St.george Announces Rate Changes

St.George Announces Rate Changes on Deposits and Mortgages

St.George Bank today announced it is increasing its standard variable home loan interest rate in line with the Reserve Bank of Australia's (RBA) decision to increase the cash rate by 0.25%, effective 6 November 2009.

St.George Bank's Standard Variable Home Loan interest rate will increase by 0.25% to 6.29% p.a.

Deposit interest rates on a range of savings account will also increase by 0.25%, effective 6 November 2009. This includes Direct Saver, Power Saver and DIY Super Direct Saver.

Greg Bartlett, St.George Chief Executive said: "Many customers who have deposits with St.George will see increased interest on their savings as a result of this announcement. In fact our deposit rates are at one of the highest levels above the official RBA cash rate that I can remember."

"However, we are very mindful of the impact of increased home loan rates on customers and we encourage our customers to routinely discuss their banking arrangements with us, to ensure they have the right mortgage products to suit their individual circumstances," said Mr Bartlett.

St.George offers a wide range of options available to customers including splitting loans between fixed and variable rates as well as a number of very competitive fixed rate mortgages and packages.


Ends

Media contact:
Carmen Chivers,
St.George Bank
02 9236 2777 or
[email protected]


SOURCE: St.George Bank