Movements in interest rates
The Reserve Bank’s latest 0.25% increase in official cash interest rates would be passed on to borrowers, Bendigo Bank announced today.
Bank spokesman Owen Davies said the Reserve Bank increase would be passed on to new and most existing private and business borrowers from 22 May 2006.
Bendigo’s residential variable home loan rate will increase on 22 May from 7.35% p.a. to 7.60% p.a., adding around $7.50 per fortnight for every $100,000 of borrowings.