|
Crown will find YOU the Home Loan that will save you the most amount of TIME and MONEY in 4 Very Simple Steps...
...and You will Receive Our eBook:
"How To Get Out Of Debt In Half The Time & Pay LESS per Month!" FREE!
|
Bendigo Home Equity Loan: The Cost of Unlocking Your Cash
Bendigo Bank
| 
| 
| 
| 
| 
| 
| 
| 
| 
| 
Could you do with some extra cash for home renovations, a new car or an overdue holiday? You may be interested in looking into a home equity loan. This is a line of credit loan which allows eligible borrowers to release the equity they have built up in their homes.
Bendigo Bank's Home Equity Loan is available to owner occupiers and investors on a principal and interest, or interest only basis.
The Bendigo Home Equity Loan has an attached debit card facility and offers borrowers a reduced rate on a Bendigo Red Credit Card. It is also offers portability, which means the loan can be transferred to another property with a transfer fee of $250 applies. But compared to other home equity loans which offer the option of a redraw facility with no fees or minimum withdrawals required and no application fee for the loan itself, the Bendigo Home Equity Loan has only basic features.
The Bendigo Home Equity Loan application fee of $150 is low compared to some of the fees payable to the big banks for similar loans (while others have no application fee but a higher annual service fee), but the valuation fee of $205, legal fee of $285, settlement fee of $55 and ongoing service fee of $8 per month would certainly add to the overall cost of the loan.
There are risks associated with a loan like Bendigo Home Equity. As this type of loan uses your home as security against the amount you are borrowing, you should always be sure you can make the regular repayments as required. Bendigo require repayments to be made on a weekly, fortnightly or monthly basis to keep the account balance below the approved credit limit.
Home equity loans such as the one offered by Bendigo Bank can create issues, for example, when home buyers take equity out of a growing asset, their homes, to use the money on expenses such as holidays and cars, which don't appreciate in value.
A home equity loan may be ideal for homeowners who need a boost in cash, but the reasons for needing access to the equity should be worthy, such as using the money to undertake renovations which will add to the value of your home. When exploring your home loan options, speak to your financial broker to find the best solution for your situation.
Bookmark/Search this post with:
| | | | | | | | | | 