Bendigo Bank is the latest lender to announce it will increase its residential investment standard variable interest rate by 20 basis points to address recent industry-wide concerns regarding residential investment lending.
The non-major’s residential investment package variable rate will also increase by 20 basis points for new business and most existing investor variable rate loans.
Bendigo and Adelaide Bank managing director Mike Hirst says implementing this measure supports the bank’s prudent management by appropriately pricing for risk and assists restraining investor mortgage book growth to less than 10% per month as required by APRA.
“When it comes to setting interest rates, our Bank takes into account a wide range of factors and carefully consider its key stakeholders including borrowers, depositors, staff, shareholders, partners and the wider community,” he said.
“We believe this approach considers the needs of our stakeholders while continuing to provide customers with market competitive rates,”
The rate changes will come into effect on Tuesday 1 September.
