Bendigo Bank announces 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 12 August. The Bank will also increase the interest rate on many of its deposit products including an increase of 0.50% p.a. to the rate on its Bendigo EasySaver products.

Chief Customer Officer for Consumer Banking Richard Fennell said:

"Bendigo Bank continues to carefully consider the impact rate rises have on all of our customers. We understand that rising inflation and higher rates can make it tougher for borrowers."

"Please remember we are here to help and have a team standing by to assist those who are having issues following this change to the interest rate cycle. Customers who are interested in better understanding how these change affects them can use our online calculators and tools where they can calculate the impact of the recent 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/