Bendigo and Adelaide Bank announces interest rate changes

Bendigo and Adelaide Bank has today announced changes to the pricing of its home loan and savings products following the RBA’s decision to lift the cash rate by 0.25% p.a. on Tuesday.

For Bendigo Bank home loan customers on a Variable Rate Loan the interest rate will increase by 0.25% p.a. as of Tuesday 20 June 2023. The Bank will also increase the rate on its Easy Saver deposit products by 0.50% p.a. and by 0.25% p.a. on its Reward Saver deposit product on Friday 16 June.

Chief Customer Officer for Consumer Banking Richard Fennell said:

"Bendigo and Adelaide Bank understands that the RBA's decision to lift interest rates will put increased pressure on borrowers. At the same time we recognise depositors will be pleased to see higher rates of return on savings products including the competitive interest rate of 5.25% available on our Reward Saver.”

“Bendigo and Adelaide Bank has always and will continue to, carefully consider the impact rate rises have on all of our customers. While our customers are generally in good shape, we have a team standing by to help with any concerns they may have.”

“I encourage customers who want to ensure their home loan is still the right one for them to complete our free online home loan health check and make sure it meets your current needs.”

Customers who are interested in better understanding how these changes will affect them can use Bendigo Bank’s online Calculators and Tools where they can calculate the impact of the recent rate rise, prepare a family budget and more.

Borrowers who are experiencing difficulty are encouraged to get in touch with the bank to discuss their options and how we can help. Customers can speak with their local branch manager or contact the Mortgage Help Centre on 1800 652 146 or visit www.bendigobank.com.au/support/