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In an interesting turn of events, Bendigo Bank has confirmed it will lift the interest rate on its one year fixed rate mortgage.
The lender announced yesterday that it would increase its one year fixed rate product by 15 basis points.
The rate hike is in stark contrast to what the rest of the industry is doing, with three of the big four slashing their fixed rate mortgages in recent weeks.
But despite the increase to its one year fixed rate mortgage, the second tier lender has announced it will trim 15 basis points from its two and three year rates.
ANZ became the first lender to slash its fixed rate products back in May.
Last week, AMP chief economist Shane Oliver said that the reduction to fixed rates reflected a decline in the longer term sale of bond yields.
“The cost of long term yields has come down, and as such, the banks are passing this reduction on to their customers,” Mr Oliver said.