Bendigo Bank cuts mortgage rates

Bendigo Bank has announced that it is cutting the interest rate it charges on variable home loans by 0.25 per cent.

The announcement comes in response to this afternoon’s cut in the official cash rate by the Reserve Bank of Australia.

The bank will reduce its Residential Variable Rate for new and existing residential home loans by 0.25 per cent to 9.40 per cent.

The decrease of 0.25 per cent will also apply to Bendigo Bank’s other variable lending products, including line-of-credit facilities, business loans, overdrafts and credit cards. It also applies to mortgages sourced through Adelaide Bank branches in South Australia.

Chief Executive of Bendigo and Adelaide Bank Retail Banking, Mike Hirst, said the company’s approach to setting rates was to be as fair as possible to all stakeholders.

“We are pleased to pass on the full extent of this reduction in official interest rates to our customers,” Mr Hirst said.

“Bendigo Bank is fully aware of the strains that are being felt on household budgets across Australia, and we are committed to ensuring our pricing is both fair and reasonable,” he said.