More rises in variable home loans

More residential mortgage providers are pushing up variable home loan rates thanks to the elevated cost of wholesale funding.

Macquarie Bank wrote to variable rate borrowers on January 23, advising that the rate on its range of variable rate loans was going up 18 basis points. The bank said the rate rise was "a result of significant changes in credit market conditions".

Aussie Home Loans, which sources its own brand of mortgages from Macquarie's Puma program, moved its variable rate the following day. According to Infochoice, Aussie's All-In-One variable rate rose 20 basis points to 8.42 per cent.

Also last week, Credit Union Australia's Mortgage Freedom variable rate rose 13 basis  points to 8.22 per cent. HSBC's Home Rewards variable rate rose 12 basis points to 8.69 per cent. Newcastle Permanent Building Society put its range of variable-rate loans up 10 basis points.