Bendigo Bank announces interest rate changes for borrowers and savers

Bendigo and Adelaide 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 0.50% p.a. on Tuesday.

For Bendigo and Adelaide Bank home loan customers on a Variable Rate Loan the interest rate will increase by 0.50% p.a. as of 17 June. The Bank will also increase the interest rate on many of its deposit products including an increase to the rate on its Reward Saver account by 0.50%.

Chief Customer Officer for Consumer Banking Richard Fennell said:

"Bendigo and Adelaide Bank understands the rising cost of living will be a challenge for many Australian households. The increase to our rates announced today was considered carefully in the context of its impact on all of our stakeholders including our borrowers and savers."

"We encourage customers who are experiencing financial difficulty to get in touch with the bank early to discuss your circumstances. We have a team standing by to explore the range of support options we have available."

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 1300 652 146 or visit www.bendigobank.com.au/support/