Movements in interest rates
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.