Macquarie Bank has now joined the other big Australians 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.
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.