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All the major banks have now officially lifted their standard variable rates above the Reserve Bank, with Westpac and NAB lifting their respective rates this afternoon.
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.
A 27 basis point spread has exisited between the majors for almost a year after NAB decided to toe the RBA’s line in December last year.
That spread has now narrowed considerably after the bank made the decision to raise rates out of cycle with the RBA for the first time in two years.
A 19 basis point spread will now exist between the majors, with Westpac offering the most expensive variable rate of 7.86 per cent.
NAB still has the cheapest home loan, with a standard variable rate of 7.67 per cent.
In announcing its rate hike decision this afternoon, NAB decided to follow ANZ's 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.