Macquarie Bank has now joined the other big Australian banks by raising its interest rates ; the bank is increasing its standard variable rate from 1 to 5.7 % from November 20 . St George , which is owned by Westpac , is also due to increase its owner occupier rates from its standard variable rate of 1 % to 5.69 % . The banks are blaming the hikes on the need to raise extra capital ahead of the next financial year .
Macquarie Bank has now joined the other big Australian banks by raising its interest rates; the bank is increasing its standard variable rate from 5.5 to 5.7% from November 20. St George, which is owned by Westpac, is also due to increase its owner occupier rates from its standard variable rate of 5.54% to 5.69%. The banks are blaming the hikes on the need to raise extra capital ahead of the next financial year.