Bendigo cuts variable rates by 0.19 per cent

In response to the RBA cutting the cash rate by 0.25 percentage points, Bendigo and Adelaide Bank reduced its standard variable home loan rate by 0.19 percentage points.

CEO Mike Hirst said the banks needed to better educate the public on how they were funded and clearly explain why they did not always pass on the Reserve Bank of Australia's cash rate cuts in full.

He said politicians did understand why bank variable home loan rates did not automatically move with the cash rate but that their slamming of banks on interest rates was a vote winner.

Source: Brisbane Times