If you’re buying your first home in Australia, you may be considering a Bendigo Bank home loan. As one of the largest Australian-owned banks, Bendigo Bank has developed a reputation for community focus, customer service, and competitive mortgage options. But is it the right lender for your needs?
In this comprehensive review, we’ll cover everything you need to know about Bendigo Bank mortgages, from interest rates to approval timelines, document requirements, and comparisons with other banks. Whether you’re after a basic loan or a Bendigo Bank guarantor home loan, this guide will help you make an informed decision. We’ll show you how working with an experienced mortgage broker in Brisbane can help you get the best deal from Bendigo.
Let’s dive in!
Top 5 Things Bendigo Bank Is Good At
#1 Customer-Centric Service
Bendigo Bank prides itself on delivering high-quality, personalised service—especially through its local branches. First home buyers often appreciate being able to speak directly with a bank representative who knows their local area and can guide them through the process. For example, many customers report being personally walked through their application steps and receiving prompt callbacks, which is rare with larger banks.
#2 Community-Focused Banking
Unlike many big banks, Bendigo reinvests a significant portion of its profits back into local communities. This includes funding schools, sports clubs, and small businesses through its Community Bank branches. For first homebuyers, especially those moving into a regional or suburban area, this commitment to local well-being can be a significant bonus.
#3 Flexible Loan Products
Bendigo Bank offers a wide array of loan options to suit various financial situations. Whether you’re self-employed, have a small deposit, or need construction finance, there’s a product that fits. For example, a first homebuyer earning a moderate income with only a 10% deposit might benefit from the Basic Variable loan with an optional offset account.
#4 Transparent Fee Structure
Bendigo Bank is known for its clear and upfront approach to fees and charges. Unlike some lenders who surprise borrowers with hidden costs, Bendigo provides detailed explanations of all fees involved in the home loan process. For first homebuyers, this transparency means fewer unexpected expenses and more confidence when budgeting. For example, many customers appreciate the absence of application fees on certain loan products and the clarity on discharge or redraw fees.
#5 Competitive Fixed Rate Offers
Bendigo often offers competitive fixed-rate home loans with added features, such as offset accounts. This is a valuable combination for buyers wanting repayment certainty with added savings. For instance, fixing your home loan at 5.84% for three years while maintaining access to a 100% offset account can effectively reduce interest costs and allow faster mortgage payoff.
Top 5 Things Bendigo Bank Isn't So Good At
#1 - Limited Branch Network
While strong in regional Australia, Bendigo Bank has fewer branches in capital cities. This can make in-person consultations less convenient for metropolitan buyers. For example, customers based in Sydney or Melbourne may have to travel further for face-to-face service.
#2 - Technology and Online Banking
Although functional, Bendigo Bank’s digital platforms lag behind neobanks and the Big Four. Their mobile app lacks some modern features, such as instant spending notifications or AI budgeting tools. For digital-first users, this can be a drawback.
#3 - Slower Approval Times
Compared to fully automated lenders, Bendigo’s manual underwriting process can result in longer approval times. While pre-approval typically takes under a week, formal approval can take up to 10 business days or more, especially if documents are missing or the application is complex.
#4 - Less Aggressive Rate Discounts
Bendigo tends to have stable pricing rather than market-leading discounts. If you’re after the absolute lowest rate, a non-bank lender may edge ahead—although they may lack the support or flexibility Bendigo offers.
#5 - Limited Cashback Offers
Cashback deals of $2,000 to $5,000 are common among the Big Four. Bendigo Bank rarely runs these promotions, which can be disappointing for budget-sensitive buyers looking for upfront help with settlement costs.
What Are The Different Home Loan Products Bendigo Bank Offers?
Bendigo Bank offers a variety of home loan products designed to suit different financial situations and borrower needs. Whether you are a first-time homebuyer, an investor, or looking to refinance, Bendigo provides flexible options with competitive rates and helpful features. Their products come with varying levels of fees, repayment options, and additional benefits to make owning a home more accessible. Here is a list of some of its products.
The Complete Home Loan is ideal for borrowers looking for a comprehensive loan with flexible features and strong borrowing capacity. It allows up to 95% loan-to-value ratio (LVR) for owner-occupied properties, making it easier to finance your dream home with a smaller deposit. You can choose between principal & interest or interest-only repayments and take advantage of both fixed and variable interest rates.
