Bendigo Bank will cut home loan interest rates by 90 basis points, which is just shy of the 100 basis point cut to official interest rates by the Reserve Bank of Australia. In a statement released today, the bank announced their standard variable home loan rate will fall to 5.9% effective from February 16.
This rate also applies to home loans written through the Adelaide Bank branch network.
"This reduced rate is very competitive and provides further relief for our customers,'' bank spokesman Owen Davies said.
Earlier in the week, the Reserve Bank cut interest rates by 1% down to 3.25 per cent.
Other banks, including the Big Four, have also cut rates. Westpac and ANZ announced 100 basis point cuts to their standard variable home loan rates, taking their standard variable home loan rates to 5.91 per cent.
NAB and CBA will cut their standard variable home loan rates to 5.74 per cent. St George will lower their standard variable home loan interest rate by the full one percentage point to 5.89 per cent. BankSA have also cut rates 1% down to 5.89 per cent.
Join the discussion on all other Banks
|