Bendigo Bank will lift its variable-rate loan by 0.25% p.a. as of Dec. 16, following the Reserve Bank’s decision to increase the cash rate by 0.25% p.a. on Tuesday.
“Bendigo and Adelaide Bank has always and will continue to carefully consider the impact rate rises have on all of our customers, both borrowers and depositors,” said Richard Fennell, chief customer officer for consumer banking. “We understand that consecutive rate rises can make it difficult for borrowers, especially at this time of year, and have a team standing by to help customers with any concerns they may have.”
Fennell urged customers to complete the bank’s free online Home Loan Health Check to make sure their current home loan meets their needs. Customers are also encouraged to use the bank’s online calculators and tools to calculate the impact of the recent rate hike, prepare a family budget, and more.
Borrowers who are experiencing difficulty, can contact Bendigo Bank to discuss their options and see how the bank can help. They can speak with their local branch manager, contact the Mortgage Help Centre, on 1300 652 146, or visit www.bendigobank.com.au/help/.
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