Ready to buy but not sure where to start?

We're here for you every step of the way. Speak to us today and make a start towards buying your first home!

Get Started

  • If you’re just starting out or on your way to meeting your home loan deposit target there are some ways to get there a bit quicker. It can start with setting up a savings plan.

    Here are some steps to help you:  Are you ready to buy your first home?

    Calculate how much you can save over time with our Savings Calculator

  • To get a home loan as a first home buyer, your savings will need to cover 10% of the purchase price plus purchase costs that may apply such as stamp duty and conveyancing fees.  There is also the option of Lenders Mortgage Insurance (LMI), which will allow you to purchase a property with as little as a 5% deposit.

    The costs involved with purchasing a property
    Aside from the deposit for your home loan, there are other costs associated with buying a home that you’ll need to factor in. These may include stamp duty, land tax and conveyancing fees associated with the transfer of property. You will need to allow for these costs when calculating the size of your deposit.

    Use our Stamp Duty Calculator to help work out what you will need to pay  when purchasing a property.

    Get help from a home loan expert

    Make an appointment
  • It’s worth getting an initial assessment to find out how much you can borrow based on your current circumstances. Our experienced lenders can do this for you. Why not get in touch today?

    You can also do a quick calculation using our Borrowing Power Calculator 

    Get help from a home loan expert

    Make an appointment
  • First Home Owner Grant
    You could be eligible to receive the $10,000 First Home Owner Grant as well as an exemption or Concession on Stamp Duty depending on the property you buy and other factors.

    Visit First Home Owner Grant to find out if it's available to help you get into the market.

    Our home loan specialists will also be able to guide you on eligibility for the First Home Owner Grant and help you with your application. 

    Family Guarantee
    Saving for a deposit for a home can take a while.  A Family Guarantee may be an option to help you get there sooner.

    A Family Guarantee allows family members to use the equity in their home as additional security, to help you increase your borrowing power.

    The extent of the guarantee is a limitedamount and is supported by taking a mortgage over the family members property.  They are only responsible for the guaranteed amount,which is the difference between the loan amount and 80% of the value of property.

Ready to Buy

You have your deposit, get ready to make a bid!

  • Before you make an offer on a property, you may want to get a pre-loan approval. This gives you confidence around your borrowing power. BankVic can give you one that lasts for three months.

    You’ll need the following documentation

    Pay slips – 2 if you’re a full time permanent employee, if you’re a casual you may need to show your last 2 group certificates

    • Transaction account statements for the last 3 months if you’re not a BankVic member
    • Any personal loans, credit cards etc

    Apply for a pre-approved loan today. Book a mobile lender or talk to a home loan specialist today.

    Get help from a home loan expert

    Make an appointment
  • You will need to arrange payment of your deposit on the day of the auction or private sale once you sign the contract of sale. This is usually 10% of the purchase price and can be paid via electronic transfer. 

    Your BankVic home loan specialist can help you through this process.

  • Whether you’re buying at auction or through a private sale it can be a nerve-wracking experience.

    Check weekly auction results to get an understanding of what property is worth in the area and attend auctions to see how they work so you can be more confident when it’s your turn to bid.

    Read about how you can win at auction here Tips for bidding at auction

    Once you've found the property you want to buy, here are the next steps:

    1. Get a contract of sale from the real estate agent.  This will include all the items that come as fixtures with the property
    2. Organise a building and pest inspection
    3. Hire a conveyancer to review the contract of sale

Compare

Compare our
first home buyer loans

Get into your first home faster

For a 30 year loan term

Rates & fees

Read about our rates & fees

  • 2 Year Introductory Rate
    Base Rate (% PA)
    Comparison Rate (% PA)
    2 year introductory variable rate
    1.95%
    2.92%
    1. (1) This owner occupier variable home loan rate offer is for new borrowings and refinances from other financial institutions outside of BankVic with a minimum loan amount of $200,000. Upon expiry of the 2 year introductory rate, the interest rate will revert to our Base Variable rate applicable at that time. First Home Buyers can borrow up to 90% of the property value and pay no LMI. This offer is available from 6 September 2021.

