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Bendigo Bank joins the out-of-cycle rates party

Bendigo Bank joins the out-of-cycle rates party

Australia’s seventh largest lender Bendigo Bank has become the latest home loan provider to hike rates out of cycle by up to 16 basis points.

They join an ever-growing list of Australian lenders who have increased rates including AMP, Macquarie Bank, ING, Bank of Queensland, Suncorp and Citi blaming the cost of funding (see list of hikes below).

RateCity spokesperson Sally Tindall all eyes are now on the big four banks, who have kept a lid on rates so far.

“With the bank bill swap rate continuing to spike, our big banks have a decision to make.  Hike and protect their profit margins, or wear the cost and keep their customers onside.

“The big bank who goes first will cop the most negative publicity. It’s a matter of seeing who blinks first.

“The message for Australian mortgage holders is now clear. Be prepared to shell out extra for your home loan in coming weeks.

“The rate hikes have been moderate but even $20 or $30 extra a month will be a stretch for anyone who’s already feeling the pinch,” said Ms Tindall.

Main players left to hike

Commonwealth Bank

Westpac

NAB

ANZ

Bankwest

St George

Bank of Melbourne

BankSA

Bendigo Bank rate hikes

  • Owner occupier principal and interest loans will increase by 0.10%;
  • Owner occupier interest only loans will increase by 0.16%;

  • Investment loans will increase by 0.10%;
  • Lines of credit will increase by 0.10%. 


Out-of-cycle rate hikes

Lender

Rate hikes

Effective date

AMP Bank

up to 0.57%

from 13-Jul

Auswide Bank

up to 0.13%

27-Jun

Bendigo Bank

up to 0.16%

23-Jul

Beyond Bank

0.06%

13-Jul

BOQ

up to 0.15%

2-Jul

Citi

0.10%

8-Jun

Heritage Bank

0.05%

2-Jul

Homeloans

0.15%

May – Jul

IMB Bank

0.08%

22-Jun

ING

0.10%

3-Jul

Loans.com.au

up to 0.10%

6-Jun

Macquarie Bank

up to 0.10%

from 13-Jul

ME Bank

up to 0.16%

19-Apr

MyState

up to 0.09%

28-May

Pepper

up to 0.55%

6-Jul

Qbank

up to 0.16%

May-23

State Custodians

up to 0.10%

18-Apr

Suncorp

up to 0.12%

28-Mar

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This article was reviewed by Research Director Sally Tindall before it was published as part of RateCity's Fact Check process.

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