Bendigo Bank Complete Home Loan

We are interested in Bendigo Bank's Complete Home Loan offering 1.99% (2.82% CR) 2 years fixed with 100% offset for an 80LVR deal.

Just wondering if anyone has gone through Bendigo recently and what their processing times are like (and any other feedback re: Bendigo/the product).

Also interested in other competitive products in the market with reasonable processing times.

 

Why not engage a decent broker who can show you what products and rates you actually qualify for based on actual data?

 

Their comparison rate is high for a reason and as mentioned above, you will need a broker to workshop the scenario with you to show you which bank will be more beneficial.

 

Hey Lindsay

We had a broker, but they just said we had good serviceability and asked us which bank we wanted. We got no support/suggestions of which lenders we were best suited for. Hence why we started researching.

Happy to engage a broker who can provide some helpful strategy/insights. This stuff is hard

 

Overall I like the product. Bendigo Bank / Adelaide Bank has a full offset on fixed rates at the cost of $15/mth. Significantly cheaper than the major's who have a $395 annual fee no offset on fixed rates.

The policies and serviceability are reasonably good. Not for everyone, but they've got a good spectrum and will suit a lot of borrowers.

In this particular promotion, there's a bit of a catch. The fixed rate is 0.1% cheaper than what they're otherwise offering, but the reverting variable rate is significantly higher. Even if you refinance as soon as the fixed rate ends, odds are they're going to make their money back in the month or so it takes to refinance (not to mention the cost of refinancing).

So in this case, I'd say the product is actually a bit of a bait and switch.

My guess is a broker could negotiate the same up front fixed rate but with the better long term outcome with Adelaide Bank. (Adelaide Bank is the broker version, Bendigo Bank is the branch version; same lender overall).

 

You need a decent broker - one from this forum is probably your best bet.

 

Agreed.

But on that point: if one were in need of the services of a Mortgage Broker is the Service Provider Directory the definitive list of Property Chat members offering such? Seems like there might be a few potential names missing?

@Simon Hampel

 

The service provider directory requires business members to enter their own profile in there. Not everyone has done this (including me).

Realistically the better approach would be to read through relevant topics to get a feel of the various contributors rather than simply relying on their marketing blurb.

 

It was your absence on that list that prompted the question actually. Was hoping to have some reference point - not all make it easy to recognise if they are a mortgage broker or not, exhibit A) @Lindsay_W .