ING Direct and Westpac subsidiaries St George, Bank of Melbourne and BankSA push up variable rates

Online bank ING Direct will raise rates on its variable mortgages by 0.1% on Friday. 

Rates on its Mortgage Simplifier (the bank’s standard variable loan) will rise to 6.72% on Friday 17 January. 

The Australian arm of the Dutch-based bank is the fifth biggest lender in Australia, with a $38 billion mortgage book. 

Westpac brands St George, Bank of Melbourne and BankSA have also announced that they will raise interest rates on variable mortgages. 

St George and BankSA will lift rates by 0.12% to 7.42% on Friday (a greater increase than Westpac), while Bank of Melbourne has lifted its rates by 0.1% to 7.4% effective immediately. 

6.72%

The standard variable bank rate that CUA is currently charging its customers (rates have been left unchanged) and the rate that ING Direct will charge variable rate customers from Friday 17 January following a 0.1% increase.

6.90%

The standard variable bank rate that the Greater Building Society will charge new customers from February 15 after raising rates by 0.1%. The rate rise for existing customers kicks in on February 22

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.

7.31%

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.

7.40%

The standard variable bank rate that Bank of Melbourne is currently charging its customers after raising rates on February 15 by 0.1%

7.41%

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

7.42%

The standard variable bank rate that St.George and BankSA will charge its customers from February 20 after raising rates by 0.12%

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 15.