More banks join rate cut domino effect

by Maya Breen11 May 2015
Teachers Mutual bank and Bendigo Bank have both cut their variable rates by up to 0.25% and 0.20%, respectively.

The cut brings Teachers Mutual Bank’s Solutions Plus Home Loan variable rate to as low as 4.47% pa (comparison rate 4.72% pa).

Bendigo Bank’s cut will see its residential variable home loan interest rate drop to 5.56% p.a. 

Bendigo and Adelaide bank managing director Mike Hirst said the adjustment aims to find a fair balance for all of the bank’s key stakeholders. 

“When setting interest rates our Bank needs to consider many factors and carefully take into account the needs of our stakeholders including borrowers, depositors, staff, shareholders, partners and the broader community,” Mr Hirst said. 

Bendigo Bank's cut will be effective 25 May 2015 for new and existing loans.