Bendigo Bank Non-Individual Residential Investment Loan (NIRIL)
Variable or Fixed rateRedraw
Where a customer is purchasing a residential investment loan and they are a non-trading corporate entity or a trust with a corporate trustee, the NIRIL might be the product for them, provided that they fit the criteria.
- Interest rate a year, from
- 6.74%
- Comparison rate
- 7.12%
- Upfront fees
- $850
- Annual fee
- Not published
- Monthly fee
- $20
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 6.74% (1 year fixed, investment, principal and interest), including the monthly fee. The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $3,908
- Total repayments
- $1,406,736
- Interest and monthly fees
- $806,736
Rates
Every rate Bendigo Bank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.
| Rate | Property | Repayments | LVR | Interest rate | Comparison rate |
|---|---|---|---|---|---|
| Variable | Investment | Principal and interest | Any | 6.83% | 7.13% |
| Variable | Investment | Interest only | Any | 6.94% | 7.16% |
| 1 year fixed | Investment | Principal and interest | Any | 6.74% | 7.12% |
| 1 year fixed | Investment | Interest only | Any | 6.84% | 7.21% |
| 2 year fixed | Investment | Principal and interest | Any | 6.74% | 7.11% |
| 2 year fixed | Investment | Interest only | Any | 6.84% | 7.20% |
| 3 year fixed | Investment | Principal and interest | Any | 6.84% | 7.13% |
| 3 year fixed | Investment | Interest only | Any | 6.94% | 7.22% |
| 4 year fixed | Investment | Principal and interest | Any | 6.94% | 7.17% |
| 4 year fixed | Investment | Interest only | Any | 7.04% | 7.25% |
| 5 year fixed | Investment | Principal and interest | Any | 6.94% | 7.18% |
| 5 year fixed | Investment | Interest only | Any | 7.04% | 7.26% |
Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Fees and features
Fees
- Upfront fees
- $850
- Annual fee
- Not published
- Monthly fee
- $20
Features
- Offset account
- No
- Redraw
- Yes
- Highest LVR
- 80%
- Loan amount
- From $5,000
How it compares
Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.
Upfront fees
$850
Typical upfront fees are $600.
Smallest deposit
20%
Most loans need at least 10% of the price.
Pros and cons
Pros
- Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
- Redraw. You can take back extra repayments later if you need the money.
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
- Fixed rates on offer. You can fix for 1 to 5 years if you'd like repayments that don't change for a while.
- Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.
Cons
- No offset account. Your savings can't reduce the interest unless you pay them into the loan.