Westpac has the highest variable mortgage rate

Westpac announced a 10 basis point increase in standard variable mortgage interest rates to 7.46 per cent on Friday afternoon.

Among the big four banks, Westpac's standard variable rate is still the most expensive at 7.46 per cent, ahead of ANZ (7.36 per cent), CBA (7.31 per cent) and NAB (7.22 per cent).

NAB has pledged to maintain the lowest standard variable mortgage throughout 2012, despite admitting rising wholesale funds cost it $80 million in the final three months of 2011.

Analysts said yesterday most banks were not making a profit from home loans written in the past four months.

Source: The Australian