Bendigo Bank Reduces Variable Home Loan Rates

Bendigo Bank today announced it will decrease its variable interest rates by 0.20% p.a. for all new and existing owner occupier and investor principal and interest loan customers. Interest only variable term loans will decrease by 0.15% p.a.

Managing Director, Marnie Baker said the decision aims to strike a fair balance for the Bank’s stakeholders.

"When setting interest rates, we must consider the needs of all our stakeholders; customers, shareholders, partners and the broader community and carefully balance the interests of both borrowers and depositors.

"We're operating in a record low interest rate environment. When reviewing any decision on rates, we must also ensure our pricing is competitive with the market, provides the appropriate platform for sustainable growth and enables us to continue to support the hundreds of communities we service nationwide."

The interest rate changes will be effective from 28 June 2019.