BankVic Fixed Home Loan - Refinance - Fixed

Ratings

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About this rate option

This BankVic Fixed Home Loan rate option applies to refinancing an existing home loan, with a 6.99% interest rate (6.48% comparison rate) fixed for four years before typically reverting to the lender's variable rate. Repayments are principal and interest, and you can borrow up to 95% of the property value, though a deposit under 20% usually means Lenders Mortgage Insurance applies. Borrowers can make extra repayments of up to $10,000 per year, and BankVic membership is required to be eligible.

This summary was generated from BankVic’s published product data for this specific rate option. Always confirm current rates with the lender.

About Fixed Home Loan

Key Features

Generally speaking, offset accounts is more common with variable rate home loans than fixed loan options.

Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.

LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.

Unlike in the US, there are no lenders in Australia that offer 20 or 30 year fixed rates for standard residential home loans. BankVic Fixed Home Loan offers fixed loan terms between 1 - 5 years.

Fees & Costs

BankVic charge a discharge fee of $295, which covers the cost for removing the mortgage that has been registered on the title of your property.
BankVic may also charge you a fixed-rate break cost if you refinance out of Fixed Home Loan or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.
Selling the property or refinance during the fixed rate term can trigger hefty fees for breaking a fixed rate contract, and fixed rate loans tend to have restrictions on making extra repayments. Before you lock your rate in, you need to be sure that a fixed rate home loan is suitable for your situation.
There is upfront costs of $900 to apply for Fixed Home Loan, with no ongoing account keeping fees.

Borrowing Limits

BankVic Fixed Home Loan does not offer tier pricing for lower LVR. With Fixed Home Loan, you can borrow upto $95% LVR.

Eligibility

Interest only repayment option is not available with BankVic Fixed Home Loan for buying next home.
Interest only repayment option is not available with BankVic Fixed Home Loan for refinance.

💡 Tip: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.

IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with BankVic or a mortgage broker just to be sure. This information should be used as a guide only.

Other rate options for Fixed Home Loan

Refinance Fixed · Principal & Interest 1 Year · 95% LVR

6.49%

Refinance Fixed · Principal & Interest 2 Years · 95% LVR

6.25%

Refinance Fixed · Principal & Interest 3 Years · 95% LVR

6.49%

Refinance Fixed · Principal & Interest 4 Years · 95% LVR

6.99%

Refinance Fixed · Principal & Interest 5 Years · 95% LVR

6.99%

Investment Fixed · Interest Only 1 Year · 95% LVR

6.84%

Investment Fixed · Interest Only 2 Years · 95% LVR

6.60%

Investment Fixed · Interest Only 3 Years · 95% LVR

6.84%

Investment Fixed · Interest Only 4 Years · 95% LVR

7.34%

Investment Fixed · Interest Only 5 Years · 95% LVR

7.34%

Investment Fixed · Principal & Interest 1 Year · 95% LVR

6.64%

Investment Fixed · Principal & Interest 2 Years · 95% LVR

6.40%

Frequently Asked Questions

Are there costs when I exit or refinance to another lender?

BankVic charge a discharge fee of $295, which covers the cost for removing the mortgage that has been registered on the title of your property. BankVic may also charge you a fixed-rate break cost if you refinance out of Fixed Home Loan or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.

Does BankVic Fixed Home Loan comes with an offset account?

No, Fixed Home Loan does not come with an offset account. Generally speaking, offset accounts is more common with variable rate home loans than fixed loan options.

What are the costs to apply for BankVic Fixed Home Loan?

There is upfront costs of $900 to apply for Fixed Home Loan, with no ongoing account keeping fees. Application fee: $600
Valuation fee: $300

Fees

Application fee

Important Information

Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with BankVic or a mortgage broker just to be sure. This information should be used as a guide only.