Bendigo passes on full rate with 6.01 standard variable rate from August

Bendigo Bank will cut its residential variable home loan interest rate by 25 basis points. to 6.01% per annum from August 26.

Bendigo and Adelaide Bank managing director Mike Hirst said the adjustment aims to find a fair balance for all of the bank’s key stakeholders.

Customers with an average variable home loan of $250,000 will see their repayments decrease by $40 a month (principal and interest home loan over 30 years).

Outside of the big four banks, Bank of Queensland and Suncorp have both announced they will cut their home lending variable rates by 25 basis points since the RBA cut the cash rate to 2.5% on Tuesday.

Suncorp Bank’s standard variable rate will drop to 5.99% p.a on August 26.

Bank of Queensland’s standard variable rate will drop to 6.01% p.a on August 27.