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Bendigo Bank hikes variable rate

by Staff Reporter7 minute read
The Adviser

Bendigo Bank announced a 0.10 per cent increase to its variable interest rate on Friday.

The rate change, which is effective today Monday 5 May, will bring the bank’s standard variable to 9.65 per cent – around 20 basis points higher than the variable rates of the big four banks.

Bank spokesperson Owen Davies said that while any increase was regrettable, the bank had sought to soften the impact of funding increases on its customers.

“We continue to absorb some of our increased funding costs,” Mr Davies said. “We recognise that rate rises are starting to squeeze household budgets and are therefore sharing the impact of the difficult funding environment.”

Published: 05-05-08

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