Competition positively booming, from Banking Day:
Bendigo and Adelaide Bank yesterday upped its home loan rates, following the lead of ME Bank which, in lifting its rates last week, in turn took its cue from the major banks before it.
Bendigo waited for the RBA monetary policy decision to reach the public domain as most of the industry workforce considered the countdown to the ascendancy of the Prince of Penzance in the Melbourne Cup.
Bendigo and Adelaide Bank managing director, Mike Hirst, borrowed words from industry leaders, saying in a statement that “the decision to adjust rates takes into account a wide range of factors, including the needs of all stakeholders, maintaining competitive pricing and capital requirements.”
He said his “bank regularly reviews our pricing, and the needs of borrowers, depositors, shareholders and partners.”
Bendigo’s standard variable rate for owner-occupiers will lift by 12 basis points to 5.68 per cent. Investor rates will increase by 15 bps to 5.91 per cent.
Other small lenders that have increased their variable rates include Suncorp Bank, Macquarie and Firstmac.