- Offset Account: The 100% offset account helps reduce the interest payable by offsetting the loan balance against the money in your linked account.
- Additional Repayments: Unlimited additional repayments on variable loans give you the freedom to pay extra and reduce your loan term.
- Loan Splitting: Flexible loan splitting allows you to divide your loan into fixed and variable portions to manage your repayments and risk better.
The Express Home Loan is designed for those who prefer a fast, straightforward online application process without compromising competitive rates. It suits borrowers who want a simpler loan with fewer fees and straightforward features. This product offers both fixed and variable rates and up to 90% LVR.
- Partial Offset: A partial offset account on fixed loans lets you save on interest but with some limits compared to a full offset.
- Online Redraw: Free online redraw facilities allow you to access any extra repayments you’ve made, giving you financial flexibility.
- No Establishment Fee: This loan has no upfront establishment fees, making it more affordable at the outset.
3. Easy Home Loan
The Easy Home Loan is a no-frills, low-fee option for those who want simplicity and cost efficiency. It offers up to 80% LVR, making it suitable for borrowers who can manage a larger deposit. Both principal & interest and interest-only repayment options are available, with fixed and variable rates.
- No Monthly Fees: This loan has no monthly service fees, helping keep ongoing costs low.
- Unlimited Additional Repayments: You can make extra repayments at any time on variable loans without penalty, reducing interest costs.
- Redraw Facility: The free online redraw feature lets you withdraw extra payments if needed, providing flexibility.
4. Flex Home Loan
The Flex Home Loan is only available through their broker network. In other words, you would need to work with a mortgage broker to access this home loan. It caters to borrowers who want a feature-rich loan with a higher borrowing capacity and more flexible repayment options. It offers up to 95% LVR for owner-occupied homes and includes both fixed and variable rate choices. It’s ideal if you want a loan that can adapt as your financial situation changes.
- 100% Offset Account: Helps reduce the interest payable on your loan by offsetting your loan balance with your savings.
- Unlimited Additional Repayments: Make extra payments on the variable portion of your loan to pay it off faster without fees.
- Flexible Splitting: Split your loan into multiple portions, choosing fixed or variable rates for each to tailor your repayments.
5. First Home Loan
The First Home Loan works specifically through the First Home Guarantee scheme. This allows eligible first-time homebuyers to purchase a property with as little as a 5% deposit, without needing to pay Lenders Mortgage Insurance (LMI). It helps you get closer to owning your first home, even with a smaller deposit.
- Guidance on Grants: Bendigo home loan specialists assist you with government programs like the First Home Owner Grant and stamp duty concessions.
- Flexible Repayments: Choose from fixed or variable interest rates and principal & interest repayment structures.
- Dedicated Support: Expert advice to navigate the buying process, from application to settlement.
What Are Bendigo Bank Home Loan Interest Rates?
Since the RBA cut interest rates in May, here are the updated Bendigo Bank home loan interest rates:
Loan Type | Rate | Comparison Rate |
Principal & Interest | ||
Variable – LVR ≤ 60% | 5.94% p.a. | 6.16% p.a. |
Variable – LVR 60.01–80% | 6.04% p.a. | 6.26% p.a. |
Variable – LVR 80.01–90% | 6.29% p.a. | 6.51% p.a. |
Variable – LVR > 90% | 7.19% p.a. | 7.41% p.a. |
1 Year Fixed | 5.99% p.a. | 6.26% p.a. |
2 Year Fixed | 5.69% p.a. | 6.20% p.a. |
3 Year Fixed | 5.89% p.a. | 6.22% p.a. |
4 Year Fixed | 5.99% p.a. | 6.25% p.a. |
5 Year Fixed | 5.99% p.a. | 6.24% p.a. |
Interest Only | ||
Variable – LVR ≤ 60% | 6.89% p.a. | 6.56% p.a. |
Variable – LVR 60.01–80% | 7.19% p.a. | 6.75% p.a. |
Variable – LVR 80.01–90% | N/A | N/A |
Variable – LVR > 90% | N/A | N/A |
1 Year Fixed | 6.59% p.a. | 6.69% p.a. |
2 Year Fixed | 6.29% p.a. | 6.57% p.a. |
3 Year Fixed | 6.49% p.a. | 6.55% p.a. |
4 Year Fixed | 6.54% p.a. | 6.51% p.a. |
5 Year Fixed | 6.54% p.a. | 6.46% p.a. |
What will my repayments be?
