Bendigo Bank and Credit Union SA recently cut variable interest rates on selected home loans, in a month where several other lenders have increased rates.
Several of Bendigo Bank’s variable owner occupier interest rates have fallen by up to 20 basis points, for both principal and interest and interest-only borrowers.
While the new rates are set to apply to new customers looking to buy homes to live in, no changes have been announced to interest rates for existing customers, investors, fixed rate loans or home equity loans.
|Loan||Old rate||New rate||Change||New comparison rate|
|Bendigo Bank Connect Package Variable Owner Occupied 500k+ 3 eligible products (Principal & Interest)||4.33%||4.13%||-0.20%||4.43%|
|Bendigo Bank Connect Package Variable Owner Occupied 500k+ 3 eligible products (Interest Only)||5.39%||5.19%||-0.20%||5.39%|
|Bendigo Bank Basic Variable Owner Occupied (Principal & Interest)
|Bendigo Bank Basic Variable Owner Occupied (Interest Only)||5.54%||5.34%||-0.20%||5.47%|
|Bendigo Bank Residential Variable 500k+ (Principal & Interest)||4.68%||4.48%||-0.20%||4.66%|
|Bendigo Bank Residential Variable 500k+ (Interest Only)||5.74%||5.54%||-0.20%||5.67%|
|Bendigo Bank Generation Green 500k+ (Principal & Interest)||4.68%||4.48%||-0.20%||4.53%|
|Bendigo Bank Low Doc (Principal & Interest)||5.78%||5.58%||-0.20%||5.76%|
|Bendigo Bank Low Doc (Interest Only)||6.84%||6.64%||-0.20%||6.77%|
While Bendigo Bank’s fixed rate home loans are keeping their interest rates unchanged, adjustments to the variable base rate mean that some comparison rates have changed.
Credit Union SA also recently cut the interest rate on its principal and interest Variable Investment Loan Package Special, by 22 basis points, going from 4.21% (comparison rate 4.60%) to 3.99% (comparison rate 4.38%).
These rate adjustments follow other recent cuts to fixed interest rates by St.George and AMP; variable rate increases from Macquarie Bank, ME Bank and ING; and some more variable rate cuts for investor loans from Heritage Bank.