Bendigo Bank cuts mortgage rates

Bendigo Bank has announced that it will reduce its residential variable home loan rate by 0.80 per cent.

The interest rate for Bendigo Bank’s new and existing residential variable home loans will be 8.60% effective from Monday 20 October 2008.

Chief Executive of Bendigo and Adelaide Bank Retail Bank, Mike Hirst, said yesterday’s announcement by the Reserve Bank of Australia had given the bank the opportunity to pass some relief on to borrowers.

“The company’s approach to setting rates is to be as fair as possible to all stakeholders,” Mr Hirst said.

“Bendigo Bank is fully aware of the strains that are being felt on household budgets across Australia, and we are committed to ensuring our pricing is both fair and reasonable.”

Customers will be informed of the changes by letter over coming days.