BankVic recognised the need to identify white space within the market and develop customer-first solutions in order to expand its reach. First Home Buyers (FHBs), a large and ever-growing subset of home loan applicants that find it increasingly challenging to enter the market, was missing from BankVic’s loan portfolio. Looking to go-to-market with a competitive product, BankVic needed to ensure it stood out from the competition with a best-in-market product.
With their community TalkBank at hand, BankVic engaged customers to uncover pain points, attitudes and preferences for those looking to enter the market and buy a home for the first time. Within 10 weeks of project initiation, BankVic launched the First Home Buyer Package to market. Six months after launch, annual volume targets were exceeded and the FHB portfolio grew by almost 3 times its original size. Closing the gap in its portfolio allowed BankVic to expand their member base, increase share of wallet among current and new members as well as increase the lifetime value of FHB customers.
Due to the outstanding success of the First Home Buyer Package, BankVic won the 2018 Mozo Experts Choice Award for Best Value First Home Buyer Loan in market.