Changes to interest rates

Bendigo Bank today announced it would increase a range of deposit and lending interest rates, following the Reserve Bank’s decision last week to increase the official cash rate.

Bendigo Bank spokesman Owen Davies said interest rates on new and existing variable housing and commercial loans and overdrafts would increase by 0.25 per cent.

Bendigo’s residential variable home loan rate will increase tomorrow (Tuesday 8 August) from 7.60% p.a. to 7.85% p.a., adding around $8 per fortnight in repayments for every $100,000 of borrowings.

Bendigo Bank will hold firm on interest rates for the RSPCA Rescue and Rescue Rewards Visa credit cards and V8 Supercar Visa credit cards.

However, from Thursday 10 August, the 0.25 per cent rise will be applied to interest rates on the Bank’s Visa and MasterCard Red credit cards and Visa Gold credit cards.

“We are also increasing the interest paid on deposits in a wide range of savings accounts,” Mr Davies said.

Full details will be available in Bendigo Bank branches and on the Bank’s website, www.bendigobank.com.au.