Bendigo and Adelaide Bank has 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 per cent on Tuesday.
For Bendigo and Adelaide Bank home loan customers on a variable rate loan the interest rate will increase by 0.25 per cent as of Monday, May 16.
The bank will also increase the interest rate on many of its deposit products including an increase to the rate on its Reward Saver account by 0.25 per cent.
Chief customer officer for consumer banking Richard Fennell said the bank has been careful to try to balance the interests of borrowers and depositors in making these changes.
"We understand that this increase from historically low levels may be the first many borrowers have seen but we know our customers are generally well positioned to manage changing market conditions," Mr Fennell said.
"We are also aware that savers have been doing it tough for a long time and will be pleased to receive a stronger return on their deposits. In addition to lifting the rate for our Reward Saver account we have a selection of term deposit offers for customers seeking more attractive returns on their savings."
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 1300 652 146 or visit www.bendigobank.com.au/help
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