Mortgage rates up over seven per cent

The major lenders all raised their standard variable mortgage rates yesterday by 0.25 per cent, following the Reserve Bank’s 0.25 per cent hike to the official cash rate. Of the majors, only NAB is offering a standard variable rate under 7 per cent. NAB is set a 6.99 per cent.

Commonwealth’s standard variable rate is now set at 7.11 per cent. ANZ is at 7.16 per cent, St George is at 7.18 per cent and Westpac is the most expensive home lender with a standard variable mortgage rate currently set at 7.26 per cent. Credit Union Australia is expected to move up by 0.25 per cent and offer a rate of 6.62 per cent.

Source: The Age