only will you get a great variable home loan rate, but we'll give you a credit card with a rate that matches your home loan plus a whole lot more. And the best bit? There's no initial or ongoing fees!
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:
What limit can I get on the credit card?
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?
How do I qualify for the $100 Insurance Cashback?
When will I receive the $100 Insurance Cashback?
What account will the $100 Insurance Cashback be paid into?
Before you apply...
We recommend that you read the following important documents:
As an AFSL holder, we sell general insurance products under an agreement with Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. If you purchase insurance we will receive a commission that is a percentage of the premium. Any advice is general advice only and has been prepared without taking account of your objectives, financial situation or needs. Before acting on the advice you should consider whether the advice is appropriate for you. Before you make any decision to acquire any product or service you should obtain and consider the relevant Terms and Conditions available at a branch, by calling 13 63 73 or online at bankvic.com.au/disclosures. Ask us for more details before we provide you with any of these services. Police Financial Services Limited ABN 33 087651 661 - trading as BankVic | AFSL and Australian Credit Licence 240293. bankvic.com.au
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