Bendigo Bank Home Equity Loan


The main feature of the Bendigo Bank Home Equity Loan is a line of credit through a transaction account with a pre-approved credit limit. This means that you can make further investments or other large purchases with this transaction account, borrowed against the equity in your home.

Unlimited extra repayments are allowed under this loan, which means you have the ability to pay off your loan faster than your loan term. However, there is no redraw facility to withdraw these extra repayments if needed.

Interest for this loan is calculated daily and charged monthly.

This loan does have a moderately high to very high variable interest rate for owner-occupiers depending on how much you’re borrowing. It has very high variable rates for investors.

However, as a sweetener it does offer free home insurance during the introductory period, full rebates on fees incurred through the transaction account and a discount on the annual fee for the Bendigo Red Credit Card.

Customers of this loan can borrow up to 90 per cent of a property’s value, though customers borrowing more than 80 per cent of their property’s value must pay have lenders mortgage insurance.

Who is the Bendigo Bank Home Equity Loan good for?

This home loan is good for people who know they will need to make a big purchase or want to make further investments after purchasing a new home or refinancing.

This loan could also be a good option for people who aren’t looking for many features in a home loan besides a line of credit and the ability to make an unlimited number of repayments.

Review - What RateCity says

The Bendigo Bank Home Equity Loan could be a good option for people interested in having home loan that mainly features a line of credit through a transaction account without a range of other features.

The ability to make any number of monthly repayments is also an attractive feature of this loan however there is no flexibility to redraw these payments since a redraw facility is not offered with the Home Equity Loan.

The moderately high to very high interest rates of this loan are its major drawback, making it worthwhile to research more to see if this could be the right home loan for your needs.

Bendigo Bank Home Equity Loan Options

The Bendigo Bank Home Equity Loan has options for owner-occupiers and investors at different borrowing amounts. To find out more information about these options, click the links below.

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  • Line of credit.
  • Unlimited extra repayments allowed.
  • Introductory free home insurance.
  • Moderately high to very high variable interest rates.
  • No redraw facility available.
  • Monthly account-keeping fee.

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
  • Line of Credit Loans
  • Investors
  • Estimated upfront fees: $250.00
  • Discharge fees: $300
  • Ongoing fees: $10 monthly

This home loan charges a relatively low amount in upfront fees for establishing this loan, a moderate monthly account-keeping fee and an average discharge fee at the completion of the loan.

While there are fees associated with using the transaction account offered by this loan, these fees are eligible for a full rebate.

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

Operating seven other financial and bank brands, Bendigo Bank began as a building society meant to help people in Australia obtain the means to buy and own a home and now offers an array of financial products and services through Bendigo and its brands.

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