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Bendigo Bank |
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Bendigo Bank is the retail arm of the Bendigo and Adelaide Bank. It has a nationwide presence with 900 branches in all states and territories, with 291 Bendigo branches, 240 Community Bank branches and 400 Rural bank branches. Their target market tends to be small business owners and high net worth individuals.
There are three types of personal loans, the secured personal loan, the unsecured personal loan and the generation green personal loan.
The Bendigo Unsecured Personal loan can be taken out at a minimum of $2000 and it can have a term of between one and five years. The amount of interest and payments are set at the start of the loan. Payments can be made on a weekly, fortnightly or monthly basis. An application fee of $150 is charged at the beginning of the loan and there is a monthly fee of $5, neither of which are included in advertised interest rates.
Additional payments can be made and will be credited. As daily interest is charged this means that additional repayments are credited as soon as the early repayment is made. These additional payments can be redrawn without another application, and this attracts a $25 fee.
The Bendigo Secured Personal loan can be secured against a residential home, any car or other vehicle (which could include a commercial vehicle) as long as the value exceeds the amount advanced or money deposited as a term deposit. There is an interest rate discount to reflect the lower risk of default. The application and monthly fees are the same as for an unsecured loan, except where residential property is taken as the security as the establishment fee will be the same as for a home loan.
The Generation Green Loan is a program that is backed by the Federal Government that aims to encourage environmentally friendly spending. It offers 1% off the bank’s usual unsecured loan rate. The uses for which a Generation Green Loan can be put include double glazing; environmentally friendly vehicles; insulation; grey water treatment systems; water storage tanks; and small scale hydro, wind and solar power systems. Certain goods such as washing machines, dishwashers and fridges are also eligible for these loans if they are rated as highly energy efficient. The loans can be either secured or unsecured. The terms and conditions are the same as for the mainstream secured or unsecured loans, although the interest rate is 1% lower. |
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