Westpac’s children hike

From the SMH, just when you thought it was safe to go back into borrowing:

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.’’

…Another Westpac subsidiary, Bank of Melbourne, also raised its SVR today by 10 basis points to 7.4 per cent.


David Llewellyn-Smith
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  1. So once all the minor banks have raised their rates, where are all the punters goign to take their ‘no exit fee’ home loan then Mr Swann.

    Maybe it’s time to update the rhetoric for the realities of today

  2. And we have Joe going at Swanny with his Hockey stick because Mr Duck is not tough enough to stop the Banks raising rates.

    Not a principle to stand on between the lot of them!

    • Makes for great theatre and allows them to get themselves in the headlines as sticking up for the “Aussie Battler” though.