# Colin Kruger
# January 11, 2008 - 5:41PM
http://business.theage.com.au/westpac-st-george-lift-rates/20080111-1lgs.html
# January 11, 2008 - 5:41PM
http://business.theage.com.au/westpac-st-george-lift-rates/20080111-1lgs.html
After much speculation, St George and Westpac lifted their variable home loan rates by 0.20 per cent and 0.15 per cent respectively, in response to higher funding costs related to the global credit crunch.
The move drew fire from Federal Treasurer Wayne Swan criticised the "excessive'' increase.
"My views are well known - I consider rate rises as large as those announced by the ANZ at the beginning of the week and St George today to be excessive,'' Mr Swan said in a statement.
"I say to all banks, you will be judged very harshly if you try to take advantage of the US sub-prime crisis by lifting rates excessively.''
Westpac's first option home loan rate will increase to 8.14 per cent per annum and the standard variable home loan rate will increase to 8.72 per cent per annum, effective January 14.
St George's standard variable rate will increase from 8.57 per cent pa to 8.77 per cent pa.
"This will be effective Tuesday, January 15, for new and existing consumers," St George said.