Bendigo Bank cuts variable lending rates for home loan and business customers
Bendigo Bank has reduced all variable home loan interest rates by 0.25% p.a. following the Reserve Bank of Australia’s official interest rate cut this week.
All new and existing variable home loan rates will reduce by 0.25% p.a.
In addition, small business variable rate loans and overdrafts will also decrease by 0.25% p.a.
"In an environment experiencing historically low rates, we have carefully evaluated our responsibility to borrowers and communities with the impact lower rates have on depositors, our business performance and all other stakeholders," said the Bank’s Managing Director, Marnie Baker.
"At the same time, many customer and communities are facing a long recovery from bushfires and drought and coupled with the still largely unknown economic impacts from COVID-19, this decision aims to further support our home loan and business customers and our many communities nationwide".
All home loan interest rate changes will be effective from 27 March 2020.
Discounted rates for bushfire affected customers
Additionally, to further assist customers and communities affected by Australia’s devastating bushfires, a range of discounted home loan interest rates are also available to customers who have partially or fully lost residential properties.
Bendigo and Adelaide Bank is providing a range of measures to ensure dedicated short and long-term support for impacted customers, communities, partners and staff from the bushfire emergency. This support ranges from an Appeal, which has seen more than $39 million raised, fee waivers, and other concessions, dedicated community support via our Community Bank and branch network and relationship manager teams, to unlimited Natural Disaster, Community Service and Emergency Services Leave for staff.