Business banking rate changes since August

There have been two rises of 25 basis points in the Reserve Bank of Australia's cash rate target since August 2007, but many rates on many business banking products have increased substantially since then thanks to the credit crunch.

Examples of the increases across the industry include the Suncorp Small Business Line of Credit Commercial, which has increased 80 basis points to 9.19 per cent, and the bank's Small Business Term Loan Commercial, up 70 points to 9.09 per cent.

St George has increased five of its business products by 75 points, which now range from 8.92 per cent for Business Maximiser and Business Loan, to 10.5 per cent for the Commercial Overdraft.

The Westpac Business Options Overdraft Commercial increased one per cent to
10.45 per cent, with the NAB Business Plus up 75 points to 9.15 per cent.


Source: InfoChoice Weekly Banking Bulletin