Borrowers are bracing this morning for more interest rate hikes after the ANZ and Westpac banks raised interest rates in defiance of the Reserve Bank.
ANZ was the first of the big four to move yesterday, followed by an even bigger rise from Westpac.
ANZ hiked rates on variable rate mortgages and small business loans by six basis points.
The move will leave ANZ's standard variable rate at 7.36 per cent from February 17.
Westpac raised its rate by 10 basis points to 7.46 per cent, making it among the highest rate of the big four banks, effective from February 20.
