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St George follows Westpac’s lead on interest rates

St George follows Westpac’s lead on interest rates
St George has followed Westpac’s lead on interest rates, moving past the Reserve Bank’s 25 basis point increase, lifting its standard variable home loan interest rate by 0.39 percent.
Westpac sparked furore late last week when it announced a 45 basis point increase to its standard variable home loan rate, almost double that of the Reserve Bank’s increase.
St George which is wholly owned by Westpac Banking Corporation said on Friday its rate increase reflected sustained increases in funding costs and the RBA’s increase in its cash rate.
Chief executive Greg Bartlett said the decision had not been made lightly.

St George Bank has followed Westpac’s lead on interest rates, moving past the Reserve Bank’s 25 basis point increase, lifting its standard variable home loan interest rate by 0.39 percent.

Westpac sparked furore late last week when it announced a 45 basis point increase to its standard variable home loan rate, almost double that of the Reserve Bank’s increase.

St George which is wholly owned by Westpac Banking Corporation said on Friday its rate increase reflected sustained increases in funding costs and the RBA’s increase in its cash rate.

Chief executive Greg Bartlett said the decision had not been made lightly.

Jessica Stanic

Jessica Stanic

Jessica has a background in both marketing and journalism and is dedicated to making the website the leading online resource for small to medium businesses with ambitions to grow.

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