Bendigo Bank has announced that it has introduced the Bendigo Complete Home Loan product with an optional 100 per cent offset on all fixed and variable loan products in the range.
The home loan product offers access to additional repayments using online redraw facilities, flexible repayments and full offset on up to six accounts.
Commenting on the launch, Richard Fennell, Bendigo Bank’s executive, customer banking, said: “In a complex and crowded lending landscape, the new Bendigo Complete offering is a simple, easy to understand home loan solution complete with 100 percent offset and offered at our lowest ever variable interest rate.”
“Traditionally, while fixed loans provide the certainty of repayments for the life of the loan, no matter the interest rate environment, they have limitations in redraw and repayment options, and don’t assist you in reducing interest through offset functionality.”
Features include loan-to-value ratio tiered pricing for variable rates, loan terms up to 30 years and interest-only for up to five years. Both principal and interest or interest-only repayments are available through the product, along with the option of weekly, fortnightly or monthly repayments.
The Complete Home Loan product is offering a five-year fixed interest rate of 3.19 per cent for owner-occupied principal and interest customers, and a variable rate of 3.29 per cent for loans with a loan-to-value ratio of 90 per cent and above.
The product includes a $550 establishment fee for a standard loan and a $15 monthly fee.
“We’re very pleased to be bringing this unique product in market. The new Bendigo Complete Home Loan is a compelling offering from Australia’s better big bank that will add value and make researching and choosing a home loan easier,” Mr Fennell said.
The non-major bank recently announced that it had set aside additional capital of $148.3 million for potential impacts from the coronavirus pandemic and to absorb expected losses from the crisis.
[Related: Bendigo raises $148m in new COVID provisions]
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Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.