A non-major bank has launched a new home loan designed to provide a blend of value, simplicity and flexibility to its customers.
Perhaps most notably, Bendigo Bank’s Complete Home Loan comes with optional 100% offset on all fixed and variable loan products in the range, as well as online redraw facilities and flexible repayments. The full offset can be taken advantage of on up to six accounts.
“In a complex and crowded lending landscape, the new Bendigo Complete offering is a simple, easy to understand home loan solution complete with 100% offset and offered at our lowest ever variable interest rate,” said Richard Fennell, Bendigo Bank executive, consumer banking.
“Traditionally, while fixed loans provide the certainty of repayments for the life of the loan, no matter the interest rate environment, they have limitations in redraw and repayment options, and don’t assist you in reducing interest through offset functionality,” he added.
According to Fennell, the “unique product” is just what the market needs right now.
“We believe that combined with the customer service excellence for which Bendigo Bank is renowned, the new Bendigo Complete Home Loan is a compelling offering from Australia’s better big bank that will add value and make researching and choosing a home loan easier, ” he said.
Bendigo is not the only bank to have crafted and launched a simplified offering off the back of the COVID-19 pandemic.
Last month, Auswide Bank unveiled a mortgage product which it presented in a similar light; according to the non-major, its “no fuss” home loan was created to be simple, easy to manage and come with no monthly or ongoing fees so as to not add to the significant stress many Aussies are already currently facing – but also to draw people in as the banks continue to battle it out for new customers.