Standard variable mortgage guide as CommBank, NAB and Bendigo lift rates

CBA is the latest lender to announce an increase in its variable mortgage rates independently of the RBA, pushing up its residential variable home loan by 0.1 percentage points per year to 7.41% per annum from February 20 following Bendigo Bank lifting rates by 0.15% earlier in the day to 7.4%% effective February 21.

The decision follows ANZ and Westpac pushing up their interest rates by 0.06% and 0.1% and Bank of Queensland committing to keep its rates unchanged until at least the outcome of the next RBA meeting.

Here’s a rundown of the standard variable rates on offer from Australian banks, starting with the cheapest:

6.94%

The standard variable bank rate that Heritage Bank is currently charging its customers.

7.20%

The standard variable bank rate that BankWest is currently charging its customers.

7.22%

The standard variable bank rate that ING Direct is currently charging its customers

7.24%

The standard variable bank rate that HSBC is currently charging its customers.

7.30%

The standard variable bank rate that Bank of Melbourne/St.George is currently charging its customers.

7.31%

The standard variable rate that NAB will charge its customers from February 20 after lifting rates by 0.09%. 

7.33%

The standard variable bank rate that Suncorp is currently charging its customers.

7.36%

The new standard variable bank rate ANZ will charge its customers from February 17 after lifting rates by 0.06%.

7.36%

The standard variable bank rate Bank of Queensland will charge its customers until at least the next RBA meeting on March 6, the bank has pledged.

7.41%

The new standard variable bank rate the Commonwealth Bank will charge its customers from February 20 after lifting rates by 0.1%.

7.45%

The new standard variable bank rate Bendigo and Adelaide Bank will charge its customers from February 21 after lifting rates by 0.15%.

7.46%

The new standard variable bank rate Westpac will charge its customers from February 20 after lifting rates by 0.1%.

*All rates as announced on February 13.