ANZ and St George bank have both lifted their variable lending rates by 35 basis points which are .10% basis points more than the 25 basis points increase set by the Reserve Bank.
It seems both banks are indicating a higher cost of borrowing money on global markets is to blame.
This now completes the variable rates set by the major banks after the rate rise last week.
The variable rates set by the big banks are now:
National Australia Bank: 9.27% (an increase of 29 basis points)
Commonwealth Bank: 9.32% (an increase of 29 basis points)
ANZ Bank: 9.37% (an increase of 35 basis points)
Westpac: 9.27% (an increase of 30 basis points)
St George: 9.37% (an increase of 35 basis points)
The increases are all above the 25 basis points set by the Reserve bank of Australia, some of the rates above are not in effect until later in the week.
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