A flurry of banks have passed on interest rate rises to borrowers after the Reserve Bank of Australia increased the cash rate by 0.25 percentage points on Tuesday. 

NAB was the first to move, increasing its standard variable home loan interest rate by 0.25 percentage points from November 11.

Since then Westpac, Suncorp, Commonwealth Bank and Macquarie Bank have joined in announcing rate increases.

The Reserve Bank's announcement took the cash rate to 2.85 per cent, up from a record low of 0.1 per cent at the start of May this year, making it the highest it's been since May 2013.

NAB

As mentioned, NAB was the first to move on the cash rate change just hours after the Reserve Bank's announcement, increasing the standard variable NAB home loan interest rate by 0.25 percentage points.

The change will come into effect from November 11.

Westpac

Deposit and home loan customers with Westpac will see changes come into effect this month, with Westpac's Life total variable rate with bonus interest increasing by 0.90 percentage points to 3.50 per cent, effective November 9.

The eSaver total variable rate will also increase by 0.95 per cent to 3.50 per cent for new customers for the first five months.

Home loan variable interest rates will increase by 0.25 percentage points for new and existing customers from November 15.

Westpac is also offering a new Term Deposit offer of 3.75 per cent for 12 to 23 months from November 4.

Macquarie Bank

From November 16, the ongoing interest rate that customers earn on both their savings and everyday transaction accounts will increase 0.25 percentage points to 3.45 per cent on balances up to $250,000.

Macquarie's savings account welcome rate will increase 0.25 percentage points to 4.25 per cent for new customers for the first four months on balances up to $250,000, effective November 3.

Commonwealth Bank

Home loan variable interest rates are going up by 0.25 percentage points at Commonwealth Bank, but savings rates are also seeing a rise.

The NetBank Saver standard variable interest rate will increase by 0.25 percentage points to 1.35 per cent.

The five-month introductory variable rate will increase by 0.50 percentage points to 3.50 per cent, effective November 11.

Commonwealth's GoalSaver with bonus interest rate will increase by 0.30 percentage points to 2.70 per cent and Youthsaver with bonus interest rate will increase by 0.30 percentage points to 2.90 per cent.

Suncorp

Home loan variable rates will increase by 0.25 percentage points from November 11.

This increase means that for every $100,000 of loan balance remaining on a customer's 25-year variable loan, they can expect their monthly repayments to increase by around $14.

Savers can now also earn 4 per cent on Suncorp's 12-month Term Deposit.

Which banks are yet to move?

Some banks are yet to announce whether they will make any changes.

They include:

• ANZ
• ING
• Bendigo Bank
• Bankwest
• Bank of Queensland
• HSBC
• St George 
• Heritage Bank

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