Bendigo Bank

Express Home Loan (Interest Only)

Advertised Rate

3.44%

Variable

Comparison Rate*

3.17%

Maximum LVR
80%
Real Time Rating™

1.69

/ 5
Monthly Repayment

$1,337

based on $300,000 loan amount for 25 years

Advertised Rate

3.44%

Variable

Comparison Rate*

3.17%

Maximum LVR
80%
Real Time Rating™

1.69

/ 5
Monthly Repayment

$1,337

based on $300,000 loan amount for 25 years

Calculate repayment for Bendigo Bank product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,337

based on $300,000 loan amount for 25 years

MICHAEL KIANG

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Pros and Cons

Pros and Cons

  • 100% full offset account
  • Extra repayments and redraw facility
  • Free redraw facility
  • Not available for first home buyers
  • Ongoing fee
  • Maximum loan amount is limited to 80% of the property's value
  • No repayment holidays

Bendigo Bank Features and Fees

Bendigo Bank Features and Fees

Details

Maximum LVR

80%

Total Repayments

Next LVR

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

0 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Monthly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$384

Application fee

$250

Valuation fee

$134.2

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$10 monthly

Discharge fee

$0

Application method

Online

Phone

Broker

In branch

Pros and Cons

  • 100% full offset account
  • Extra repayments and redraw facility
  • Free redraw facility
  • Not available for first home buyers
  • Ongoing fee
  • Maximum loan amount is limited to 80% of the property's value
  • No repayment holidays

Bendigo Bank Features and Fees

Details

Maximum LVR

80%

Total Repayments

Next LVR

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

0 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Monthly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$384

Application fee

$250

Valuation fee

$134.2

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$10 monthly

Discharge fee

$0

Application method

Online

Phone

Broker

In branch

FAQs

Mortgage Calculator, Repayment Frequency

How often you wish to pay back your lender. 

How is the flexibility score calculated?

Points are awarded for different features. More important features get more points. The points are then added up and indexed into a score from 0 to 5.

What is an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.

What is a construction loan?

A construction loan is loan taken out for the purpose of building or substantially renovating a residential property. Under this type of loan, the funds are released in stages when certain milestones in the construction process are reached. Once the building is complete, the loan will revert to a standard principal and interest mortgage.

What is a valuation and valuation fee?

A valuation is an assessment of what your home is worth, calculated by a professional valuer. A valuation report is typically required whenever a property is bought, sold or refinanced. The valuation fee is paid to cover the cost of preparing a valuation report.

What happens to your mortgage when you die?

There is no hard and fast answer to what will happen to your mortgage when you die as it is largely dependent on what you have set out in your mortgage agreement, your will (if you have one), other assets you may have and if you have insurance. If you have co-signed the mortgage with another person that person will become responsible for the remaining debt when you die.

If the mortgage is in your name only the house will be sold by the bank to cover the remaining debt and your nominated air will receive the remaining sum if there is a difference. If there is a turn in the market and the sale of your house won’t cover the remaining debt the case may go to court and the difference may have to be covered by the sale of other assets.  

If you have a life insurance policy your family may be able to use some of the lump sum payment from this to pay down the remaining mortgage debt. Alternatively, your lender may provide some form of mortgage protection that could assist your family in making repayments following your passing.

Mortgage Calculator, Repayment Type

Will you pay off the amount you borrowed + interest or just the interest for a period?

Mortgage Calculator, Loan Term

How long you wish to take to pay off your loan. 

Mortgage Calculator, Loan Amount

How much you intend to borrow. 

What is the average annual percentage rate?

Also known as the comparison rate, or sometimes the ‘true rate’ of a loan, the average annual percentage rate (AAPR) is used to indicate the overall cost of a loan after considering all the fees, charges and other factors, such as introductory offers and honeymoon rates.

The AAPR is calculated based on a standardised loan amount and loan term, and doesn’t include any extra non-standard charges.

Mortgage Calculator, Loan Purpose

This is what you will use the loan for – i.e. investment. 

Mortgage Balance

The amount you currently owe your mortgage lender. If you are not sure, enter your best estimate.

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

How does a redraw facility work?

A redraw facility attached to your loan allows you to borrow back any additional repayments that you have already paid on your loan. This can be a beneficial feature because, by paying down the principal with additional repayments, you will be charged less interest. However you will still be able to access the extra money when needed.

Does Real Time Ratings' work for people who already have a home loan?

Yes. If you already have a mortgage you can use Real Time RatingsTM to compare your loan against the rest of the market. And if your rate changes, you can come back and check whether your loan is still competitive. If it isn’t, you’ll get the ammunition you need to negotiate a rate cut with your lender, or the resources to help you switch to a better lender.

What is the amortisation period?

Popularly known as the loan term, the amortisation period is the time over which the borrower must pay back both the loan’s principal and interest. It is usually determined during the application approval process.

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.

How much are repayments on a $250K mortgage?

The exact repayment amount for a $250,000 mortgage will be determined by several factors including your deposit size, interest rate and the type of loan. It is best to use a mortgage calculator to determine your actual repayment size.

For example, the monthly repayments on a $250,000 loan with a 5 per cent interest rate over 30 years will be $1342. For a loan of $300,000 on the same rate and loan term, the monthly repayments will be $1610 and for a $500,000 loan, the monthly repayments will be $2684.