Fixed, variable or split

What home loan fits yours needs?

When it comes to choosing a home loan, one of the first big decisions is whether to go with a fixed or variable interest rate. Each option comes with its own pros and cons, and the best choice depends on your personal circumstances and financial goals.

A fixed-rate home loan means your interest rate stays the same for a set period, usually between one and five years. This provides certainty — your repayments won’t change, which can be helpful for budgeting. It’s a popular choice when rates are low, as it protects you from future rate hikes. However, fixed loans often come with less flexibility. You might face break fees if you want to refinance or pay off your loan early.

On the other hand, a variable-rate home loan has an interest rate that can move up or down depending on market conditions. These loans often come with more features, such as offset accounts or redraw facilities. If interest rates drop, your repayments could decrease — but if rates rise, so will your costs.

Some Bendigo Community Bank customers choose a split loan, combining both fixed and variable portions to balance stability and flexibility.

“Ultimately, whether you go fixed, variable, or a mix, it’s important to consider your financial situation, risk tolerance, and plans for the future” says Amanda Anderson, Bendigo Community Bank Cannonvale-Proserpine’s Branch Manager.

When was the last time you reviewed the health of your home loan?

Whether you’re in the market for a first or second home, looking to refinance, invest in a new property, or lower your repayments, a home loan health check could be just what you need to get ahead and realise your goals.

Amanda Anderson, Bendigo Community Bank Cannonvale-Proserpine’s Branch Manager says there are four things to review annually when it comes to your home loan.

“By looking at your interest rates, loan term, repayment flexibility, fees and charged, you can make sure it's still right for you and your current needs and goals,” said Amanda.

Did you know: Bendigo Bank home loan customers are the most satisfied in Australia?

A survey of more than 45,000 Australians across the nation’s 10 largest banks has found. New findings released by Roy Morgan show Bendigo Bank had the highest home loan customer satisfaction rate in the six months to December last year, sitting at 87.7%.

If you’re ready to talk home loans, or just want to know more about what you can expect when the time is right, Amanda and the Bendigo Community Bank team are happy to help. The team are experienced lenders and understand both the excitement and challenges that come with buying a home.

Call in and see Amanda and the team today at the Branch at Whitsunday Plaza Cannonvale, call (07) 4948 3599, or email cannonvale&proserpinemailbox@bendigoadelaide.com.au

Contributed with thanks to Bendigo Bank

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Amanda Anderson, Bendigo Community Bank Cannonvale-Proserpine’s Branch Manager. Photo supplied

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