Bendigo Bank has reduced its fixed home loan and business loan interest rates following the Reserve Bank of Australia's official cash rate cut of 0.15 per cent last Tuesday.
New fixed home loan rates for Bendigo Bank customers will decrease between 0.15 to 1.10 per cent, per annum across one to five-year terms for owner occupier customers paying principal and interest.
For investors, the new loan rates will be between 0.05 and 0.70 per cent, per annum.
Business customers will also see their fixed rates for secured and unsecured term loans reduce between 0.26 and 0.45 per cent, per annum.
Bendigo Bank managing director Marnie Baker said the interest rate cut aims to ensure customers continue to have certainty in the current environment.
"We are in a record low interest rate environment and any decision on rates must take into consideration and balance the outcomes for all stakeholders, including borrowers, depositors and shareholders," Ms Baker said.
The changes will be effective from November 13, 2020.
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