Since opening its doors on the goldfields of Victoria in 1858, Bendigo Bank has become one of Australia's largest regional banks.
In its 160-plus 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 Australia's most trusted financial institution, regularly appearing among the top performers in Roy Morgan's most trusted Australian brand surveys.
In banking circles, it is perhaps best-known for introducing its Australian-first community bank model dedicated to serving the interests of the communities where it operates. The model, launched in 1998, is now established in more than 400 communities across Australia, effectively providing many rural communities with a banking presence as other banks have closed branches.
Bendigo Bank also lays claim to a number of banking firsts. It says it was the first in Australia to launch a green home loan, a debit card, offer home loan offset accounts, and was the first lender globally to deliver a digital home loan application.
In 2007, Bendigo Bank merged with Adelaide Bank to form Bendigo and Adelaide Bank, one of Australia’s largest challenger banks, although both Bendigo Bank and Adelaide Bank continue to operate independently.
The “better big bank”
To learn more about Bendigo Bank’s home loans, its origins, and what makes it “the better big bank”, Savings.com.au spoke with its Head of Retail Banking Dennis Teale.
“Bendigo Bank has a national footprint now servicing more than 2.5 million customers,” Mr Teale told Savings.com.au. “We’re digital by design but human when it matters.”
“We’re committed to being bigger and better to meet the banking needs of our customers and our deep connection with communities across Australia reminds us of the important role banks continue to play in underpinning both national and local economies.”
Bendigo Bank Home Loans
Bendigo Bank offers two main home loan products: the Bendigo Complete Home Loan and the Bendigo Express Home Loan. These are products for owner occupiers and investors alike with options to make principal and interest (P&I) payments or interest only (IO) payments.
The table below features some of Bendigo Bank’s home loan products for owner occupiers.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.74% p.a. | 6.15% p.a. | $2,915 | Principal & Interest | Fixed | $10 | $220 | 80% | |||||||||||||
5.74% p.a. | 6.36% p.a. | $2,915 | Principal & Interest | Fixed | $15 | $784 | 80% | |||||||||||||
6.04% p.a. | 6.39% p.a. | $3,011 | Principal & Interest | Fixed | $15 | $784 | 80% | |||||||||||||
6.04% p.a. | 6.38% p.a. | $3,011 | Principal & Interest | Fixed | $15 | $784 | 80% | |||||||||||||
6.04% p.a. | 6.44% p.a. | $3,011 | Principal & Interest | Fixed | $15 | $784 | 80% | |||||||||||||
6.04% p.a. | 6.41% p.a. | $3,011 | Principal & Interest | Fixed | $15 | $784 | 80% | |||||||||||||
6.04% p.a. | 6.21% p.a. | $3,011 | Principal & Interest | Fixed | $10 | $220 | 80% | |||||||||||||
6.04% p.a. | 6.21% p.a. | $3,011 | Principal & Interest | Fixed | $10 | $220 | 80% | |||||||||||||
6.04% p.a. | 6.20% p.a. | $3,011 | Principal & Interest | Fixed | $10 | $220 | 80% | |||||||||||||
6.04% p.a. | 6.20% p.a. | $3,011 | Principal & Interest | Fixed | $10 | $220 | 80% |
When asked what sets Bendigo Bank’s home loans apart, Mr Teale nominates the features of Bendigo Bank’s current home loan offerings.
Complete Home Loan Features
The Complete Home Loan is billed as a good choice if you’re buying off the plan, refinancing land, building a home, or have more complex lending needs. Its features include:
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full offset on fixed and variable loans
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a tiered-pricing structure (lower interest rates for larger deposits based on loan-to-value ratio)
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a low monthly service fee
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the ability to make unlimited extra repayments (for variable loans) and up to 20% of the loan amount during the fixed rate period
The loan-to-value ratio (LVR) tiered pricing means the more of your home loan you’ve paid off, the lower interest rate you may be charged.
Different interest rates apply based on the following LVR tiers:
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More than 90%
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80.01 to 90%
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60.01 to 80%
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60% or less
Customers can also 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 Express Home Loan Features
As the name suggests, Bendigo’s Express home loan boasts a speedy online application process and is a good choice for the purchase or refinance of an established property or land in an urban area or major regional centre. Some of the benefits of this home loan include:
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fast online application/approval process
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competitive rates
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a low monthly service fee
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full offset account for variable-rate loans; partial offset account for fixed-rate loans
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the ability to make unlimited extra repayments (for variable) and up to 20% of the loan amount during fixed-rate period
Customers applying for Express home loans need at least a 10% deposit or equity, plus savings to cover the usual fees and charges associated with property buying, including stamp duty for new purchases.
Providing “service excellence and trust”
When asked why someone should choose Bendigo over another major bank, Mr Teale said award-winning service excellence and consistently high trust are what sets it apart as “the better big bank for home loans”, where you’ll be taken care of by a dedicated team of home loan specialists.
“Bendigo Bank has a long track record of helping our customers build a secure future and making communities stronger,” Mr Teale said.
“Whether it's your first home, second home, improved home, or an investment home, no matter how you choose to get in touch with us, Bendigo Bank can help put you on the path to where you need to be.”
On a mission to become Australia’s bank of choice
Bendigo Bank prides itself on its strong sense of community and its enduring vision to become Australia’s bank of choice.
“For Bendigo Bank, being a part of the more than 400 communities in which we operate is all about shared value. Everyone needs a bank to provide the products and services you need to build a successful future,” Mr Teale said.
“In turn, choosing to bank with us helps make a difference in your community. You may not think who you bank with matters, but it does - and for our customers, their banking is making a real difference.”
'Profit with purpose'
Mr Teale said Bendigo Bank aims to help its customers and the communities in which it operates through its Community Bank network - its so-called ‘profit-with-purpose’ model where the bank’s profits are returned directly to the communities that generate them.
“By choosing Bendigo Bank, your everyday banking through home and personal loans, business banking, and credit cards can be helping to fund emergency and rescue services such as rural fire brigades and the SES, community buses, defibrillators, disabled and aged care facilities and other unmet need such as skate and sports parks, hospital wings and classrooms,” Mr Teale said.
“In fact, more than $366 million has been returned to communities with tens of thousands of initiatives funded Australia-wide - all made possible by our customers.”
Image: Supplied
Original article by Rachel Horan in April 2022. Updated by Denise Raward on 18 October 2024.
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