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Further reductions in lending, credit card rates

4 April 2001 |Media centre

Bendigo Bank will cut its variable home lending and credit card rates by 0.50% p.a. in response to today's reduction in official interest rates.

Group Managing Director Rob Hunt said the reduction in home loan rates would apply from 18 April for new and existing loans.

Bendigo Bank's new residential variable rate will be 6.85% p.a. The rate on the popular Ultimate Home Loan will also reduce by 0.50% p.a. to 6.65% p.a.

The reduction will save home borrowers about $33 per month (or $15 per fortnight) on a $100,000 loan.

"The reduction announced by the Reserve Bank today is the third reduction this year and means cash rates have reduced in total by 1.25 per cent," managing director Rob Hunt said.

"All reductions have been passed on to our borrowers and credit card holders, saving customers with a typical $100,000 loan about $84 per month in repayments."

The rate on Bendigo's interest-free credit card will reduce by 0.50% p.a. from 1 May 2001.

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

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