AAP February 15, 2012 12:09PM
ST George Bank has lifted its standard variable home loan rate by more than the big four banks, saying it is important for the economy that it remains strong.
St George will lift its standard variable rate (SVR) by 12 basis points to 7.42 per cent from February 20, it said today.
"It's important for the Australian economy and for our customers that as a business we remain strong, particularly in an unstable economic environment," chief executive Rob Chapman said in a statement.
"To support this, we've made the difficult decision to increase our standard variable home loan rate."
The move follows recent rises in SVRs by all four major banks.
Commonwealth lifted its SVR by 10 basis points to 7.41 per cent, Westpac's rose by 10 basis points to 7.46 per cent, National Australia Bank lifted by nine basis points to 7.31 per cent and ANZ hiked by six basis points to 7.36 per cent.