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Bendigo Bank variable home loan rate products:
Bendigo Bank variable home loan rate FAQs
Did Bendigo Bank raise interest rates?
Yes, Bendigo Bank raised interest rates following the Reserve Bank of Australia’s (RBA) decision on 7 November 2023 to lift the cash rate by 0.25% p.a.
Why did interest rates go up?
The RBA’s decision aims to control inflation and ensure economic stability. Increasing the cash rate controls inflation by reducing consumer spending and borrowing, which slows down economic activity and decreases price pressures. This strategy intends to manage economic growth and keep inflation within its target range.
Impact of the cash rate change on Bendigo Bank
The cash rate change affects Bendigo Bank’s overall financial operations. Higher cash rates can increase the bank's funding costs, impacting profitability. The bank must balance these costs while remaining competitive in the market.
Effect on Bendigo Bank variable home loan rate
Since the cash rate increase, Bendigo Bank implemented several key changes:
- rate increase: on 17 November 2023, Bendigo Bank increased variable home loan rates by 0.25% p.a.
- savings account interest: the Easy Saver deposit rate also rose by 0.25% p.a.
- client support: Bendigo Bank offered a free online Home Loan Health Check and budgeting tools
- more repayments: borrowers may see higher monthly repayments
Cash rate change aligns with economic policies to manage inflation and other factors, impacting the Bendigo Bank variable home loan rate. Customers should review their loan terms, including principal and interest, and use the bank's financial planning tools. It's important to understand these changes and contact the bank for support if needed.
How good is Bendigo Bank?
Bendigo Bank is known for its customer-focused services and competitive mortgage options. The bank provides various home loan features to suit different needs, including extra repayments without penalties, a redraw facility, and an offset account. Customers can split their loans between variable and fixed rates, offering flexibility and control over repayments.
Bendigo Bank voted most trusted bank
Bendigo Bank has been recognised as Australia's most trusted bank for 3 years in a row. It holds a strong reputation for customer satisfaction and reliability, earning praise from numerous surveys and studies.
Bendigo Bank variable home loan rate review
Although not the lowest, Bendigo Bank variable rates are competitive and come with many benefits and features. The rates vary based on loan types, such as owner-occupier or investor loans, and repayment methods, like principal-and-interest or interest-only.
Key features of Bendigo Bank variable home loan rate
- extra repayments: make additional repayments without penalty
- redraw facility: access extra repayments if needed
- offset account: reduce interest by using savings to offset the loan balance
- rate splitting: split the loan into variable and fixed portions
Bendigo Bank stands out for its reliable services in the Australian mortgage market. With flexible loan options and a strong reputation, it remains a preferred choice for many borrowers.
How do I apply for a mortgage from Bendigo Bank?
Applying for a Bendigo Bank variable home loan rate involves several key steps. The process ensures your eligibility and verifies all necessary documentation. Below is an in-depth look at the application procedure.
Step-by-step application process
Step 1: initial information
- provide details about the property you wish to purchase or refinance
- specify the loan amount required
- Bendigo Bank will run an automated valuation to confirm the property’s value
Step 2: loan preferences
- share your repayment priorities and frequency
- Bendigo Bank will suggest loan options that align with your needs
Step 3: personal and financial details
- verify your personal details and complete an instant credit check
- provide employment information and details of deposits and assets
- if you own additional properties, include their details
Step 4: expense estimation
- report your current expenses
- if you have any other existing loans or credit cards, report them as well
Step 5: financial verification
- for quick validation, log in securely with your bank accounts to provide read-only copies of your statements
- alternatively, manually upload your transaction statements for review
Step 6: loan outcome
- once all information is processed, you’ll receive approval if your application meets the criteria
- Bendigo Bank will contact you if additional information is needed
Required documentation
Before starting your application, gather the following:
- property information: property address for purchase or refinance
- contact information: valid email and mobile phone number
- identification: Australian driver’s licence, passport, foreign passport with an Australian Visa, or a Medicare Card
- bank documents: bank details for digital document upload or copies of bank statements for manual submission
Post-approval steps
After approval, arrange for building insurance and a conveyancer to transfer the property title. Visit a branch to verify your identification and sign the home loan contract. Finally, wait for the settlement date to become the new property owner.
By following these steps and preparing the required documents, you can streamline your application for a Bendigo Bank home loan.
How long does pre-approval last at Bendigo Bank?
Pre-approval for a Bendigo Bank variable home loan rate lasts 60 days if your financial situation remains unchanged. Below is a detailed look at pre-approval duration and its implications.
Pre-approval validity
Pre-approval remains valid for 60 days if your financial situation stays the same. If it expires before you purchase a property, you must reapply. Bendigo Bank will notify you via email 5 days before expiry, allowing for a 60-day extension.
What is pre-approval?
Pre-approval is an estimate from the lender on the potential amount you can borrow. It is not a final loan approval. Final approval depends on meeting specific conditions and criteria.
Benefits of pre-approval
Pre-approval provides clarity on the property price range you can afford. It boosts your confidence when making an offer and establishes you as a serious buyer to agents and sellers. This enables you to act quickly to secure your chosen property.
When to seek pre-approval
Get pre-approval when you find the right property. Applying too early may require re-application, while applying too late might affect your confidence.
Understanding these aspects of Bendigo Bank variable home loan rate pre-approval helps you navigate your home-buying journey more effectively.
