Bendigo Bank home loan repayment calculator

Thinking about taking out a home loan with Bendigo Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Bendigo Bank home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.14%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

  • Extensive branch network.
  • Flexible package loans available.
  • Specialised loans, e.g. low doc and equity loans.
  • Monthly fees on some loans.
  • Rates vary by loan size.

Bendigo Bank home loans rates

Advertised Rate

2.14%

p.a Fixed - 3 years

Total estimated upfront fees
$384
Comparison Rate*

2.72%

p.a

Ongoing fee
$10 monthly
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Advertised Rate

2.04%

p.a Fixed - 2 years

Total estimated upfront fees
$384
Comparison Rate*

2.75%

p.a

Ongoing fee
$10 monthly
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Advertised Rate

2.34%

p.a Fixed - 4 years

Total estimated upfront fees
$384
Comparison Rate*

2.75%

p.a

Ongoing fee
$10 monthly
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More details
Advertised Rate

2.14%

p.a Fixed - 1 year

Total estimated upfront fees
$384
Comparison Rate*

2.81%

p.a

Ongoing fee
$10 monthly
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More details
Advertised Rate

2.59%

p.a Fixed - 1 year

Total estimated upfront fees
$500
Comparison Rate*

2.84%

p.a

Ongoing fee
$15 monthly
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More details

Bendigo Bank customer service

Bendigo Bank offers a number of contact methods for potential home loan customers. The bank has a general phone line for customer enquiries, as well as separate line for customer feedback. Customers can also contact the bank via email or online, or for more immediate enquiries, can meet with Bendigo Bank staff at one of their customer service outlets or branches.

  • Customer service centre (phone, email, branch)
  • Mobile app
  • Online banking
  • Live Chat
  • Mobile banking staff

How to Apply

Potential home loan customers at Bendigo Bank can apply for a loan in a number of ways. There is an online application form, as well as the option to call the bank or visit in person at a local branch. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This may include:

  • Proof of identity.
  • Proof of employment and income.
  • Information on current loans, liabilities and debts.
  • Details of other assets and earnings.

About Bendigo Bank home loans

Because of its smaller size, Bendigo Bank offers a thinner range of mortgages than you might find with Australia’s big four banks. However, Bendigo Bank’s home loans still cater to a variety of mortgage borrowers in Australia:

  • First home buyers
  • Upgraders
  • Investors
  • Renovators
  • Self-employed (low-doc loans)
  • Lines of credit

Those who borrow with Bendigo Bank can choose from a range of interest rate options:

  • Variable rate
  • Fixed rate
  • Principal-and-interest
  • Interest-only

Customers who package their home loan with another Bendigo Bank product may be eligible for a discounted interest rate.

Bendigo Bank home loans have a maximum loan term of 30 years. Repayments can be made weekly, fortnightly or monthly. Some mortgages offer redraw facilities, offset facilities and unlimited additional repayments.

Bendigo Bank home loan rates tend to be moderate for both investors and owner-occupiers.

Bendigo Bank home loan rates

Bendigo Bank home loan rates vary between mortgages but tend to be moderate in most categories. While their rates are not the lowest on the market, they aren’t the highest either.

As a general rule, Bendigo Bank charges lower interest rates for owner-occupiers and higher rates for investors. Customers who choose to pay principal-and-interest receive a lower rate than those who pay interest-only.

Interest rates differ between variable and fixed loans as well. Bendigo Bank variable interest loans tend to have lower rates than fixed-rate loans. Fixed-rate loans can have terms of up to five years. In general, the longer you want to fix, the higher the interest rate.

Bendigo Bank home loan rates also vary depending on the sum of the loan. Higher loan sums often attract lower interest rates.

Bendigo Bank home loans review

Although based in Victoria, Bendigo Bank provides home loans to borrowers across the country. They offer mortgages to suit first home buyers, upgraders, investors and renovators. Low-doc loans are available, as well as lines of credit.

Bendigo Bank home loans can be principal-and-interest or interest-only, while borrowers can choose for their interest rates to be variable or fixed. Customers can fix their rate for up to five years.

In terms of interest rates, Bendigo Bank tends to sit in the middle of the spectrum, with owner-occupiers who choose a variable principal-and-interest rate getting the lowest rate.

While Bendigo Bank home loans rates are moderate, the upfront and ongoing fees tend to be moderately low. Home loan customers may be charged a settlement fee, valuation fee and guarantee administration fee, while redraw facilities are free.

Learn more about home loans

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

How to apply for a pre-approval home loan from Bendigo Bank?

Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork. 

Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home. 

With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances. 

To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

How can I apply for a first home buyers loan with Commonwealth Bank?

Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.

You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.

You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.

CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property.  The link to download this app is available on the same webpage.

If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.

How is interest charged on a reverse mortgage from IMB Bank?

An IMB Bank reverse mortgage allows you to borrow against your home equity. You can draw down the loan amount as a lump sum, regular income stream, line of credit or a combination. The interest can either be fixed or variable. To understand the current rates, you can check the lender’s website.

No repayments are required as long as you live in the home. If you sell it or move to a senior living facility, the loan must be repaid in full. In some cases, this can also happen after you have died. Generally, the interest rates for reverse mortgages are higher than regular mortgage loans.

The interest is added to the loan amount and it is compounded. It means you’ll pay interest on the interest you accrue. Therefore, the longer you have the loan, the higher is the interest and the amount you’ll have to repay.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

What do people do with a Macquarie Bank reverse?

There are a number of ways people use a Macquarie Bank reverse mortgage. Below are some reasons borrowers tend to release their home’s equity via a reverse mortgage:

  • To top up superannuation or pension income to pay for monthly bills;
  • To consolidate and repay high-interest debt like credit cards or personal loans;
  • To fund renovations, repairs or upgrades to their home
  • To help your children or grandkids through financial difficulties. 

While there are no limitations on how you can use a Macquarie reverse mortgage loan, a reverse mortgage is not right for all borrowers. Reverse mortgages compound the interest, which means you end up paying interest on your interest. They can also affect your entitlement to things like the pension It’s important to think carefully, read up and speak with your family before you apply for a reverse mortgage.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

How to use the ME Bank reverse mortgage calculator?

You can access the equity in your home to help you fund your needs during your senior years. A ME Bank reverse mortgage allows you to tap into the equity you’ve built up in your home while you continue living in your house. You can also use the funds to pay for your move to a retirement home and repay the loan when you sell the property.

Generally, if you’re 60 years old, you can borrow up to 15 per cent of the property value. If you are older than 75 years, the amount you can access increases to up to 30 per cent. You can use a reverse mortgage calculator to know how much you can borrow.

To take out a ME Bank reverse mortgage, you’ll need to provide information like your age, type of property – house or an apartment, postcode, and the estimated market value of the property. The loan to value ratio (LVR) is calculated based on your age and the property’s value.

What is the difference between fixed, variable and split rates?

Fixed rate

A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.

Variable rate

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Split rates home loans

A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.