Home loan health check

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.