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.