Bendigo Bank Home Loan Options
Bendigo Bank provides both variable and fixed rate home loans suitable for different needs.
Basic Home Loan
Fixed Rate Home Loan
Complete Home Loan
Bendigo's Basic Home Loan provides a simple variable rate mortgage option without monthly account fees. It allows the flexibility to make extra repayments or redraw available funds when needed. This straightforward home loan works well for expats seeking an affordable variable rate product.
The Fixed Rate Home Loan from Bendigo Bank allows borrowers to lock in an interest rate for a set period of 1 to 5 years. This provides certainty around mortgage repayments, protecting against rate rises during the fixed term. However, break costs may apply if exiting the fixed rate early.
Bendigo's Complete Home Loan bundles the mortgage with a 100% offset account and credit card for an all-in-one package. The offset account allows your savings to reduce interest costs. The credit card earns points on spending that can be redeemed. This bundled option simplifies home loan banking.
Bendigo's Expat Home Loan is designed specifically for Aussies living overseas. It offers useful features like:
- Accepting foreign income for assessments
- International money transfers
- Set exchange rates on repayments
- Dedicated overseas lending team
This tailored product aims to help Australian expats finance home loans remotely more easily.
Bendigo Bank Home Loans Review
There are several pros and cons applying for a home loan at Bendigo Bank.
Competitive variable and fixed interest rates
Early repayment break costs on fixed rate loans
No monthly account keeping fees on most basic products
Minimum savings and income requirements may be higher than other lenders
Dedicated Expat Home Loan product for overseas borrowers
Smaller maximum loan amounts may apply
Bendigo Bank Home Loan Features
Bendigo Bank mortgages provide the following features.
Redraw facility and extra repayments allowed on variable loans
Top Up Equity
Allows borrowers to increase their overall loan amount using available equity in the property
Change between products during the term of the loan
100% offset account available
Access to local Aussie staff in branches when home
Dedicated expat lending team and international money transfer options
Facts About Bendigo Bank
How Do I Apply?
Applying for an expat home loan involves the following steps.
- Confirming eligibility based on income, savings, credit.
- Gathering documents like foreign income statements, offshore account records, expat ID.
- Completing a Bendigo Bank home loan application online or in branch.
- Submitting documents for assessment.
- Receiving loan offer if approved.
- Signing final loan and mortgage paperwork.
- Making repayments according to the set schedule.
Who is Eligible?
To qualify for a home loan with Bendigo Bank, you must meet the following criteria.
- Australian citizens or permanent residents.
- Minimum income and savings levels apply.
- Foreign income accepted with proofs for expats.
- First home buyers, investors, self-employed eligible.
What Documents Do I Require?
When applying for a Bendigo Bank home loan as an expat, you will likely need to provide the following documents.
Providing certified copies of documents that thoroughly verify your identity, income, savings, credit standing and assets will help expedite Bendigo Bank’s home loan assessment and approval process for you as an expat borrower.
Related Products from Bendigo Bank
Express Home Loan
The Express Home Loan provides a faster home loan option, with approval in principle available in as little as 48 hours. This streamlined process helps borrowers who need quicker turnaround times when financing property purchases. The express loan has tailored documents and income verification for faster processing.
Investment Property Loans
Bendigo also provides home loans for investment properties owned by expat Australians. Useful investor features include interest-only repayments and unlimited extra repayments for flexibility. This facilitates remote real estate investing.
For expats looking to build in Australia from abroad, Bendigo’s construction loans release funds in stages matching the builder’s progress. You can manage the entire building process remotely while they oversee payments.
Get Expert Help With Your Bendigo Bank Home Loan
As experienced expat mortgage brokers, we’re ready to guide you through getting a home loan approval with Bendigo Bank from overseas. Reach out today to start the conversation and assessment process.
Our services are complimentary for borrowers. We’ll help you secure optimal financing for your property goals and simplify the application journey every step of the way.
Contact our team to learn more about the home lending options, rates and how we can help Aussie expats like you!
Other Australian Lender Reviews
FAQs for Bendigo Bank Home Loans Review
Yes, Bendigo Bank can assess home loan applications using overseas foreign income and assets when supported by appropriate documentation.
Bendigo Bank interest rates are competitively priced. Their variable rates start from around 6.04% and fixed rates from approx 6.49% for 1 year fixed as of 2023. Check their website for current pricing.
Most Bendigo home loans do not have monthly account keeping fees. Standard fees include establishment fee, discharge fee and valuation fee. Government charges also apply.
Bendigo generally requires a 20% deposit. But they offer low deposit loans from 5% deposit for first time expat buyers, with lenders mortgage insurance.
Yes, Bendigo Bank provides pre-approval in principle for expats based on your documents verifying income, savings, credit. This gives certainty early.
Standard approvals take 1-2 weeks, but the Express Home Loan offers faster 48 hour approval. Their expat team aims for quicker processing.
Expat documents may include foreign income statements, offshore bank records, remittances, international IDs, credit reports and currency statements verifying income and assets.