To calculate your monthly repayments on a 30-year Principal & Interest loan with 80% LVR, we’ll use the applicable interest rate of 6.04% p.a. from the table.
Assumptions:
- Loan term: 30 years
- Interest rate: 6.04% p.a. (compounded monthly)
- Repayment type: Principal & Interest
- Formula: standard amortised loan repayment formula
Monthly Repayment Estimates On A Bendigo Home Loan
Loan Amount | Monthly Repayment | Total Repaid | Total Interest Paid |
$500,000 | $3,011.73 | $1,084,222.80 | $584,222.80 |
$700,000 | $4,216.42 | $1,517,912.32 | $817,912.32 |
$900,000 | $5,421.11 | $1,951,601.84 | $1,051,601.84 |
$1,000,000 | $6,023.45 | $2,168,445.60 | $1,168,445.60 |
What Documents Does Bendigo Bank Need For a Home Loan?
When applying for a home loan with Bendigo Bank, having the right documentation ready can help streamline the approval process and avoid unnecessary delays. Lenders use these documents to verify your identity, assess your financial stability, and determine your borrowing capacity. Here’s a breakdown of what you’ll typically need to provide:
Identity Verification
- Government-issued ID – A valid driver’s licence or passport is required to confirm your identity.
Proof of Income
- 2–3 recent payslips – Demonstrates your regular income and employment status.
- Group Certificate (PAYG summary) or recent tax returns – Particularly important for self-employed applicants to verify income over time.
Financial Position
- Recent bank statements (3–6 months) – Shows your income, expenses, and overall financial behaviour.
- Proof of savings – Demonstrates your ability to save and may be used as part of your deposit.
- Details of existing debts – Include any car loans, credit cards, HECS-HELP debts, or other liabilities.
Property Details (if applicable)
- Contract of sale – If you’ve already found a property, this confirms the purchase details and price.
Having these documents organised before applying helps ensure a smoother and quicker application process, especially when working with a mortgage broker who can liaise directly with Bendigo Bank on your behalf.
Read more: What is a pre-approval?
How Much Can I Borrow From Bendigo Bank?
Bendigo Bank assesses your borrowing capacity based on a range of factors, including income, living expenses, existing debts, number of dependents, and deposit size. These elements help the bank determine how much you can comfortably afford to repay each month. Here are some example scenarios to give you a rough guide. In each of these scenarios, they have no credit cards and no other debts:
- Single borrower earning $85,000 with no dependents and monthly expenses of $2,500 could borrow approximately $400,000
- Couple earning a combined $150,000, with no dependents and monthly living expenses of $3,800, could potentially borrow $700,000
- Single parent earning $95,000 with 1 dependant and monthly expenses of $3,200 might be eligible to borrow around $400,000
- Dual-income couple earning $180,000 combined, with 2 dependants and monthly household expenses of $4,500, might qualify for $800,000
These figures are estimates and can vary depending on your credit history, spending habits, and the lender’s current assessment criteria. A mortgage broker can help you get a more accurate borrowing figure tailored to your situation.
How Long Do Bendigo Bank Home Loans Take To Approve?
The timeline for getting a home loan approved by Bendigo Bank can vary depending on several factors but generally follows these stages:
- Pre-approval: This initial assessment usually takes 2 to 5 business days. During this phase, Bendigo Bank reviews your financial situation to give you an indication of how much you might be able to borrow. Pre-approval is useful when you’re starting your property search, as it shows sellers you’re a serious buyer.
- Formal approval (conditional approval): Once you’ve found a property and submitted a full application, formal approval typically takes around 5 to 10 business days. At this stage, the bank conducts a more detailed assessment, including property valuation and thorough verification of your documents.
- Settlement: After formal approval and all conditions are met, settlement usually occurs within 4 to 6 weeks. This period allows for legal processes, final loan documentation, and the transfer of funds to complete the property purchase.
