RBA's rate rise biggest in two decades

Many homeowners are facing a significant increase in mortgage rates after the Reserve Bank lifted the cash rate by 50 basis points.

ANZ, Westpac, the Commonwealth Bank (CBA) and the National Australia Bank (NAB) have all passed on the RBA's interest rate hike in full. Source: AAP / Joel Carrett

It's the biggest rate rise in more than two decades and coincides with sharply rising gas and electricity prices, leaving many struggling.