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BankVic personal loans
BankVic is a customer-owned mutual bank that has served police officers, emergency responders, healthcare workers and their family and friends since 1974.
There are six branches for BankVic customers to visit and all of them are located within Victoria, Australia.
BankVic offers its members financial products such as personal loans, bank accounts, savings accounts, term deposits, home loans, credit cards, insurance and wealth management.
Personal Finance Editor
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Why choose BankVic
BankVic Personal Loans
Personal Loans calculator
Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.
Your estimated repayments
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- This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
- Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
- Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
- Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
- The calculation rounds of the personal loan repayment to the closest dollar value without decimals.
- All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
- Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
- Calculator does not include the cost of fees or other extra charges.
- Calculator does not account for changes to interest rates over time.
- This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.
Features of a BankVic personal loan
The BankVic personal loans range includes a limited number of options for members. Loan types included secured and unsecured loans, with variable interest rates.
Loan amounts go up to $60,000 and are suited for expenses such as home renovations, purchasing a boat or personal items such as a computer.
Personal loan interest rates from BankVic range from moderate to high depending on the type of loan.
Members who take out a personal loan with BankVic can expect a below-average upfront fee and no monthly ongoing fees.
BankVic does not offer its members a redraw facility on personal loans.
BankVic personal loans - customer service
With only six branches to visit within Victoria, customers who live elsewhere in Australia and want to borrow from BankVic will need to use BankVic’s online banking services, or call BankVic’s customer care line by phone.
Who is eligible for a BankVic personal loan?
To be eligible for a BankVic personal loan, members should meet the following criteria:
- Be a member of BankVic
- Be over 18
- Pass the bank’s credit assessment
How to apply for a BankVic personal loan?
The following methods of personal loan applications are available from BankVic:
- Online application
- Phone application
- In person at a branch (Victoria only)
BankVic personal loans review
There is a limited number of personal loan options available from BankVic. Only those working within the police force, emergency services or healthcare (or their families and friends) have access to a BankVic personal loan.
Low interest rates are not available for those who borrow from BankVic. This could be an issue for borrowers who want to minimise the risk of additional debt.
There is also a low upfront fee payable, but no monthly ongoing fees. Some borrowers might see value in these potential savings.
No redraw facility is available with BankVic personal loans. This could be a deterrent for those who would like the option of borrowing back some of the money they’ve already paid off the loan balance.
Use RateCity’s personal loans comparison tool to find the best personal loan interest rates available for your needs.
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.
