Bendigo and Adelaide Bank yesterday upped its home loan rates, following the lead of ME Bank which, in lifting its rates last week, in turn took its cue from the major banks before it.Bendigo waited for the RBA monetary policy decision to reach the public domain as most of the industry workforce considered the countdown to the ascendancy of the Prince of Penzance in the Melbourne Cup.Bendigo and Adelaide Bank managing director, Mike Hirst, borrowed words from industry leaders, saying in a statement that "the decision to adjust rates takes into account a wide range of factors, including the needs of all stakeholders, maintaining competitive pricing and capital requirements."He said his "bank regularly reviews our pricing, and the needs of borrowers, depositors, shareholders and partners."Bendigo's standard variable rate for owner-occupiers will lift by 12 basis points to 5.68 per cent. Investor rates will increase by 15 bps to 5.91 per cent.Other small lenders that have increased their variable rates include Suncorp Bank, Macquarie and Firstmac.Reserve Bank governor Glenn Stevens intoned in his monthly statement: "Monetary policy needs to be accommodative.""Low interest rates are acting to support borrowing and spending" - a boilerplate sentence. "While the recent changes to some lending rates for housing will reduce this support slightly, overall conditions are still quite accommodative," Stevens said.The most recent looseness is working through, to some degree, in the credit supply chain."Credit growth has increased a little over recent months, with growth in lending to investors in the housing market easing slightly while that for owner-occupiers appears to be picking up," the RBA governor said."Dwelling prices continue to rise in Melbourne and Sydney, though the pace of growth has moderated of late. Growth in dwelling prices has remained mostly subdued in other cities. Supervisory measures are helping to contain risks that may arise from the housing market."The RBA concluded: "The outlook for inflation may afford scope for further easing of policy, should that be appropriate to lend support to demand. "The board will continue to assess the outlook, and hence whether the current stance of policy will most effectively foster sustainable growth and inflation consistent with the target."This benign language may inspire many more rate rises.