St George, BoM and ING Direct raise mortgage rates

Westpac subsidiary St George Bank added 12 basis points to its standard variable home-loan rate, taking the rate to 7.42 per cent.

Another Westpac subsidiary, Bank of Melbourne, increased its variable mortgage rate by 10 basis points. The new rate for its standard home loan is 7.4 per cent.

ING Direct has announced that its variable mortgage rates would go up 10 basis points. The new rate on the bank’s most popular product, Mortgage Simplifier, will be 6.72 per cent.

CUA, Bank of Queensland and ME Bank have committed not to increase their variable home-loan rates.

Source: Banking Day