Bendigo and Adelaide Bank announces interest rate changes

The bank announced on Friday afternoon changes to the pricing of its home loan and savings products following the Reserve Bank of Australia's decision to lift the cash rate by 0.50 per cent per annum on Tuesday.

Bendigo and Adelaide Bank home loan customers on a Variable Rate Loan will see the interest rate increase by 0.50 per cent from July 15.

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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 0.60 per cent from July 27.

Bendigo and Adelaide Bank chief customer officer for consumer banking Richard Fennell said the bank encouraged customers to speak with their local branches if they wanted to discuss their options.

"Bendigo and Adelaide Bank carefully considers the impact that rate rises can have on borrowers and savers alike," he said.

"We recognise that savers have been doing it tough and hope this increase over the cash rate for our Reward Saver customers is good news for those seeking a better return on their savings.

"We know every customer's circumstances are different. Customers who are interested in better understanding how the change affects them can use our online Calculators and Tools where they can calculate the impact of a rate rise, prepare a family budget and more."

For more details contact the Mortgage Help Centre on 1300 652 146 or visit bendigobank.com.au/help

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