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Variable home lending rates reduced

5 September 2001 |Media centre

Bendigo Bank will cut its variable home loan lending rates by 0.25% p.a. in response to today's reduction in official interest rates.

The reduction will save home borrowers about $17 per month on a $100,000 loan.

Group Managing Director Rob Hunt said the reduction would apply from Monday, 10 September for new loans and Monday 1 October for existing loans.

Bendigo Bank's new residential variable rate will be 6.60%p.a.

This is the fourth reduction in official cash rates this year. Bendigo Bank has passed on all reductions to home borrowers, a total cut of 1.50% p.a. or $100 per month in repayments.

"Bendigo Bank will be reviewing all its rates in response to today's Reserve Bank announcement," Mr Hunt said.

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