The majority of Australian home owners will be hit with higher mortgage repayments after the country's big four banks hiked their interest rates.
ANZ and the National Australia Bank announced on Friday that they will follow Westpac and Commonwealth Bank and increase their standard variable interest rates next month.
Many home owners face an extra $27 to $46 in monthly repayments on an average home loan of $300,000.
ANZ will lift its variable home loan rate by 0.18 percentage points to 5.56 per cent, while NAB will increase its rate by 0.17 percentage points to 5.6 per cent.
The Commonwealth Bank announced on Thursday that it will jack the rate up 0.15 percentage points to 5.6 per cent.
This comes about a week after Westpac announced it will hike its rate 0.2 percentage points to 5.68 per cent.
All four banks have defended the increases as necessary to offset costs linked to new requirements to hold more capital against home lending.
"There are a range of factors that come into consideration in interest rate decisions. The home loan market is dynamic, with multiple changes being seen across the industry," NAB group executive for personal banking Gavin Slater said.
"Today's decision has not been easy, but we believe this is right decision for the long term."
The rate hikes are expected to put more pressure on the Reserve Bank to cut the official cash rate at its next monetary meeting due on Melbourne Cup day.
St George Bank, part of the Westpac group, will also increase its standard variable rate by 0.15 percentage points to 5.69 per cent.
NAB's rate hike will come into effect on November 12, while the other big three banks and St George will introduce their hikes on November 20.
Treasurer Scott Morrison said banks were entitled to make their own commercial decisions.
"That is entirely a matter for them to explain to their customers about why they're doing this," Mr Morrison told reporters in Sydney on Friday.
"There's no mandatory requirement on behalf of the government to pass on costs to consumers.
"At the end of the day, customers can choose where they want to bank and shop and buy their milk."
Opposition Leader Bill Shorten was somewhat stronger in his view, describing the rate increases as "nothing but a rip-off".
He said the banks see Treasurer Scott Morrison and Prime Minister Malcolm Turnbull as a "soft touch" and borrowers are paying the price.
RATES OFFERED BY THE BIG FOUR
* Westpac: up 0.2pct to 5.68pct
* CBA: up 0.15pct to 5.6pct
* NAB: up 0.17pct to 5.6pct
* ANZ: up 0.18pct to 5.56pct
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