Bendigo Bank has announced changes to the pricing of its home loan following the Reserve Bank’s decision to raise the cash rate by 0.25% p.a.
Bendigo Bank home loan customers on a variable rate loan will see their interest rate rise by 0.25% p.a. by Feb. 17.
“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,” Richard Fennell, chief customer officer for consumer banking. “We understand that the cumulative impact of rate rises can create challenges for borrowers and have a team standing by to help customers with any concerns they may have.”
Fennell encouraged customers to complete the bank’s free online Home Loan Health Check to make sure their home loan still meets their current needs.
To better understand how the changes will affect them, customers can use Bendigo Bank’s online calculators and tools, where they can calculate the impact of the recent rate hike, prepare a family budget, and more.
Borrowers who are experiencing difficulty are urged to contact the bank to discuss their options and find out how they can be assisted. They can speak with their local branch manager, call the Mortgage Help Centre on 1300 652 146, or visit www.bendigobank.com.au/help/.
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