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 official cash rate by 0.5 per cent on Tuesday.
The Bendigo and Adelaide Bank variable rate home loan will increase by the full 0.5 per cent from Friday, June 17.
Advertisement
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 0.5 per cent.
Chief customer officer for consumer banking Richard Fennell said the organisation understands the rising cost of living will be a challenge for many Australian households.
"The increase to our rates announced today was considered carefully in the context of its impact on all of our stakeholders including our borrowers and savers.
"We encourage customers who are experiencing financial difficulty to get in touch with the bank early to discuss your circumstances. We have a team standing by to explore the range of support options we have available."
READ MORE:
Shares in Bendigo and Adelaide Bank have slumped by more than 12 per cent this week, down from $10.62 to $9.34 late Friday.
The bank's move to pass on the rate rise echoes the major banks who were quick to announce their plans to pass the full rate increase on to customers, following Tuesday's announcement.
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 bendigobank.com.au/help/
Our journalists work hard to provide local, up-to-date news to the community. This is how you can access our trusted content:
- Download our app on iOS and Android
- Bookmark bendigoadvertiser.com.au
- Make sure you are signed up for our breaking and regular headlines newsletters
- Follow us on Twitter @BgoAddy
- Follow us on Instagram @bendigoadvertiser
- Join us on Facebook
- Follow us on Google News
Peter Kennedy
Peter has worked in a variety of senior leadership roles within the local media industry across more than three decades, and enjoys being part of a team committed to keeping Bendigo up to date with the latest news and sport.
Peter has worked in a variety of senior leadership roles within the local media industry across more than three decades, and enjoys being part of a team committed to keeping Bendigo up to date with the latest news and sport.
