Non-major cuts variable rates

by Madison Utley10 Apr 2019

A non-major has announced decreases to its variable interest rates.

The reductions at Bendigo Bank go into effect this Friday, 12 April for new loan customers. The news follows the bank’s 0.20% variable rate decrease implemented mid-February.

“We believe the decision to reduce rates on these products will prove timely for customers looking for a great value mortgage along with the fantastic customer experience for which our bank is famous,” said Richard Fennell, executive of consumer banking.

The Bendigo Express home loan for owner occupier P&I variable loans will decrease by 0.10% p.a. to 3.79% p.a., while the Bendigo Basic home loan will decrease by 0.20% p.a. to 3.79% p.a.

Decreases in fixed rates for new customers have been evidenced with increasing frequency across the board in the past few months, but Bendigo is one of the few lenders to also cut variable rates.

Fennell said, "Whichever loan pathway customers choose, both are highly price competitive and easy to manage with flexible terms and additional repayment options.”

The executive highlighted that the changes are intended to promote greater choice for personal banking throughout Australia.

“For customers who may be considering a new mortgage or change of mortgage provider, our decision to reduce the rate on our Basic and Express Home Loan products will provide them with a highly competitive offer,” Fennell concluded.