Following the Reserve Bank’s decision to lift the cash rate by 0.5% p.a., Bendigo and Adelaide Bank has announced a 0.5% p.a. increase in its variable interest rates, effective Aug. 12.
The bank will also raise the interest rate on many of its deposit products including a 0.5% p.a. lift to the rate on its Bendigo EasySaver products.
“Bendigo and Adelaide Bank continues to carefully consider the impact rate rises have on all of our customers,” said Richard Fennell, chief customer officer for consumer banking. “We understand that rising inflation and higher rates can make it tougher for borrowers. Please remember we are here to help and have a team standing by to assist those who are having issues following this change to the interest rate cycle.”
Customers who are interested in better understanding how these change affects them can use the bank’s online Calculators and Tools to calculate the impact of the recent rate rise, prepare a family budget, and more.
Borrowers who are experiencing difficulties are encouraged to get in touch with the bank to discuss their options and how the bank can help. Customers can speak with their local branch manager or contact the Mortgage Help Centre on 1300 652 146 or visit the bank’s website.
