BankVic

Office address: Level 8, 505 Little Collins Street, Melbourne VIC 3000 
Website: bankvic.com.au 
Year established: 1974 
Company type: mutual banking 
Employees: 200+ 
Expertise: banking, home loans, personal loans, savings, insurance, police offers, investment, first home buyer, banking tools 
Parent company: N/A 
Key people: Anthony De Fazio (CEO), Karl Holden (CFO), Michelle Arundel (chief people and culture officer), Shane Kuret (chief information officer), James Haviland (chief risk officer) 
Financing status: corporation (member-owned) 

BankVic (Police Financial Services Limited) is a member-owned bank in Victoria serving police, health, emergency and public sector workers. Known for ethical banking and strong community ties, the bank supports about 120,000 members and manages over $3 billion in assets. 

History of BankVic 

BankVic started in 1974 when six Victoria Police officers created a credit co-operative for their fellow officers. The group worked from a storeroom in the Police Association building as they helped police manage their finances.  

It eventually welcomed firefighters, ambulance officers, health professionals and public sector employees as members. Here are other key moments: 

• 1979: membership opened to firefighting services 
• 1992: expanded to ambulance, health and public sector 
• 2013: rebranded as BankVic with new logo 
• 2014: celebrated 40 years and 97,000 members 
• 2020: achieved B Corp certification 
• 2022: entered broker lending with Loan Gallery Finance 

In 2024, BankVic joined the Customer Owned Banking Association. This step further connects the bank with like-minded institutions. It strengthens their focus on people and the communities they serve. 

BankVic’s products and services 

BankVic offers a range of mortgage products designed for first home buyers, upgraders and investors. Below are the key options and what they provide: 

• variable rate home loan: owner-occupier loan with no establishment or annual fees, unlimited extra repayments, redraw available 
• offset variable rate home loan: owner-occupier loan with offset and redraw, flexible repayment options, unlimited extra repayments 
• fixed rate home loan: owner-occupier loan with fixed rates up to five years, offset and redraw, additional repayments allowed 
• special offer variable rate (investor): investor loan for new borrowers, 90% LVR maximum, no annual fees, redraw available 
• offset variable rate (investor): investor property loan with offset and redraw, principal and interest or interest-only options 
• fixed rate (investor): investor loan with fixed rates up to five years, additional repayments up to $10,000 per year 

And like other banks using broker partnerships to keep customers, BankVic began reaching more borrowers through trusted advisers. Building broker relationships lets brokers educate clients about their home loans. 

Company culture and values 

BankVic’s culture encourages staff to grow, learn, and work together with honesty and bravery. Employees are supported to make a difference and find purpose, with a focus on teamwork and solutions. Staff enjoy a range of benefits, including: 

• community involvement: two paid volunteer days, support for local events 
• wellbeing program: health checks, flu shots, wellness discounts 
• recognition awards: peer-nominated and annual board awards  
• parental and family leave: 14 weeks paid, fertility and miscarriage leave 
• flexible work: hybrid options, study leave, career breaks 
• employee discounts: savings on insurance, travel, fitness and more 
• extra leave: five additional days, purchased leave available 
• professional development: ongoing training, study support, career growth 

BankVic values diversity and ensures equal opportunities for all staff. Annual pay equity audits and industry benchmarking help keep their gender pay gap 14% below the industry average in 2023. Policies include equal pay, caring benefits and strong female representation in leadership roles. 

About CEO Anthony De Fazio and key people 

Anthony De Fazio became the firm’s CEO in April 2018 after serving as CFO. He has held senior roles in banking, superannuation and investment. With over 30 years’ experience, his background covers finance, business intelligence and company secretariat. 

BankVic’s leadership team brings a range of skills and experience to their roles: 

• Karl Holden as CFO leads financial operations and brings global banking expertise 
• Michelle Arundel heads as chief people and culture officer and drives culture, engagement and workforce performance 
• Shane Kuret leads as chief information officer, overseeing technology and information security functions 
• James Haviland is chief risk officer and focuses on risk, assurance and governance in financial services 

This team combines deep industry knowledge with leadership in finance, technology and people management. Their expertise supports BankVic’s growth and strong governance. 

The future at BankVic 

Among the strong cashback offers in 2025 for home loan refinancing, BankVic provided $4,000 cashback on new or refinanced loans of at least $350,000. This incentive aims to attract borrowers seeking better value and reasons to switch their home loans.  

These cashback deals show the bank's commitment to supporting members. Such acts stand out as borrowers look for savings and incentives in a competitive market.