    Base Variable
    Base Rate (% PA)
    Comparison Rate (% PA)
    Variable rate (P&I)
    3.11%
    3.16%
    1. (1) The owner occupier variable home loan rate offer is for new borrowings and refinances from other financial institutions outside of BankVic. Minimum loan amount of $20,000. Borrow up to 80% of the property value with no Lenders Mortgage Insurance (LMI). First Home Buyers and Victoria Police, Health and Emergency services employees can borrow up to 90% of the property value and pay no LMI.

    Fixed Rate
    Base Rate (% PA)
    Comparison Rate (% PA)
    1 year fixed rate
    2.15%
    3.80%
    2 year fixed rate
    2.05%
    3.64%
    3 year fixed rate
    2.15%
    3.51%
    4 year fixed rate
    2.49%
    3.49%
    5 year fixed rate
    2.59%
    3.43%
    1. (1) Fixed rates apply for owner occupied loans with principal and interest repayments, at the end of the Fixed Rate period the interest rate will revert to our standard variable rate applicable at that time. The minimum loan amount is $50,000. Borrow up to 80% of the property value with no Lenders Mortgage Insurance (LMI). First home buyers and Victoria Police, Health and Emergency services employees can borrow up to 90% of the property value and pay no LMI. You can make up to $10,000 pa in additional payments without incurring any penalty cost, any amounts exceeding $10,000 may incur a break cost. Please see the fees and charges guide for more information.

    3 Year Introductory Rate (No longer available)
    Base Rate (% PA)
    Comparison Rate (% PA)
    3 year introductory variable rate
    2.19%
    2.89%
    1. (1) Minimum loan amount of $200,000 for new principal and interest borrowings and refinances from other financial institutions. Upon expiry of the 3 year introductory rate, the interest rate will revert to our Base Variable rate applicable at that time.

    Base Variable Special (No longer available)
    Base Rate (% PA)
    Comparison Rate (% PA)
    Variable rate special (P&I) (1)
    2.74%
    2.79%
    1. (1) This owner occupier variable rate home loan offer is for new borrowings and refinances from other financial institutions outside of BankVic. Minimum loan amount of $200,000. Borrow up to 80% of the property value. First home buyers can borrow up to 90% of the property value. Offset account not available. The offer is current as at 1 July 2021. BankVic may vary or end the offer at any time without notice.

    First Home Buyer Package (No longer available)
    Base Rate (% PA)
    Comparison Rate (% PA)
    Variable rate
    3.07%
    3.08%
    1 year fixed rate
    2.05%
    2.99%
    2 year fixed rate
    1.95%
    2.89%
    3 year fixed rate
    1.95%
    2.80%
    4 year fixed rate
    2.29%
    2.83%
    5 year fixed rate
    2.39%
    2.81%
    1. (1) The First Home Buyer Package (FHBP) Loan is available on the purchase of a first home, on owner-occupied loans with principal and interest repayments to purchase a new (fully constructed) or established home (not applicable for construction loans).

      Visa Silver Credit Card: The Visa Silver Credit Card must be obtained with a FHBP loan to be eligible for the interest rate the same as the FHBP home loan variable interest rate. 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.

      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. The cash back will be deposited into your BankVic transaction account on the date your FHBP loan commences. Terms, conditions, limits and exclusions apply.

