Bendigo Bank cuts variable home loan rates by 25 basis points

Bendigo Bank has announced it will decrease its variable home loan interest rate by 25 basis points to 6.26% p.a.

Customers with an average variable home loan of $250,000 will see their repayments decrease by $41 a month (principal and interest home loan over 30 years).

Under the same banking group, Adelaide Bank has announced it will also reduce its standard variable home loan rates by 25 basis points.

The bank's variable smartfit home loan will reduce from 5.81% to 5.56%.

The lower rates kick in on May 27.

Bendigo and Adelaide Bank managing director Mike Hirst said the rate change aims to create a fair balance for all the bank’s key stakeholders. 

“When setting interest rates our Bank needs to take into account a wide range of factors and carefully consider its key stakeholders including borrowers, depositors, staff, shareholders, partners and the wider community,” Hirst said.