Bendigo Bank Personal Loans

Bendigo Bank provides personal loans as well as car loans, home loans, savings accounts, credit cards, travel insurance and investment products.

Compare Bendigo Bank personal loans and ratesbendigo bank

The table below displays a snapshot of Bendigo Bank’s secured personal loan products and rates on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.

 

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What personal loans does Bendigo Bank offer?

Bendigo Bank offers 2 different types of personal loans at the time of writing:

  1. Unsecured personal loan
  2. Secured personal loan

Both the secured and unsecured loans come with a fixed rate and flexible loan terms.

Bendigo Bank unsecured personal loan

This loan has the following features:

  • Rate of 12.79% with a comparison rate of 14.89% p.a.
  • Loan term between 1 and 7 years
  • Low application and ongoing fees
  • Flexible repayments of either weekly, fortnightly or monthly
  • Free redraw facility available
  • No fixed break costs

Bendigo Bank Secured Freedom personal loan

This loan has the following features:

  • Rate of 7.79% with a comparison rate of 8.64% p.a.
  • Loan term between 1 and 7 years
  • Low application and ongoing fees
  • Free redraw facility available
  • Flexible repayments of either weekly, fortnightly or monthly
  • No fixed break costs

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What can you use Bendigo Bank’s personal loans for?

A personal loan with Bendigo Bank can be used for many important life events, such as:

  • Buying a car
  • Debt consolidation
  • Holidays
  • Home renovations
  • Weddings

Personal loans are a relatively straightforward way of borrowing money with a structured repayment program. A personal loan with Bendigo Bank could give you access to more money to pay for these major life events.

Check the product disclosure statement (PDS) from Bendigo Bank to see what you can and can’t take out a personal loan for.

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Bendigo Bank FAQs

Both the unsecured and secured personal loan options from Bendigo Bank have a loan term between 1 and 7 years depending on the loan amount.

There are a number of fees to be aware of when taking out a personal loan with Bendigo Bank:

  • Application fee – $150
  • Document Preparation fee – $100
  • Security processing fee – on application
  • Monthly service fee – $5 per month
  • Early repayment fee – $20
  • Default fee – $30

See this article for look at the average fees currently charged by personal loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017) to see if Bendigo Bank’s fees are more or less what the average customer is paying.

Applying for a Bendigo Bank personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with Bendigo Bank (or most providers in Australia for that matter), you generally need to meet the following criteria:

  • You must be 18 years or old
  • You must live in Australia
  • You must be an Australian or New Zealand citizen or a non-resident holding a Temporary Residency VISA
  • Hold a regular income and good credit rating (see here for more info on how to get a good credit rating)
  • Show an ability to afford your loan repayments
  • Take out a loan of at least $4,000

If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

  • A current driver’s license
  • Details of your current and previous (if applicable) employer
  • Details of your income, assets, expenses and liabilities
  • Previous tax returns if you are self-employed

You may also require your current account number for Bendigo Bank if you’re an existing member.

In addition to personal loans, Bendigo Bank also offers a secured car loan. The table below displays a snapshot of Bendigo Bank’s car loan products, sorted by Star Rating (highest to lowest). The results shown are based on a 5-year loan for $20,000 in NSW.

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Bendigo Bank was founded in 1858 and now has more than 150 years of experience in providing home loans. Today they serve around 1.5 million customers around Australia.

Bendigo Bank in Victoria and Adelaide Bank in South Australia both began as building societies striving to help Australians buy their own home. Together these two banks operate the following brands:

  • Bendigo Bank
  • Adelaide Bank
  • Sandhurst Trustees
  • Leveraged
  • Rural Bank
  • Delphi Bank
  • Community Sector Banking
  • Homesafe Solutions

Bendigo Bank recently created the Communities crowdfunding platform so that customers and staff could gain support and fundraise for a group or project:

So far Bendigo Bank has poured $148 million back into the community through:

Bendigo Bank Secured Personal Loan

Canstar Research
Rating:
Award: Personal Loan 3-Star Rating

Written by: Regina Collins | Last updated: