Variable interest rates to increase

Bendigo Bank today announced an increase of 0.10% p.a. in its variable interest rate home and business loans, effective 6 May.

This follows continuing escalation in the bank’s wholesale and retail funding costs.

Spokesman Owen Davies said that while any increase was regrettable, the bank had sought to soften the impact of funding increases on its customers.

“We continue to absorb some of our increased funding costs,” Mr Davies said.

“We recognise that rate rises are starting to squeeze household budgets and are therefore sharing the impact of the difficult funding environment.”