(5 March 2010 – Australia) Regional contenders Bendigo and Adelaide bank have announced they will follow the rate trend by passing on the Reserve bank of Australia’s 25 basis point increase to its variable home and business loan customers.The bank said in a statement that the increase in its interest rates will take effect from Tuesday the 9th of March and will also apply an increase to the group’s deposit products.
The bank is increasing its residential variable home loan to 6.95 percent per annum and variable mortgage rates across the group’s Third Party Mortgages business will also rise by 0.25 percent.