Bendigo Bank announces interest rate changes

Bendigo Bank has today announced changes to the pricing of its home loan and savings products following the RBA’s decision to lift the cash rate by 0.25% p.a. on Tuesday.

For Bendigo Bank home loan customers on a Variable Rate Loan, the interest rate will increase by 0.25% p.a. as of Friday 12 May. The Bank will also increase the rate on its Easy Saver deposit products by 0.35% p.a. and by 0.25% p.a. on our Reward Saver deposit product as of Thursday 18 May.

Chief Customer Officer for Consumer Banking Richard Fennell said:

"Bendigo and Adelaide Bank understands that the RBA's decision to lift interest rates will put increased pressure on borrowers and their budgets and we have a team standing by to help them with any concerns they may have.

"At the same time we recognise depositors will be pleased to see a higher return on their savings. Bendigo and Adelaide Bank has always and will continue to, carefully consider the impact rate rises have on all of our customers.

“I encourage customers who want to ensure their home loan is still the right one for them to complete our free online home loan health check and make sure it meets your current needs.”

Customers who are interested in better understanding how these changes will affect them can also use Bendigo Bank’s online Calculators and Tools where they can calculate the impact of the rate rise, prepare a family budget and more.

Borrowers who are experiencing difficulty are encouraged to get in touch with the bank to discuss their options and how we can help. Customers can speak with their local branch manager or contact the Mortgage Help Centre on 1800 652 146 or visit www.bendigobank.com.au/support/