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St.George to increase standard variable home loan interest rate and deposit rates

"To date we have been absorbing increased costs as best as we could to protect customers. However given the sustained increase in our overall funding costs, it is now necessary for us to pass on some of these higher costs," said Mr Bartlett.

St.Georges funding costs are approximately 80 per cent higher than a year ago.

"While funding costs have continued to increase, St.George remains committed to being open for business to help our customers meet their personal and business goals. This year, St.George has helped more than 100,000 Australians buy their home or refinance their mortgage and we are continuing to support our small business customers," said Mr Bartlett.

"The majority of St.George customers pay more than their minimum loan repayment and have a buffer in place for any rate changes. However, we encourage any customers who are experiencing difficulty to contact St.George Assist to discuss their individual circumstances," Mr Bartlett said.

Assistance for eligible customers includes delaying repayments or restructuring their loans. Customers can contact St.George Assist on 1800 629 795.

St.George offers a suite of competitive fixed rate mortgages for customers seeking interest rate certainty and provides the option of splitting home loans between fixed and variable rates. Customers who take up St.Georges Advantage Home Loan Package can receive a 0.15% pa discount on a fixed rate home loan, which would reduce the two-year fixed rate to 6.99% pa.

Media contact:

Chris Collins, St.George Bank Media Relations Manager, 02 9236 3536 or 0404 809 325