Bendigo Bank Home Loan Review For Australian Expats
Bendigo Bank is one of Australia’s largest regional banks. With over 150 years of experience serving Australian communities, they offer a range of home loan solutions for local and expat borrowers.
This Bendigo Bank home loan review covers their key products, features, interest rates, fees and eligibility criteria specifically for Aussie expats.
- Borrow up to 80% of the property value as an expat
- Streamlined verification processes for expats residing overseas
- Competitive interest rates for variable, fixed and expat-specific products
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.
| Pros | Cons |
|---|---|
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 |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Bendigo Bank Home Loan Features
Bendigo Bank mortgages provide the following features.
| Feature | Details |
|---|---|
Redraw Facility | 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 |
Switching Facility | Change between products during the term of the loan |
Offset Account | 100% offset account available |
Branch Access | Access to local Aussie staff in branches when home |
Expat Support | Dedicated expat lending team and international money transfer options |
Facts About Bendigo Bank
Bendigo Bank was founded in 1858 during the Victorian gold rush.
In 2011, Bendigo Bank merged with Adelaide Bank creating Australia's 5th largest retail bank.
Bendigo Bank has over 500 branches and agencies nationally across every Australian state and territory.
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.
Proof of Identity
Provide certified copies of documents as evidence of your identity, such as your passport, Australian driver's licence, national ID card, or other identification issued by the Australian government.
Proof of Income
You will be required to provide documents validating your foreign income. This includes recent pay slips, employment contracts, tax returns and bank statements showing regular salary payments into your overseas accounts.
Proof of Savings
Provide recent bank statements and records demonstrating you have the necessary funds for your deposit and closing costs. Highlight any large deposits.
Credit Report
A current Australian credit file verifying your credit history and scores. This shows your borrowing track record.
Assets & Statements
Documents validating your assets and financial statements. This may include property valuations, share portfolios, retirement account balances, business financial statements and any other major asset records.
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.
Construction Loans
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
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs for Bendigo Bank Home Loans Review
Does Bendigo Bank accept foreign income for expats?
Yes, Bendigo Bank can assess home loan applications using overseas foreign income and assets when supported by appropriate documentation.
What are the interest rates for Bendigo Bank home loans?
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.
What fees apply for Bendigo Bank home loans?
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.
How much deposit do I need for Bendigo Bank?
Bendigo generally requires a 20% deposit. But they offer low deposit loans from 5% deposit for first time expat buyers, with lenders mortgage insurance.
Can I get pre-approval if I'm an offshore expat?
Yes, Bendigo Bank provides pre-approval in principle for expats based on your documents verifying income, savings, credit. This gives certainty early.
How long does Bendigo Bank take to approve expat home loans?
Standard approvals take 1-2 weeks, but the Express Home Loan offers faster 48 hour approval. Their expat team aims for quicker processing.
What documents do expats need to provide Bendigo Bank?
Expat documents may include foreign income statements, offshore bank records, remittances, international IDs, credit reports and currency statements verifying income and assets.
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