Could HomeBuilder
help you?

While you’re busy supporting Victorians, we’re supporting you.

As the bank for police, health and emergency services, all our profits are reinvested to provide members with better value banking and to support our community.

Insights into the Government’s new HomeBuilder Grant.

People before profits

 HOME BUYERS RESOURCE CENTRE

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Member stories:
Leah

Learn how Leah kept her first home costs to a minimum.

Member stories:
Dylan

Find out how Dylan bought his first home while he was asleep!

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For essential workers on the coronavirus frontline, and all Victorians doing their best to help stop the spread, we’re here to help. Book a phone or video call appointment today to talk about your financial wellbeing or plan your property goals.

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Helpful first home loan calculators.

Calculate your loan repayment, or work out your stamp duty.

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The benefits of BankVic.

Building communities

Improving financial wellbeing

Competitive products

How to speed up your first home loan application.

Top tips from a lending expert.

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How to avoid paying lenders mortgage insurance.

How to avoid this common expense.

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What does COVID-19 mean for first home buyers?

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Information to help you make the best decisions.

First home buyer tips and insights.

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Up to 85% LVR. So you only need a 15% deposit to avoid Lenders Mortgage Insurance.

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Get into your first home sooner.

Buying your first home can be a daunting experience, but at BankVic we’ve got you covered with our First Home Buyer Package. It’s packed full of benefits, without the fees, helping you get into your first home sooner.

First home, less loan.

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Call us today to talk about your property goals.

13 63 73Book a phone or video appointment

First home buyer tips and insights

How to speed up your first home loan application.

5 steps to help you prepare.

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What does COVID-19 mean for first home buyers?

How the pandemic is affecting the real estate landscape.

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Top tips from a lending expert.

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How to avoid this common expense

How to avoid paying lenders mortgage insurance.

Deposit

Choosing BankVic for your first home loan.

The process

Save your deposit. With BankVic you typically only need a 15% deposit (without the need for Lenders Mortgage Insurance) for your first home, or even less with our family guarantee option.

Our lending team can answer all your first home loan queries. Get in touch by calling us on 13 63 73. We can arrange a phone or video conference with a mobile banker. We’re here to help!

We’ll work with you to pre-approve your first home buyer loan, so you can bid or make an offer on a property with confidence.

You’re ready to purchase! Explore the market, locate a property that meets your first home buyer criteria and start negotiating.

Expert advice

Pre-approval

Purchase

GO BACK TO HOME BUYERS RESOURCE CENTRE13 63 73Book an appointmentApply onlineVisit a branch
Find out more

Member stories:
Leah

Learn how Leah kept her first home costs to a minimum.

Member stories:
Dylan

Find out how Dylan bought his first home while he was asleep!

Find out more

Member stories.

The Federal Government’s June 4 announcement of the HomeBuilder Grant looks promising, especially for people looking to build a new home. 

HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. 

Designed to support the construction industry, affected by COVID-19, the full process for getting the grant is yet to be made public however there are clear rules for eligibility.

Am I eligible? 

The criteria for eligibility are based on the value of your property, the cost of your renovation or build and your income.
If you’re planning on building a new home or purchasing a home and land package you will need to make sure it’s your principal place of residence and that the total cost of the property, including land, does not exceed $750,000. 


Thinking about using the grant to renovate? Again, it will have to be your principal place of residence and will have to be a substantial renovation of between $150,000 and $750,000, as long as your existing property value doesn’t exceed $1.5 million. 

In terms of income, you need to earn below $125,000 individually or earn a maximum of $200,000 as a combined household income. 

The final eligibility criteria is time-based. To be eligible, building contracts must be signed between 4 June 2020 and 31 December 2020. The good news here is that it does apply from June 4, so even though not all details of the scheme are known existing contracts may be eligible.

More details to come… 

The Government has yet to announce details about how the scheme will be administered and if the grant can be viewed as savings or equity when applying for or refinancing a home loan.

Making it easier for home buyers and renovators 

People planning to purchase a home and land package or begin a build in the next 6 months will benefit from HomeBuilder. 

First home buyers could also be real winners here as they may be eligible to combine this grant with the Victorian State Government’s First Home-Owner Grant and Stamp Duty exemption. 

If renovating your current home has been on your mind you may have built up the equity in the property, which you could use to refinance your existing loan, opening up funds for a renovation.

We can help you

Even though there are some details to work out, we can help you begin the home loan process today. 

Whether you’re a first home buyer, or ready to extend your home to get some more space, we have a range of home loans to meet your needs, with competitive rates, and no ongoing monthly or annual fees. Our Mobile Lenders and Home Loan consultants can help you every step of the way. So, if you’re thinking about taking advantage of HomeBuilder, contact us today on 13 63 73. 

For more information about Homebuilder visit: 

sro.vic.gov.au/news/homebuilder-grants-eligible-owner-occupiers 

treasury.gov.au/coronavirus/homebuilder


The information in this article is current as at 16 June 2020. Normal lending criteria applies to all loan applications. The information in this article is general in nature and does not take into account your personal situation or needs. Please consider whether it is appropriate for you before acting on this information. Police Financial Services Limited ABN 33 087 651 661 – trading as BankVic AFSL 240293 Australian Credit Licence 240293.

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Your next move is here.

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Plus

$2000 cash back


On external refinances and new borrowings with an LVR up to 80%. Minimum amount $200,000. Cash back eligibility limitations apply.2 

For applications received by 30 June 2020 and settled by 31 August 2020.

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Your next move is here.

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Plus

$2000 cash back

On external refinances and new borrowings with an LVR up to 80%. Minimum amount $200,000. Cash back eligibility limitations apply.2 

For applications received by 30 June 2020 and settled by 31 August 2020.

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How much could you save by refinancing your home loan?

Making refinancing work for you.

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Should I refinance my home loan during COVID-19?

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It could be time to make serious savings.

Thinking of refinancing your home loan?

Thinking of refinancing your home loan?

How much could you save by refinancing your home loan?

5 steps to help you prepare.

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Should I refinance my home loan during COVID-19?

It could be time to make serious savings.

Find out more

Five questions to consider.

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More than just great rates for homeowners.

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As the bank for Police, Health and Emergency Services, we offer a different way of banking where 100% of our profits are reinvested to provide members with better value banking and to support our community.

If you’re thinking of buying or refinancing your existing loan to BankVic, we can help you save with a great ongoing variable rate, personalised service and more. Minimum loan amount $200,000 with an LVR up to 80%.

TERMS & CONDITIONS: The information in this article is general in nature and does not take into account your personal situation or needs. Please consider whether it is appropriate for you or speak to a financial advisor before acting on this information*.

1. This owner occupier variable home loan rate is for new borrowings and refinances from other financial institutions outside of BankVic. Offset account not available. The rate is current as at 1 July 2020 and subject to change. BankVic may vary or end the offer at any time without notice.

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 may result in different comparison rates. Each home loan comparison rate has been calculated on a home loan of $150,000 over a term of 25 years, secured by freehold property, located within the metropolitan area, and associated costs.

Each loan application is subject to our standard credit assessment and approval criteria. Fees and charges may apply. Information on our terms and conditions, interest rates and fees and charges are available upon request.

As an AFSL holder, we sell general insurance products under an agreement with the issuer 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. Ask us for more details before we provide you with any of these services.

Police Financial Services Limited ABN 33 087 651 661 AFSL and Australian Credit Licence 240293 trading as BankVic. W bankvic.com.au. 07.20  7206bv