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St George ups rates by more than big four

by Staff Reporter8 minute read
The Adviser

Staff Reporter

St George has upstaged the majors by lifting the interest on its standard variable rate mortgage by 12 basis points to 7.41 per cent.

 “It’s important for the Australian economy and for our customers that as a business we remain strong, particularly in an unstable economic environment. To support this, we’ve made the difficult decision to increase our standard variable home loan rate,” St George’s chief executive Rob Chapman said.

Mr Chapman explained that St George customers can access discounts of up to 0.70% off the standard variable home loan rate under its Advantage Package. These customers can also access further fee savings, as well as discounts on credit cards, home and contents insurance and BT Super for Life.

“Many of our customers are taking advantage of the discounts we offer on our standard variable home loan rate,” he said.

“Customers can also choose to split their home loan between fixed and variable rates, as well as a range of other flexible home loan options. St George has some of the most competitive fixed rates in the market.”

St George’s announcement comes just as Australia’s other non-majors all decided to lift their standard variable rates.

Yesterday, ING DIRECT and Bank of Melbourne both increased the interest on their standard variable rate mortgages by 10 basis points, taking their new rates to 6.72 per cent and 7.4 per cent respectively.

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