Bendigo Bank adjusts pricing for mortgage holders
Bendigo Bank announced today it will increase its residential mortgage variable interest rates.
Variable interest rates across home loans and lines of credit will increase for owner occupiers and investors as follows:
- Owner occupier principal and interest loans will increase by 0.10% pa;
- Owner occupier interest only loans will increase by 0.16% pa;
- Investment loans will increase by 0.10% pa;
- Lines of credit will increase by 0.10% pa.
Managing Director Marnie Baker said the changes reflect the increased cost of funding.
"When setting interest rates our Bank needs to consider many factors and carefully take into account the needs of our stakeholders including customers, shareholders, staff, partners and the broader community," Ms Baker said.
"Funding costs have been steadily increasing this year, and we’ve absorbed this cost impact to date. Today’s adjustment to the variable interest rates will assist in balancing this funding cost increase.
"We carefully balance the interests of our mortgage customers, those who earn money through deposits and those who invest in our Bank. We must ensure our pricing remains market competitive, provides the appropriate platform for sustainable growth and supports the hundreds of communities in which we operate."
The interest rate changes announced are effective Monday 23 July.
Customers on a residential variable interest rate with a $250,000 loan will see their repayments increase by $15.71 a month (principal and interest home loan over 30 years).