  • New home loan fees
    Fee Types
    Fees
    Establishment fee - valuation required
    $600
    Establishment fee - no valuation required
    $300
    Additional title search fees
    Up to $25 per search
    Existing home loan fees
    Fee Types
    Fees
    Establishment fee - valuation required
    $330
    Establishment fee - no valuation required
    $220
    Production of title (held by BankVic)
    $330
    Switching loan product when changing type of interest rate
    $200
    Security substitution & loan portability
    $400
    Home valuation fees
    Fee Types
    Fees
    Property Valuation Fee - Metropolitan
    $290
    Property Valuation Fee - Country
    $330
    Property inspection fee - Metropolitan
    $137.50
    Property inspection fee - Country
    $155
    Home settlement fees
    Fee Types
    Fees
    Administration fee upon discharge
    $295 per lodgement
    BankVic attendance at settlement
    $99
    Transfer fee via RTGS
    $15
    Fixed rate loans
    Fee Types
    Fees
    Fixed loan break costs may be payable (1)
    .
    • (1) Break costs are an amount equal to our reasonable estimate of our loss as a result of you breaking the fixed interest period. If during a fixed interest period you repay the loan or change from a fixed interest rate loan to a variable interest rate loan or change from one fixed interest loan to another or pay more than $10,000 of the money owing before it is due in a calendar year, then Break Costs may be applied. Refer to the terms of your Loan Contract for full terms and conditions and calculation details.

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 loan is based on a 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.

Lock in a Loan

Once you've successfully bid on a property, it's time to lock in a loan that will best meet your needs.

  •  Variable rate loans

    Variable rates can go up or down over time which means your repayments can increase or decrease. They usually have features like offset or redraw facilities allowing you to reduce interest on your loan by depositing savings and at the same time enabling you to access funds.

    Fixed rate loans

    With a fixed rate loan you know exactly how much your repayments will be for the term of your loan which can make budgeting easier as you wont be affected by interest rate changes. However, you are locked into the term you choose so if you want to exit your loan or sell your property you could be left with break fees from your lender.

    Split loans

    You can also look to splitting your loan so that a portion is in a variable loan and the other portion is fixed. This allows you to still enjoy the flexible features of a variable loan whilst still having certainty that your repayments will remain the same in the fixed portion.

  • Once your offer to buy a property has been accepted you’ll need to apply for a home loan.

    If you’ve already received your pre-loan approval you’re part of the way there. You’ll need to get back in touch with your lender who will finalise your full loan application and approval process.

    If you’re applying for the loan without a pre-approval you’ll need the following documentation:

    Pay slips – 2 if you’re a full-time permanent employee, if you’re a casual you may need to show your last 2 group certificates

    • Transaction account statements for the last 3 months if you’re not a BankVic member
    • Any personal loans, credit cards etc

    If applicable you’ll also need to get the following things ready

    • First home-owner grant forms
    • Stamp duty concession or exemption form
    • Contact details of your lawyer, conveyancer or settlement agent

     

    Get help from a home loan expert

    Make an appointment

    Ready to submit a home loan application?

    Apply now
  • A settlement period is what is agreed between you and the seller and can take up to 1 to 4 months.

    Your lender and conveyancer will do most of the work for you during the settlement process. Key steps usually include:

     Pre-settlement final inspection

    • Checking and signing the transfer documents
    • Registering the transfer of ownership
    • Making final payment to the seller

     Once all this is done the keys to your new property and you can move in on settlement day.

  • Here are some ways to pay off your home loan sooner

     Change your payment frequency

    Switch from monthly to fortnightly or weekly repayments. As interest is calculated daily you will reduce the total interest paid. Also you’ll make 26 repayments per year instead of 12 meaning you’ll end up paying more off your loan effectively reducing your interest

     Use your offset or redraw account to reduce interest

    Put any savings you have in your offset or redraw account as this will reduce the amount of interest you pay on your loan. You may choose to put any overtime or surplus money like a tax return into this account.

     Use salary packaging to pay off your mortgage

     If you work in health or a sector that uses salary packaging you can use salary packaging to pay off your home loan. Health workers can dedicate up to $9010 of pre-tax income a year to mortgage repayments.

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at every step

Terms and conditions

Important things you should know

Information on this page is general in nature and does not take into account your personal circumstances. You should consider whether it is appropriate for you before acquiring the product or service.

Fees and charges may apply. Interest rates are variable and subject to change. Information on our terms & conditions, interest rates and fees & charges are available on request.

We recommend that you read the following documents: