Bendigo Bank Home Loan Rates – Latest Deals & Overview

Variable Bendigo bank home loan rates

Bendigo Bank offers competitive variable interest rates, typically segmented by the type of borrower and the Loan to Value Ratio (LVR). A lower LVR will generally secure a lower rate, rewarding borrowers perceived as lower risk. Bendigo Bank offers principal and interest (P&I) repayment options, which receive a more favourable rate than interest-only (IO) repayments, particularly for owner-occupiers. Key rate drivers for Bendigo Bank's variable products:

• LVR tiers: Rates are structured across bands, such as 60% or less, 60.01%–80%, and above 80%, with the most competitive rates available in the lower LVR brackets.

• Loan type: Specific products, like the 'Express Home Loan' (often available online) versus the 'Complete Home Loan' (which offers more features like a full offset account), carry different starting rates and associated fees.

• Borrower status: Investment loans usually have a higher interest rate than owner-occupier loans due to regulatory and risk assessments.

Choosing the right variable product requires a detailed look at the true cost, not just the headline rate, by checking the comparison rate. An independent broker, quickly accessed through HeyNest, can instantly analyse your personal LVR and borrower status against all of the current Bendigo Bank home loan rates and help you determine which of their variable products offers the best overall value.

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Fixed-rate options and terms

Bendigo Bank provides fixed-rate home loans, which allow borrowers to lock in an interest rate for a defined term, typically ranging from one to five years. Fixed rates offer budget certainty and protection against potential interest rate rises. The pricing of these fixed terms changes frequently, often independent of the Reserve Bank of Australia (RBA) cash rate, reflecting movements in the wholesale money market. Points on Bendigo Bank's fixed rates:

• Term and price: Generally, the fixed rates for shorter terms (2 years) can be more attractive than longer terms (4 or 5 years), though this depends entirely on current market forecasts.

• Repayment consistency: The fixed rate ensures your principal and interest repayments remain the same for the entire fixed period, simplifying household budgeting.

• Limited flexibility: Fixed loans often restrict features like making large extra repayments without penalty or using a full offset account.

When considering a fixed rate from Bendigo Bank, it's essential to factor in the comparison rate, which includes associated fees and an assumed variable rate for the period after the fixed term ends. The expert brokers you connect with via HeyNest provide impartial advice, comparing Bendigo Bank home loan rates against the security and flexibility needs of your financial future before you commit to fixing.

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Beyond the rate: comparison and fees

While the interest rate is the largest factor in the cost of a mortgage, a truly competitive deal must be assessed using the comparison rate, which incorporates most upfront and ongoing fees. For Bendigo Bank, this includes considering annual package fees vs basic loan product fees. Ignoring these charges can mask a less competitive overall product. When comparing Bendigo Bank:

• Comparison rate: Use the comparison rate as the primary tool to evaluate the true annual cost of the loan against other lenders.

• Product fees: Note the application fees and potential annual fees, particularly for the more feature-rich 'Complete Home Loan'.

• Loan features: Assess the value of included features, such as 100% offset accounts or unlimited extra repayments, which can save money regardless of the headline rate.

Bendigo Bank's rates are often in the moderate range, offering a strong balance of rate and service. However, securing the best rate means looking at every available option, including regional banks and non-major lenders. HeyNest connects you directly with a local broker who is equipped to compare the entire market, ensuring you receive a transparent and optimised home loan solution that may even beat the best Bendigo Bank home loan rates available.

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Frequently asked questions

What is the LVR?

LVR stands for Loan to Value Ratio. It is the size of the loan compared to the value of the property, expressed as a percentage.

Do fixed rates have an offset account?

Typically, no. Most fixed-rate products do not offer a full offset account, though some may provide limited redraw facilities.

Should I choose P&I or Interest-Only?

Principal and Interest (P&I) reduces the loan balance over time, whereas Interest-Only (IO) only covers the interest, making P&I generally safer and cheaper.