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Bendigo Bank Basic Loan

Features

The Bendigo Bank Basic Loan gives you more choice – since you can choose a variable or fixed interest rate, choose to split your loan, choose to make principal and interest or interest-only repayments and choose to make these repayments weekly, fortnightly or monthly.

While interest-only repayments give you time to build equity on your property before starting to make repayments on your principal amount, these interest-only repayments can only be made for a limited term.

The Basic Loan offers owner-occupiers a moderate variable rate and moderate to moderately-high fixed rates and investors are offered moderately-high variable and fixed rates.

There is no offset account available with this loan to help you pay off your loan faster with a transaction account.

However, if you have a variable rate, you can make an unlimited number of early repayments and at a fixed rate you can make extra repayments up to a certain percentage of your total loan balance throughout the fixed term.

The redraw facility offered for this loan also gives you the ability to redraw these extra repayments for free online.

The Basic Loan allows you to borrow up to 95 per cent of your property’s value, but borrowing over 80 per cent means you’ll have to pay lenders mortgage insurance. This loan is also offered as a construction loan.

Who is the Bendigo Bank Basic Loan good for?

The Basic Loan offered by Bendigo Bank is good for people who aren’t looking for a lot of features from their home loan but would still like to have flexibility in choosing how they will repay their loan.

This loan is suitable for both owner-occupiers and investors, since you can choose principal and interest or interest-only repayments and is also available as a construction loan.

Review - What RateCity says

The Bendigo Bank Basic Loan can be a good option if you’re looking for flexibility in the way you repay your home loan with the ability to choose a fixed or variable rate and your repayment schedule.

Although, there is no 100 per cent offset account available and the variable and fixed rates range from moderate to moderately-high so it would be worth looking into exactly what you need. These factors and the monthly account-keeping fee might offset the above benefits of the loan.

Bendigo Bank Basic Loan Options

Bendigo Bank provides options to suit different needs for in Basic Loan. To find out more information about these options, follow the corresponding links below.

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Fixed Rates from

4.04%

Advertised rate

4.50%

Comparison rate

Variable Rates from

4.38%

Advertised rate

4.56%

Comparison rate
Pros
  • Interest-only option.
  • Loan split option.
  • Unlimited extra repayments for variable rate customers.
Cons
  • Moderate to moderately high variable and fixed interest rates.
  • No 100 per cent offset account.
  • Entry, exit and ongoing monthly fees.
Eligibility

Must be able to provide proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $250
  • Discharge fees: $250
  • Ongoing fees: $10 monthly

This loan has a moderately low estimated upfront cost, a monthly fee and an industry standard discharge fee.

There is also a fee if you redraw any extra repayments at a Bendigo Branch location, but if you redraw online it is fee-free.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Bendigo & Adelaide Bank

Providing a variety of financial services and products through the banks and brands it operates, Bendigo Bank began as a building society that helped Australians buy and own homes. Bendigo Bank operates branches and ATMs across Australia and offers internet and in-branch banking.

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