{"id":101593,"date":"2025-02-21T16:45:00","date_gmt":"2025-02-21T05:45:00","guid":{"rendered":"https:\/\/en.econostrum.info\/au\/?p=101593"},"modified":"2025-02-21T16:45:02","modified_gmt":"2025-02-21T05:45:02","slug":"bendigo-bank-joins-rate-cut-wave-how-much-will-aussie-homeowners-save","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/au\/bendigo-bank-joins-rate-cut-wave-how-much-will-aussie-homeowners-save\/","title":{"rendered":"Bendigo Bank Joins Rate Cut Wave \u2013 How Much Will Aussie Homeowners Save?"},"content":{"rendered":"\n

Bendigo Bank has stepped up to match the Reserve Bank of Australia\u2019s (RBA) interest rate cut<\/strong>, offering mortgage relief to its customers. The bank will reduce its variable home loan rates by 0.25%<\/strong>, bringing its lowest rate from 6.09% down to 5.84%<\/strong>, effective from March 7<\/strong>.<\/p>\n\n\n\n

This move follows similar announcements from the Big Four banks \u2013 Commonwealth Bank, NAB, ANZ, and Westpac<\/strong> \u2013 who have also passed on the full cut. However, some lenders are still dragging their feet, leaving many Aussie homeowners wondering when they\u2019ll see some relief.<\/p>\n\n\n\n

The Race to Pass On the Rate Cut<\/h2>\n\n\n\n

After the RBA slashed the official cash rate<\/a><\/strong>, major banks quickly followed suit, with Commonwealth Bank, NAB, and ANZ implementing the cut from February 28<\/strong>, and Westpac following on March 4<\/strong>. <\/p>\n\n\n\n

Other lenders like ING and Macquarie<\/strong> have also confirmed they\u2019ll pass on the full reduction, effective from early March.<\/p>\n\n\n\n

Bendigo Bank\u2019s decision, although slightly delayed compared to the majors, ensures its customers won\u2019t miss out on much-needed savings.<\/p>\n\n\n\n

\n

\u201c<\/strong>We know many of our lending customers welcomed the RBA\u2019s recent decision to cut interest rates for the first time since November 2020,\u201d said Bendigo Bank\u2019s Chief Customer Officer for Consumer Banking, Taso Corolis. \u201cWe\u2019re pleased to pass on the full benefit of this cut to homeowners.\u201d<\/p>\n<\/blockquote>\n\n\n\n

But not all banks have been as quick to act. According to Finder<\/strong>, the delay from some lenders is costing mortgage holders around $92 million in interest<\/strong> as they wait for relief.<\/p>\n\n\n

\n
\"\"
Bendigo Bank Head Office.<\/em><\/figcaption><\/figure><\/div>\n\n\n

How Much Will You Save?<\/h2>\n\n\n\n

For homeowners with a mortgage, the 0.25% rate cut<\/strong> could lead to real savings. Canstar\u2019s<\/strong> calculations show that if your bank passes on the full reduction, you could save:<\/p>\n\n\n\n