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Cuts to variable lending rates

3 October 2001 |Media centre

Bendigo Bank acted quickly to cut variable interest rates by 0.25% p.a. for a wide range of borrowers in response to today's reduction in official interest rates.

Group Managing Director Rob Hunt said the reduction would apply to:

 

  • Residential secured variable rates
  • Business base lending rates
  • Personal loan variable rates
  • Overdrafts
  • Credit cards

 

Mr Hunt said the reductions would apply from Monday 8 October for new applications and Thursday 1 November for existing loans, overdrafts and credit cards.

Bendigo Bank's new residential variable rate will be 6.35% p.a.

The reduction will save home borrowers about $21 per month in interest costs on a $100,000 loan.

This is the fifth reduction in official cash rates this year. Bendigo Bank has passed on all reductions to home borrowers, a total cut of 1.75% p.a. or $146 per month in interest costs on a $100,000 loan.

Mr Hunt said Bendigo was mindful of the impact of lower rates on its depositors and had introduced a special 100-day term deposit at 4.25% p.a.

"Bendigo Bank will be reviewing all its rates in response to today's Reserve Bank announcement," Mr Hunt said.

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Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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