Approval delays most often happen because of incomplete documentation, complex financial situations, or the need for additional verification. These delays can significantly extend the process. Working with an experienced mortgage broker can help streamline your application by ensuring all paperwork is submitted correctly and promptly, guiding you through each step, and addressing any issues early to avoid hold-ups. Brokers also liaise directly with Bendigo Bank, helping your application to be positioned as strongly as possible for faster approval.
What Else Does Bendigo Bank Offer?
Beyond home loans, Bendigo Bank provides a wide range of financial products and services designed to meet the diverse needs of its customers. These include:
- Savings and transaction accounts — Bendigo offers accounts with competitive interest rates and low fees to help you grow your savings while managing everyday expenses. You can access your funds conveniently through a large branch network, ATMs, and secure online or mobile banking platforms.
- Credit cards — Their credit card range includes options for rewards points, travel benefits, and low interest rates, catering to different spending styles. These cards also come with security features and flexible repayment options to suit your budget.
- Personal loans and car loans — Whether you’re consolidating debt, renovating your home, or purchasing a vehicle, Bendigo’s personal and car loans provide competitive rates and flexible terms. The application process is straightforward, and many customers appreciate the personalised support from their loan specialists.
- Insurance products — Bendigo offers comprehensive insurance options, including home, contents, car, and life insurance, designed to protect you and your assets from unexpected events. Their policies often come with flexible cover levels and competitive premiums to suit a variety of needs.
- Business banking — For small and medium businesses, Bendigo provides tailored solutions such as business loans, merchant services, and cash flow management tools. Their dedicated business bankers work closely with clients to understand their unique challenges and growth goals.
- Superannuation and financial planning — Bendigo helps customers plan for retirement with superannuation products and personalised financial advice. Their planners assist with investment strategies, risk management, and long-term wealth creation to secure your financial future.
Bendigo Bank is also well-regarded for its commitment to community investment, often funding local projects and charitable causes. This community focus appeals to customers who want their banking to make a positive social impact, creating value beyond just financial returns.
What Are Some Bendigo Bank Customer Reviews?
Bendigo Bank receives a mix of reviews.
Positive Customer Feedback
Many customers commend Bendigo Bank for its user-friendly digital platforms and responsive customer service:
- Online and Mobile Banking: Users often describe the bank’s online banking platform and mobile app as intuitive and easy to navigate. Customers appreciate the convenience of managing their finances digitally.
- Customer Support: The bank’s customer support team is frequently praised for being friendly and helpful, providing assistance when needed.
Negative Customer Experiences
Despite the positive feedback, some customers have expressed dissatisfaction:
- Scam Incidents: Several customers have reported losing significant amounts of money due to scams and have been disappointed with the bank’s response.
- Digital Banking Outages: There have been instances where the bank’s digital banking services experienced outages, causing inconvenience to customers who rely on online banking.
Is Bendigo An Ethical Australian Bank?
Yes, Bendigo Bank is widely recognised as one of Australia’s most ethical banks, thanks to its strong commitment to social responsibility, environmental sustainability, and community well-being. Here are some key reasons why Bendigo stands out:
- Zero investment in fossil fuels: Bendigo Bank has a strict policy against investing in fossil fuel industries. This commitment aligns with growing concerns about climate change and environmental protection, making it a preferred choice for customers who want their money to support a greener future rather than industries that contribute to pollution and global warming.
- Community Bank model reinvests profits locally: Bendigo operates a unique Community Bank model where profits generated by local branches are reinvested directly back into the communities they serve. This helps fund local projects, community groups, and initiatives that improve social and economic outcomes in regional and metropolitan areas alike.
- Transparent fees and business operations: Bendigo Bank prides itself on transparency, offering clear and fair fees with no hidden charges. Their open communication and ethical approach to business operations build trust and foster long-term customer relationships.
- Highly rated by the Responsible Investment Association of Australasia (RIAA): Bendigo consistently receives strong ratings from the RIAA, reflecting its adherence to rigorous ethical, social, and environmental standards in its investment and lending practices.
For ethically minded customers, these factors combined create a compelling case to choose Bendigo Bank. Banking with Bendigo means supporting a financial institution that prioritises positive social impact and environmental responsibility alongside solid financial services.
