Next home or renovating
Do you need to downsize, upgrade or move locations – and are ready to buy your next home? Or does your current home need renovations? Perhaps you need to free up some money for a holiday or other large purchase? Then refinancing could be the solution.
Make an enquiry about refinancing if you're considering any of the following.
If you're purchasing a new home, you'll need to refinance your current loan to reflect the new financial circumstances. When you're buying one property and selling another, getting the timing right can be tricky. To help, we offer bridging finance as a short-term solution.
When your circumstances change, your original home loan may no longer be your best option. A better rate and more flexibility are common reasons customers refinance. If you're looking to save on your interest rate it might be time to have a chat to our lenders.Make an enquiry about costs and for help with calculations.
By renovating your current home rather than buying a new one, you’ll save on stamp duty and moving costs. Refinancing your home loan to fund these renovations is likely to be a better option financially than applying for a personal loan or credit card to cover the expense. You could benefit from a better interest rate and will minimise the number of loans you have – making it easier to keep track of your finances.
Whether you want to take a holiday or buy a new car, refinancing your home loan may be the financially sensible way to go. It minimises your number of loans, and you will typically save on interest.
It’s not uncommon to have a number of loans, such as a personal loan, a credit card and a mortgage. Consolidating your loans into one home loan will make your finances easier to manage, and you’ll likely save on interest.
The process of buying your next home can be slightly different to refinancing your home loan.
You know the process for buying a home – you've done it before. You've experienced the highs and lows of researching, talking to lenders, conveyancing, property valuations, insurance, moving and – at last – settlement day.
Bridging finance can relieve some of the stress associated with buying and selling property. It's useful if you:
- have sold your home and bought (or built) another, but your sale settles after your purchase does
- haven't yet sold your home but want to buy (or build) a new property in the meantime.
Make an enquiry if you need bridging finance or a refresher on the loan process.
Assess and apply
A Bendigo Bank lender can help you find the best solutions for refinancing. It's also a good idea to speak to a financial planner for strategic advice on your changing financial goals.
Refinancing can help you:
- get more from your home loan
- access the equity in your property
- consolidate multiple loans.
If you’ve decided to refinance, our lenders will:
- help you evaluate your current financial situation
- give advice on which home loan would best meet your needs
- explain the costs involved with refinancing
- assess your application and, where necessary, order a valuation of your property.
After loan approvalOnce finance is approved:
- you’ll need to re-evaluate your current current insurance cover to make sure your property and payments are fully protected
- if applicable, update your periodic payments to reflect the new repayment amounts.
- Connect Package – Benefit from our lowest interest rates when you combine your Bendigo home loan with eligible Bendigo products. Pick from our top-rated super, insurance, accounts, loans and financial-planning options, and save more than you might imagine.
- Basic Home Loan – Our simple, easy-to-understand home loan has flexible terms for interest and repayments, and the option for online redraw. Perfect for renovating or extending your current residence.
- Green Home Loan – Save on interest, and make a positive contribution to the future of our planet. Our Green Home Loan rewards you for renovating or building in a sustainable way, with discounts on interest rates for those who meet our green criteria.
- Home Equity Loan – A line of credit with ability to draw on available funds. Repay as much or as little as you like, as long as you keep the balance below your credit limit.
Remember when making big financial changes it's a good to talk to a financial planner for strategic advice.