Bendigo Bank cuts home loan rates

BENDIGO Bank has followed Australia's major lenders in passing on an 80 basis points cut to its variable home loan rate.

BENDIGO Bank has followed Australia's major lenders in passing on an 80 basis points cut to its variable home loan rate after the Reserve Bank of Australia's surprise 100 basis point cut to the official cash interest rate.

Bendigo has lowered its residential variable home loans by 80 basis points to 8.6 per cent for new and existing customers from October 20, the bank said.

Australia's big five lenders reduced their variable mortgage rates by 80 basis points yesterday, with all banks set to pass on the cut from next Monday October 13, except for Bendigo and National Australia Bank.

NAB will cut its variable rate from October 20.