Broker guide
Bendigo Personal Loans: Eligibility and Terms 2026
Review Bendigo personal loans by purpose, income evidence and security. Check repayment and payout conditions separately from the bank’s home-loan policy.
- Published
- Updated
Bendigo personal loans include secured and unsecured facilities, plus green and student options. Eligibility starts with the applicant’s income and financial position, then the selected product’s purpose and security requirements. The loan schedule determines the agreed repayments and charges.
For a broker’s file, establish which facility fits the purchase before assessing affordability. Bendigo’s residential deposit and property-security rules belong to a separate home-loan assessment.
Choose the Personal-Loan Category
Choose a Bendigo personal-loan category by the intended use of funds and whether the applicant will provide an acceptable asset as security. Bendigo’s personal-loan range includes the following options.
| Category | Intended use or structure | Evidence to establish the fit |
|---|---|---|
| Secured personal loan | General personal purposes with an asset securing the debt | Purchase details and documents for the proposed security |
| Unsecured personal loan | Personal purposes without pledging an asset | The purpose and the applicant’s financial position |
| Secured green personal loan | Eligible lower-emission vehicles | Vehicle specifications and purchase documents |
| Unsecured green personal loan | Eligible installations such as solar power or electric vehicle charging | Supplier quote and details of the installation |
| Secured student personal loan | Higher education students and apprentices, with security | Study or apprenticeship evidence and security documents |
| Unsecured student personal loan | Higher education students and apprentices, without security | Study or apprenticeship evidence |
The secured green loan covers electric, plug-in hybrid and hybrid vehicles. Its criteria also cover ‘A’ rated vehicles emitting less than 110 grams of carbon dioxide per kilometre. Match the actual vehicle to the category before using the green product’s pricing.
The unsecured green loan covers eligible alternative power and water systems. A general home renovation does not establish eligibility for that product. The student loan requires proof of part-time or full-time study or an apprenticeship.
Income, Commitments and Security
Bendigo’s published personal-loan application criteria require applicants to be over 18 and Australian citizens or permanent residents. They must be employed or receive regular income, and must not be bankrupt or in financial hardship. These criteria appear in the bank’s unsecured personal-loan application information.
Bendigo asks applicants to provide identification, income and employment information, asset details, expenses and existing debts. For a working client file, collect records that support those entries:
- For employment income, retain payslips and account credits that explain the income entered.
- For self-employed income, organise tax records and business financial information for the bank’s assessment.
- Record living expenses and keep account statements that support the declared spending.
- List existing loans and credit facilities, including repayments and limits. Obtain payout figures for debts the new loan will replace.
- For a secured facility, retain purchase and ownership information, plus any insurance or valuation the bank requests.
This is a preparation list. Bendigo’s request for the individual application determines the documents and periods it accepts. Where the applicant receives Centrelink or pension income, Bendigo directs them to discuss the application with the bank.
The personal-loan terms allow Bendigo to require security documents, insurance evidence and a report or valuation before advancing funds. Keep those conditions with the selected facility. A property deposit percentage does not establish personal-loan eligibility.
Repayment and Exit Conditions
Bendigo’s standard secured and unsecured personal loans have fixed interest rates, terms from one to seven years and weekly, fortnightly or monthly repayments. The bank’s secured personal-loan page also describes additional payments and free online redraw.
Use the actual offer to record the amount financed, term, payment frequency and final repayment obligation. The personal-loan interest-rate table uses different comparison examples for secured and unsecured loans. Its secured comparison rate assumes $30,000 over five years, while its unsecured example assumes $10,000 over three years.
Those examples do not measure the cost of every client’s proposed loan.
Bendigo’s lending fees guide lists a $150 personal-loan application fee and a $5 monthly service fee. It also lists a $100 document preparation fee for secured personal loans, with security processing priced on application.
Green products advertise no ongoing fees. Student products advertise reduced establishment fees and no monthly service fees. Apply the selected product’s terms when preparing the cost comparison.
For example, on a hypothetical five-year standard loan, a $5 monthly service fee totals $300 over 60 months. That amount is separate from interest and establishment costs. Extending the term to reduce each repayment can therefore increase both interest and ongoing fees.
Bendigo advertises no fixed break costs and a $20 early repayment fee. The fees guide applies that fee when the loan is paid out before its original term. Obtain a payout figure for the intended closure date, because the amount owing can include accrued charges beyond the displayed balance.
Redraw remains subject to the contract’s conditions.
Before presenting the facility, reconcile the repayment schedule with the client’s verified cash flow and document the cost of the intended exit. Keep the selected product and its conditions together so a later refinance or early payout uses the correct figures.
