ANZ and Commonwealth Bank of Australia (CBA) said they were reviewing standard variable rates on mortgages and interest rates on other products after the central bank's decision to lift the cash rate on Tuesday.
The Reserve Bank of Australia (RBA) lifted the cash rate by 25 basis points to 4.25 per cent.
The RBA's decision is the fifth time from the past six board meetings that that the central bank has lifted the cash rate.
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The standard variable rate for mortgages offered by the major banks currently stands at 7.01 per cent at Westpac, 6.91 per cent at ANZ, 6.86 per cent at CBA, and 6.74 at National Australia Bank (NAB).
NAB on Monday reassured customers it won't move rates by more than the RBA's increases to the cash rate.
NAB was the only big four bank to match the RBA's 25 basis point rise last December, with CBA, ANZ and Westpac raising their standard variable rate by more than the RBA's rate hike.
But all four banks matched the RBA's 25 basis point move in March.
