Subsidiaries hike rates
(16 February 2012 – Australia) St George Bank lifted its standard variable home loan rate by more than the ‘big four’ – justifying it as keeping the economy strong.
The bank will lift its standard variable rate by 12 basis points to 7.42 percent from 20 February.
'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 standard variable rate yesterday by 10 basis points to 7.4 percent.
'This was a difficult decision,' chief executive Scott Tanner said in a statement.
'It is important to balance our customers' needs with the importance of ensuring that we remain a strong and viable business into the future.'
Bank of Melbourne only operates in Victoria, and was relaunched by Westpac in July 2011.
'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 standard variable rate yesterday by 10 basis points to 7.4 percent.
'This was a difficult decision,' chief executive Scott Tanner said in a statement.
'It is important to balance our customers' needs with the importance of ensuring that we remain a strong and viable business into the future.'
Bank of Melbourne only operates in Victoria, and was relaunched by Westpac in July 2011.
Subscribe