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Movements in interest rates

5 December 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 January 2004.

"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 January 2004.

Bendigo's residential variable home loan rate will increase from 6.85% p.a. to 7.10% p.a., adding around $7.50 per fortnightly repayments on a $100,000 mortgage (or around $16.50 to monthly repayments).

Credit card rates will also increase by 0.25% p.a.

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

"This is important," Mr Gillett said. "Many of our depositors depend on interest income and they have done things pretty tough during the prolonged period of low interest rates. We are pleased to be able to provide them with some relief."

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