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Home loan helath check

9 September 2025

What is a Home Loan Health Check?

When was the last time you checked in on your home loan? At Bendigo Bank, we’ve streamlined the process by offering our free Home loan health check service to anyone, even if they don’t bank with us. Here’s what’s involved and how you can benefit.

What’s involved in a home loan health check?

The process starts with a review of your current interest rate, loan structure, home value, repayment options and remaining loan term. We’ll also ask you about your goals and aspirations and any short or long-term plans you have for your lifestyle. We'll then explore options available to you.  Every borrower has different needs, so a loan suitable for one person won't always suit another. 

As Sharee Dunkin, one of our home loan specialists explains,  "The conversation is always about how we can help you now, but what is your long-term goal? When do you want this debt to be paid back? Let's structure it so that it… gets them into a debt-free environment.” 

Sharee also highlights the convenience of a Home Loan Health Check, "I'm making home loans easier for customers by offering virtual appointments and digital applications, so they don't have to come into the branch. I can assist them from their home environment."

Why do I need a home loan health check?

Keeping the same home loan for a long time can mean missing out on more favourable loan options and interest rates. Plus, as your circumstances change, you may benefit from new features, repayments, or interest rates, better aligning your home loan to your life plans. You may even unlock equity in your home to finance a renovation, dream trip, or purchase another property. 

Willeka Cox shares her experience, "It was really quite easy to switch to Bendigo Bank. We particularly wanted to go with a community-focused bank. We wanted offset accounts as well, so that our money is working for us.” 

For Willeka and David Cox, their interest rate has come down and they are set to save $5,329 in the first year of their home loan with Bendigo Bank.

Get a lower interest rate

Lower loan-to-value ratios (LVR) can sometimes secure a lower interest rate. When a home loan has been in place for a while, the LVR may have improved due to increased property value and decreased outstanding loan balance.

Access more suitable features

Older home loan products may lack features suiting your current financial situation.  For example, an offset account can substantially reduce interest charges.

Achieve your goals sooner

Willeka explains how the new loan impacts her family's goals, "In terms of the impact on our personal life goals, we're looking at travel, going to Canada next year, looking at retirement a bit further down the track, and this helps us get there.

How often should you review your home loan?

Sheree recommends checking your home loan annually.  Other signs it’s time for a review include:

  • Your interest rate is higher than advertised rates for new customers (or you don’t know your rate!).
  • You lack features like an offset account.
  • Your circumstances have changed (e.g., income changes or life goals).
  • Your fixed rate has ended (or is ending soon).
  • You were previously on a special offer ‘honeymoon’ rate that has reverted to a higher rate.
  • Your home value has increased.

Realise your goals sooner with a home loan health check

Neglecting to review your home loan regularly can mean missing out on big opportunities, like accessing equity in your property or making significant savings on your interest repayments. If you have goals, a free home loan health check with Bendigo Bank could unlock opportunities and get you there faster. Plus, our Mobile Relationship Managers can come to you – it couldn’t be easier.

Find out more about Bendigo Bank’s free Home Loan Health Check service.

 

*Lending criteria, terms, conditions, fees, and charges apply and are subject to change. Annual savings calculated from refinancing to a lower interest rate and different loan structure reducing payments by four hundred and eighty one dollars a month. Actual savings will depend on individual circumstances.
Any advice provided in this article is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether any financial product is appropriate for your situation. Please read the applicable product disclosure statement(s) on our website before acquiring any product.

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Bendigo Bank acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of this nation and the Traditional Custodians of the land where we live, learn and work. We pay our respects to Elders past and present as it is their knowledge and experience that holds the key to the success of future generations.

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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