Bendigo Bank Residential Loan

Features

Bendigo Bank have created the Residential Variable Home Loan to be easily integrated with other banking products. For instance, it has a discounted interest rate if you opt to take out a Bendigo Red Credit Card.

The Residential Variable Home Loan can be taken out for up to 30 years, and you can make repayments weekly, fortnightly or monthly. You can also make additional repayments and redraw funds.  

The 100 per cent offset account enables you to leverage the interest made on savings to reduce the interest payable on the Residential Variable Home Loan. For eligible Bendigo Bank accounts, there is a full transaction rebate available.

A handy feature of this home loan product is the complimentary home insurance provided by Bendigo Bank from contract to settlement (for up to 90 days). 

Another point worth mentioning about the Residential Variable Home Loan is that it’s not limited to existing dwellings. You can take out this loan to purchase vacant land too. So the idea of building your dream home could be made possible with finance available for up to 90 per cent of the land value. 

Who is the Bendigo Bank Residential Loan good for?

This product is applicable to first home buyers, owner-occupiers, investors and refinancers. The variable interest rate will vary depending on whether you are an investor or an owner-occupier.

Review - What RateCity says

Bendigo Bank is offering a few sweeteners with the Residential Variable Home Loan such as free home insurance during the purchasing period, and full transaction fee rebates for eligible accounts. It offers competitive variable interest rates and a discounted interest rates on a credit card product linked to the home loan. You can buy an existing dwelling or land with the Residential Variable Loan and make unlimited repayments throughout the loan term. 

Bendigo Bank Residential Loan Options

Bendigo Bank’s Residential Loans allow you to borrow up to 95 per cent of the property’s value for existing dwellings, or 90 per cent for vacant land and choose a loan term of up to 30 years. 

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Variable Rates from

3.93%

Advertised rate

4.12%

Comparison rate
Pros
  • Small deposit requirement.
  • Free home insurance from contract to settlement.
  • 100 per cent offset account.
Cons
  • Entry, exit and ongoing monthly fees.
  • Interest rates vary depending on the amount borrowed.
  • Discounts only apply if paired with other products.
Eligibility

For purchase of existing dwellings and vacant land.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $250.00
  • Discharge fees: $300
  • Ongoing fees: $10 monthly

There are upfront fees and ongoing fees connected with the Residential Variable Home Loan. There’s also a discharge fee at the conclusion of the loan term. 

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

Bendigo Bank was founded in 1858 in Bendigo, Victoria. It has a strong customer focus and is listed on the Australian Securities Exchange.

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