by: Scott Murdoch From: The Australian February 15, 2012 12:12PM
ST GEORGE has become the latest major bank to increase its standard variable rate independent of the Reserve Bank of Australia.
The bank, owned by Westpac, announced that its mortgage rate will rise by 12 basis points to 7.42 per cent.
The move is higher than Westpac, which jacked up its rates by 10 basis points.
St George chief executive Rob Chapman said the decision was made to help stabilise the bank.
“It’s important for the Australian economy and for our customers that as a business we remain strong, particularly in an unstable economic environment,” he said.
“To support this, we’ve made the difficult decision to increase our standard variable home loan rate.
Westpac has the highest standard variable rate at 7.46 per cent, ahead of CBA’s 7.41 per cent, ANZ’s 7.36 per cent and the NAB’s 7.31 per cent.