Movements in interest rates
5/12/2003Bendigo Bank will pass on to a range of borrowers and depositors this week's 0.25% p.a. increase in official interest rates.
Chief General Manager of Retail Banking, Greg Gillett, said the increases would be passed on to new and existing borrowers from 1 January 2004.
"This is consistent with the approach we took when rates were falling," he said.
Mr Gillett said Bendigo Bank would increase variable interest rates by 0.25% p.a. for home loans, business loans and credit cards effective from 1 January 2004.
Bendigo's residential variable home loan rate will increase from 6.85% p.a. to 7.10% p.a., adding around $7.50 per fortnightly repayments on a $100,000 mortgage (or around $16.50 to monthly repayments).
Credit card rates will also increase by 0.25% p.a.
The bank will also increase interest payable to a range of savings and cash management depositors.
"This is important," Mr Gillett said. "Many of our depositors depend on