How Does Bendigo Bank Compare To Other Banks?
When choosing a bank, it’s important to consider more than just interest rates. Bendigo Bank offers a unique approach that prioritises ethics, community reinvestment, and customer trust—setting it apart from Australia’s Big Four banks. The table below highlights how Bendigo compares across key categories, including investment ethics, service quality, and digital features.
Category | Bendigo Bank | Big Four Banks (CBA, NAB, Westpac, ANZ) |
Community Focus | Community Bank model reinvests profits locally into community projects. | Centralised structure with limited local reinvestment. |
Ethical Investment | No fossil fuel investments; highly rated by RIAA. | Many still invest in coal, oil, and gas industries. |
Customer Satisfaction | High ratings for trust, service quality, and personal banking experience. | Mixed ratings; past scandals and aggressive sales tactics have damaged trust. |
Transparency | Clear, upfront fees and honest advice. | Often criticised for complex products and hidden fees. |
Digital Banking | Improving digital tools and mobile apps; solid but less advanced. | Leading digital platforms with robust features and innovation. |
Branch Network | Strong presence in regional Australia; growing through Community Banks. | Broad national presence but closing many regional branches. |
Suitability | Great for ethical, community-minded customers who value personal service. | Good for those who want cutting-edge tech, rewards programs, or global banking reach. |
Bonus: How Much Can I Borrow From Bendigo Bank Personal Loan?
Bendigo Bank offers personal loans ranging from $2,000 to $100,000, with flexible terms between 1 and 7 years. The amount you can borrow depends on factors such as your income, expenses, and credit history. To estimate your borrowing capacity, you can use Bendigo Bank’s Personal Loan Borrowing Power Calculator.
Bendigo Bank provides both secured and unsecured personal loans:
- Secured Personal Loans: Require an asset (like a car) as collateral. They offer lower interest rates, starting from 7.79% p.a.
- Unsecured Personal Loans: Do not require collateral but come with higher interest rates, starting from 12.79% p.a.
Additionally, Bendigo Bank offers a Green Personal Loan for environmentally friendly purchases, with interest rates starting from 5.49% p.a.
FAQ'S Bendigo Bank Home Loan
Is Bendigo Bank good for mortgages?
Yes. It’s a strong choice for those who value ethics, service, and community involvement.
How much deposit do I need for Bendigo Bank?
The minimum deposit required is 5% if you are willing to pay Lenders Mortgage Insurance (LMI). Ideally, you should aim for a 20% deposit to avoid paying LMI. With a guarantor loan, you may be able to purchase with a 0% deposit if your parents provide security.
Is Bendigo Bank reliable?
Yes. It’s well-capitalised, government-regulated, and highly rated by Canstar and Mozo.
What credit score does Bendigo Bank use?
Typically Equifax, but they consider overall creditworthiness—not just the score.
What are Bendigo Bank home loan Australia requirements?
- Proof of income
- Deposit or guarantor
- Good credit history
- Australian residency
Does Bendigo Bank do pre-approval?
Yes. Pre-approvals last 60–90 days and provide a realistic budget for buying.
What are Bendigo Bank home loan fees?
Bendigo Bank home loan fees include a range of upfront, ongoing, and conditional charges depending on the loan type and complexity. Common upfront fees may include a $150 application fee, a $50 search processing fee per search, valuation fees (variable), document preparation fees ($100–$600), a $100 settlement fee, and a $125 agent lodgement fee. Additional fees like a $100–$200 building loan fee or a $250 guarantee administration fee may apply in specific cases.
Is A Bendigo Home Loan Right For Me?
For first-home buyers in Australia, Bendigo Bank home loans strike a balance between ethical values, local service, and versatile mortgage options. While the tech may not match, digital lenders and cashback incentives are rare, and the quality of support and ethical peace of mind more than compensate.
Want to know if Bendigo Bank is right for you? Working with a trusted mortgage broker can help you explore all your options and secure the right loan for your situation.
Our team at Hunter Galloway is here to help you buy a home in Australia. Unlike other mortgage brokers who are one-person operations, we have an entire team of experts dedicated to helping make your home loan journey as simple as possible.
If you want to get started, please give us a call on 1300 088 065 or book a free assessment online to see how we can help.
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