Bendigo and Adelaide Bank, the fast follower type, finds itself moving earlier than major banks, for once, on the mortgage rate rises shirked by the sector leaders. Bendigo Bank on Friday said it will increase its residential mortgage variable interest rates. by between 10 basis points and 16 basis points. The interest rate changes announced are effective Monday 23 July. Managing Director Marnie Baker said the changes "reflect the increased cost of funding. "Funding costs have been steadily increasing this year, and we've absorbed this cost impact to date. Today's adjustment to the variable interest rates will assist in balancing this funding cost increase. "We must ensure our pricing remains market competitive, provides the appropriate platform for sustainable growth and supports the hundreds of communities in which we operate."