Big banks react after RBA increases interest rates for first time since 2010

has increased the nation's official cash rate for the first time in more than 11 years, and three of the nation's big four banks have already passed the rate rise onto customers.

In making his historic decision, RBA Governor Dr Philip Lowe said he was aware of the central bank's role to play in controlling inflation."The Board judged that now was the right time to begin withdrawing some of the extraordinary monetary support that was put in place to help the Australian economy during the pandemic," Mr Lowe said.

"We are here to help customers who have loans and are considering how repayments might change. Some options available to help our customers manage repayments include fixing or splitting loans or setting up an offset account."ANZ Group Executive Australia Retail Maile Carnegie said some people "are doign it tough" and they should contact the bank if they need support.

Westpac has also increased its home loan variable interest rates by 0.25 per cent for new and existing customers. "We are also increasing interest rates on some of our most popular products for savers, which will provide some relief following a period of record-low interest rates."

How many banks have also raised their savings account interest rates?

They have been ready to pounce as they need to give a return to share holders over customers

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