Australia’s big four banks have announced that they will raise mortgage interest rates in line with the Reserve Bank’s 11th increase.

The central bank raised the cash rate by 0.25 percentage point to 4.10 percent, the highest level since April 2012, when it met on Tuesday, with a warning that more hikes could be on the way.

The NAB, Commonwealth Bank and ANZ made their announcements on Friday afternoon.

Westpac was the first to broadcast the latest RBA interest rate hike announced just hours after the RBA made its decision.

CBA says it is also raising interest rates on “a number of savings products.”

“All home loan variable rate changes announced today will take effect on June 16, 2023,” the CBA said.

ANZ also announced its increase on Friday, but made no announcement on rates for savings accounts.

“From June 16, 2023, ANZ will increase variable interest rates for housing, residential investment and line of credit home loans by 0.25 per cent per annum,” it said.

NAB then followed, saying its standard variable interest rate for home loans will increase by 0.25 percent starting June 16.

But it also announced a bonus interest rate increase for its Reward Saver and its 12-month term deposit.

Rachel Slade, NAB group executive for personal banking, said the bank was reaching out to customers who might need additional assistance.

“Each rate increase since May of last year has been more and more challenging for Australian households,” he said.

“We know from talking to our customers that most are in good shape, however there are a few that need our extra support.

“We are proactively reaching out to our customers to offer support and have a variety of options available to help them overcome the rising cost of living.”

On Thursday, another major lender, AMP Bank, announced that it would pass the full RBA hike. Other lenders are expected to do the same. research director Sally Tindall welcomed the decision by some of the banks to pass through the rate increase to savings accounts.

“CBA has done the right thing and passed the entire rate increase on to each of their savings clients, which is great to see,” he said.

“Hopefully this will put pressure on the other big banks to reassess their savings rates and pass full increases.

“At this stage, both Westpac and ANZ have not announced a single rate increase for their savings clients. That’s just not good enough.”

He urged customers to contact their banks if they feel pressured.

“Further monetary policy tightening may be required to ensure inflation returns to target within a reasonable period of time, but that will depend on how the economy and inflation evolve,” Dr. Lowe said in the official statement. Posted after the announcement.

Since May 2022, the RBA has aggressively raised rates from a record low of 0.1 percent in a bid to rein in runaway inflation.

Monthly figures released by ABS last week show that the annual inflation rate jumped from 6.3% to 6.8% in April. The next quarterly data set is not due until next month.

But inflation remains well above the bank’s target range of two to three percent.

Dr Lowe said Tuesday’s rate hike would “provide more confidence” that inflation will return to target “within a reasonable time frame”.

“Inflation in Australia has passed its peak, but 7 percent is still too high and it will be some time before it returns to the target range,” he said.

“The board remains resolute in its determination to bring inflation back on target and will do whatever it takes to achieve it.”

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