Bendigo Bank reduces fixed rates for home and business lending
Bendigo Bank has reduced its fixed home loan and business loan interest rates following the Reserve Bank of Australia’s official cash rate cut this week.
New fixed home loan rates will decrease between 0.15%pa - 1.10%pa across one to five-year terms for owner occupier customers paying principal and interest and between 0.05%pa - 0.70%pa for investors. In July, the Bank announced that its fixed rate home loans now feature an optional 100 percent offset account to assist customers in reducing their overall interest payments.
Business customers will also see fixed rates reduce between 0.26%pa - 0.45%pa for secured and unsecured term loans.
"We remain committed to supporting our customers and all stakeholders in our nation's economic recovery. We are in a record low interest rate environment and any decision on rates must take into consideration and balance the outcomes for all our stakeholders, including borrowers, depositors and shareholders," said Marnie Baker, Managing Director, Bendigo Bank.
"Today's announcement aims to ensure customers continue to have the certainty and assistance they need in the current environment."
Key home loan and business loan rate changes include:
- New four-year fixed home loan rates for owner occupiers paying principal and interest will decrease by 1.10%pa to 2.09%pa
- New one, two- and three-year fixed home loan rates for owner occupiers paying principal and interest will decrease between 0.15%pa - 0.25%pa to 2.19%pa
- A reduction of 0.05%pa for new one- and two-year fixed home loans and 0.15%pa for three-year terms to 2.59%pa for investors paying principal and interest and to 2.79%pa for investors paying interest only.
- New four-year fixed home loan rates have been reduced by 0.70%pa to 2.79%pa for investors paying principal and interest and to 2.99%pa for investors paying interest only.
- A reduction of up to 0.45%pa for residentially secured fixed small business term loans, bringing the one-year rate to 2.22%pa, the two-year rate to 2.26%pa and the three to five-year rates to 2.38%pa.
The home and business loan interest rate changes will be effective from 13 November 2020.