Bank chiefs don't rate a quick end to costs crunch

Westpac and Commonwealth Bank's CEOs say cost-of-living concerns continue to affect their customers. (Dan Peled/AAP PHOTOS)

Difficult financial choices lie ahead for mortgage holders despite interest rates likely having reached its peak, banking executives say.

In appearances at a parliamentary review of the big four banks, the heads of Westpac and the Commonwealth Bank said cost-of-living concerns were still affecting the budgets of their customers.