- Bendigo Bank is among Australia's top ten providers of owner occupier and investor home loans
- Australia's largest regional bank is known for its focus on customer service and extensive branch network
- Bendigo has a range of home loan products, including a rare offering that allows offset accounts on fixed-rate home loans
Since opening its doors on the goldfields of Victoria in 1858, Bendigo Bank has become one of Australia's largest regional banks.
In its almost 170 years of operation, the bank has marked many milestones on a national scale. During that time, it has acquired more than 80 companies and is recognised as one of Australia's most trusted financial institutions, regularly appearing among the top performers in Roy Morgan's most trusted Australian brand surveys.
Today, Bendigo Bank is a fixture in the top 10 providers of home loans for Australian owner-occupiers and investors, offering competitive rates and products to meet the needs of homebuyers.
Bendigo Bank home loan interest rates
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.89% p.a. | 6.02% p.a. | $2,962 | Principal & Interest | Variable | $10 | $470 | 80% | |||||||||||||
6.14% p.a. | 6.36% p.a. | $3,043 | Principal & Interest | Variable | $15 | $484 | 60% | |||||||||||||
6.18% p.a. | 6.40% p.a. | $3,056 | Principal & Interest | Variable | $15 | $484 | 80% | |||||||||||||
6.24% p.a. | 6.46% p.a. | $3,075 | Principal & Interest | Variable | $15 | $484 | 90% | |||||||||||||
6.39% p.a. | 6.07% p.a. | $3,124 | Principal & Interest | Fixed | $10 | $470 | 80% | |||||||||||||
6.39% p.a. | 6.16% p.a. | $3,124 | Principal & Interest | Fixed | $10 | $470 | 80% | |||||||||||||
6.44% p.a. | 6.13% p.a. | $3,141 | Principal & Interest | Fixed | $10 | $470 | 80% | |||||||||||||
6.44% p.a. | 6.22% p.a. | $3,141 | Principal & Interest | Fixed | $10 | $470 | 80% | |||||||||||||
6.44% p.a. | 6.26% p.a. | $3,141 | Principal & Interest | Fixed | $10 | $470 | 80% | |||||||||||||
6.49% p.a. | 6.44% p.a. | $3,157 | Principal & Interest | Fixed | $15 | $484 | 80% |
Bendigo Bank home loans
Bendigo Bank offers the following home loan products:
- Flex Home Loan (Bendigo's most popular product that comes with an offset account)
- Easy Home Loan (Bendigo's 'no-frills' home loan)
- Express Home Loan (for online refinancers with lower variable interest rate)
- Complete Home Loan (customised home loan to meet specific needs)
These cater for owner occupiers and investors alike with options to make principal and interest (P&I) payments or interest only (IO) payments.
Flex Home Loan
Bendigo describes its Flex Home Loan as its premium home loan that flexes as life happens. Its features include:
multiple 100% offset on variable and fixed loans
- redraw facility
a tiered-pricing structure (lower interest rates for larger deposits based on loan-to-value ratio)
a low monthly service fee
the ability to make unlimited extra repayments (for variable loans) and up to $20,000 a year during the fixed rate period
Flex home loan customers can have up to six 100% offset accounts - for both fixed and variable rate loans - linked per home loan. This is rare for fixed loans, as usually offset accounts are only offered on variable rate home loan products.
Bendigo's tiered pricing model
Loan-to-value ratio (LVR) tiered pricing means the larger your deposit, the lower interest rate you will receive.
Different interest rates apply based on the following LVR tiers:
More than 90%
80.01 to 90%
60.01 to 80%
60% or less
Easy Home Loan
As the name suggests, the Easy Home Loan is Bendigo's simplest loan product. Its features include:
lower rates for larger deposits on both fixed and variable home loans
no establishment fee and no ongoing monthly fees
redraw on both fixed and variable rates
the ability to make unlimited extra repayments on a variable rate and up to 20% of the loan amount during fixed-rate period
Express Home Loan
Bendigo's Express home loan offers a competitive rate to those refinancing their home loan online.
It offers:
- an upfront eligibility checker
- completely online application
- ability to check on the status of the application
- fast approval times
Complete Home Loan
This is the loan Bendigo recommends for borrowers whose needs are a little more complex. It offers:
- lower rates for larger deposits through the tiered pricing model
- online access and in-person support
- redraw and full offset on fixed and variable rates
- customised loan structure to best suit individual needs
Why choose Bendigo Bank for a home loan?
"We have the size and capability of a big bank, but the pace and agility of a small bank which means we are nimble and can act quickly for our over 2.9 million customers.
"Whether customers are wanting to buy their first home, pay off their mortgage faster or make the most of their investments, we're committed to being bigger and better to meet the banking needs of our customers."
Pros & Cons of Bendigo Bank home loans
Pros
- Customer service: Bendigo Bank has a strong reputation for customer service and ranks highly in customer satisfaction measures
- Flexible loan products: Bendigo Bank is more prepared to customise a loan to suit individual circumstances than some other lenders
- 100% offset on fixed-rate loans: This is a major differentiator from other lenders and could help borrowers save a substantial sum in interest
- Australia-wide branch access: For those who prefer in-person service, Bendigo has around 400 branches, many in regional locations
- Works with mortgage brokers: Bendigo has a dedicated broker channel for its home loans
- 5% Deposit Scheme lender: Bendigo Bank is a lender under the federal government's loan guarantee initiative
Cons
- Fewer branches in major centres: You may need to travel further for face-to-face service in capital city locations
- Technology lagging the big four: Like many regional and smaller lenders, Bendigo's tech doesn't have all the snappy features of the big banks which may be a downside for some digital natives
- Not the lowest rates on the market: Bendigo's home loan rates are not as low as many of the digital-only lenders for some products but the trade-off is being able to access good customer support if it's needed
- Approval times can be slower: This can depend on individual applications but generally speaking, Bendigo's loan approval times are not the fastest on the market
What the expert says
"Bendigo Bank might be worth considering if you’re after a smaller-bank experience without sacrificing bigger-bank features. It maintains a strong focus on the local communities it operates within, while still ranking as the sixth-largest listed bank in Australia by market capitalisation - albeit more than 20 times smaller than the smallest of the big four.
When it comes to home loans, Bendigo Bank offers somewhat competitive rates on its two key products: a low-fee mortgage and another that includes an offset account. The latter stands out due to allowing offset accounts on both fixed and variable rate mortgages – an uncommon and potentially impactful differentiator.
Bendigo Bank also tends to offer lower rates for borrowers with larger deposits or more sizable equity offerings. Thus, more established homeowners may find better value with the regional lender than with some of its larger competitors."
What documents do you need for a Bendigo Bank home loan?
Identification
- Government-issued ID: valid drivers licence or passport
Proof of income
- Recent payslips
- PAYG summary or recent tax return
Financial standing
- Recent bank statements: previous three to six months
- Proof of savings
- Details of any existing debts: includes car loans, credit card debts, HECS-HELP debt, etc.
Property details
- Contract of sale (if applicable)