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Home Loans > Interest Only Term Loan |
To find out more about Bendigo Bank, click here to access our Financial Services Guide (FSG). You must review the FSG before accessing information on this website.
Interest Only Term Loan
An ideal way for customers to purchase an investment property or land, with the required repayments kept at a minimum, allowing for greater cash flow.
| Loan Features |
| Minimum Loan Amount |
$5,000 |
| Loan Term |
10 Years |
| Interest Rate |
Fixed or Variable |
| Interest Calculated |
Daily |
| Interest Debited |
Monthly on anniversary of settlement date |
| Scheduled Payments |
Interest payments and monthly fees are due on the monthly anniversary date of settlement. |
| Additional Repayments |
Variable – Unlimited
Fixed – Up to 20% of the principal sum can be repaid in addition to the regular scheduled repayments within the Fixed Rate Term. Additional repayments that exceed the 20% allowance will incur a fee |
| Redraw Facility |
Manual & Online redraw available |
Additional Transaction
Account Rebates |
Yes, Receive a full Transaction Account rebate on ALL eligible Transactional Acounts* |
| Offset Account |
Linked to Mortgage Saver Account - Variable with a Full Offset and Fixed with a Partial Offset |
| Maximum LVR |
Up to 90% on the value of the property (Note if LVR exceeds 80%, Lender’s Mortgage Insurance is required) |
| Credit Increases |
Yes** |
| Additional Benefits |
| Insurance |
Free Bendigo Home Insurance from the time of signing the purchase contract until settlement (Max free cover period, 90 days) with the purchase of a new Home or Home and Contents Insurance policy. After settlement, customers can choose to pay their premiums annually or if preferable pay by the month. |
| Credit Card |
Pre-Approval for a Bendigo Bank Credit Card**
3.00% p.a. discount on the Bendigo Red Credit Card - Up to 44 Days Interest Free |
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