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Macquarie gets some interest rate action

17 February 2012 5:51PM
Macquarie Bank Mortgage Solutions wrote to customers yesterday, letting them know that its variable mortgage rate would go up 10 basis points on February 20. Macquarie's rate will rise to 7.4 per cent.In the week since ANZ announced it would increase its variable mortgage rate by six basis points, a dozen other lenders have followed suit.They are Westpac (and its subsidiaries, St George Bank, Bank SA and Bank of Melbourne), Commonwealth Bank (and its subsidiary, Bankwest), National Australia Bank (and its online division, UBank), ING Direct, Bendigo and Adelaide Bank, and Greater Building Society.While most lenders increased their rates by 10 basis points, Bendigo and Adelaide made the biggest move - up 15 basis points - followed by St George, which hiked its rate up by 12 basis points.ANZ's increase was the smallest. Among the big banks, NAB still holds bragging rights for the cheapest standard variable-rate home loan - at 7.31 per cent.ANZ's new rate is 7.36 per cent, Commonwealth's is 7.41 per cent and Westpac's is 7.46 per cent.CUA, Bank of Queensland and ME Bank have committed not to increase their variable home-loan rates.

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