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Westpac & NAB hike interest rates

All the majors have now officially lifted their standard variable rates above the RBA, with Westpac and NAB lifting their respective rates.

NAB moved 0.43 per cent – 18 basis points above the RBA.

Meanwhile Westpac increased its standard variable rate 0.35 per cent – the lowest of all the majors.

St George has also announced an increase to its rates – lifting 37 basis points.

In announcing its rate hike decision this afternoon, NAB decided to follow ANZs lead and slash its $700 mortgage exit fee.

Earlier this week, ANZ announced its plans to hike its SVR 39 basis points, but slash its exit fees to all customers. Which is little comfort to the general consumer as any exit fee saving gets quickly eaten up by the additional interest rate.