Bendigo Bank announce interest rate changes for borrowers and savers
Bendigo Bank has today announced changes to the pricing of its home loan and savings products following the RBA’s decision to lift the cash rate by 0.50% p.a. on Tuesday.
For Bendigo Bank home loan customers on a Variable Rate Loan the interest rate will increase by 0.50% p.a. as of 15 July. The Bank will also increase the interest rate on many of its deposit products including an increase to the rate on its Reward Saver account by 0.60% p.a. as of 27 July.
Chief Customer Officer for Consumer Banking Richard Fennell said: “Bendigo Bank carefully considers the impact that rate rises can have on borrowers and savers alike. We recognise that savers have been doing it tough and hope this increase over the cash rate for our Reward Saver customers is good news for those seeking a better return on their savings.”
“We know every customer’s circumstances are different. Customers who are interested in better understanding how the change affects them can use our online calculators and tools where they can calculate the impact of a rate rise, prepare a family budget and more.”
Borrowers who are experiencing difficulty are encouraged to get in touch with the bank to discuss their options and how we can help. Customers can speak with their local branch manager or contact the Mortgage Help Centre on 1300 652 146 or visit www.bendigobank.com.au/support/