Bendigo Bank reduces variable home loan rate to 7.10% p.a.
Bendigo Bank has announced it will decrease its residential variable home loan interest rate by 0.35% p.a. to 7.10% p.a. effective 21 May 2012.
Bendigo and Adelaide Bank Managing Director Mike Hirst said the decision was made at the Bank’s regular pricing committee meeting and aims to find a fair balance for all of the Bank’s key stakeholders.
“When setting interest rates our Bank needs to take into account a wide range of factors and carefully considers its borrowers, depositors, staff, shareholders, partners and the wider community,” Mr Hirst said.
Customers with an average variable home loan of $250,000 will see their repayments decrease by $59 a month (principal and interest home loan over 30 years).