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Movements in interest rates

6 November 2003 |Media centre

Bendigo Bank will pass on to a range of borrowers and depositors this week’s 0.25% p.a. increase in official interest rates.

Chief General Manager of Retail Banking, Greg Gillett, said the increases would be passed on to new and existing borrowers from 1 December 2003.

“This is consistent with the approach we took when rates were falling,” he said.

Mr Gillett said Bendigo Bank would increase variable interest rates by 0.25% p.a. for home loans, business loans and credit cards effective from 1 December 2003.

Bendigo’s residential variable home loan rate will increase from 6.60% p.a. to 6.85% p.a., adding around $20 per month to a $100,000 mortgage.

The bank will also increase interest payable to a range of savings and cash management depositors.

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