(9 November 2011 – Australia) Bendigo and Adelaide Bank will pass on the Reserve Bank of Australia’s (RBA) interest rate cut to home borrowers on 28 November.The regional bank today said it will cut the interest rate on its standard variable home loan by 25 basis points to 7.55 percent.
Bendigo’s move follows the RBA’s decision at the start of the month to cut Australia’s overnight cash rate by 25 basis points to 4.5 percent.
Bendigo’s funding costs are rising and further deterioration in funding conditions may place upward pressure on lending rates in the future, managing director Mike Hirst said.