On Tuesday, the Reserve Bank of Australia (RBA) raised interest rates by 0.5 of a percentage point, taking the cash rate target to 2.35 per cent.
It wasn't until Friday afternoon that the National Australia Bank (NAB) and ANZ announced they were passing on the rise in full to mortgage holders.
By Friday evening, Commonwealth Bank followed suit but many other banks were yet to say if they'd raise their rates or not.
But the lag was not unexpected, given it took most banks about two days to announce the increases to their rates last month.
Here's a quick breakdown of which banks are passing on the rise as of 7.20pm AEST Friday — and which ones we haven't heard from yet.
Is NAB raising its rates?
Yes.
The standard variable NAB home loan interest rate will increase by an extra 0.5 per cent per annum from Friday, September 16.
Is ANZ raising its rates?
Yes.
Variable interest rates across ANZ's Australian home loans will increase by an extra 0.5 per cent per annum from Friday, September 16.
Is Commonwealth Bank raising its rates?
Yes.
Home loan variable interest rates will increase by an extra 0.5 per cent per annum from Friday, September 16.
Is Westpac raising its rates?
It hasn't said yet.
What about other banks?
- Bank West: The standard variable rate for new and existing home loans will increase by an extra 0.5 per cent per annum from Friday, September 16
- Macquarie: Variable home loan reference rates will be increased by an extra 0.5 per cent per annum from Friday, September 16
- ING: No word yet
- Bendigo: No word yet
- St George: No word yet
- Suncorp: No word yet
- Bank of Queensland: No word yet
Don't see your bank listed here?
It's probably worth giving them a call or visiting a branch.
Will rates go up again?
Probably.
In announcing the rate rise, RBA governor Philip Lowe said the bank's board was "committed to doing what is necessary" to bring inflation back within its target range of 2 to 3 per cent.
But he didn't give specifics about when the rates would go up again or by how much — here's what he did say:
"The board expects to increase interest rates further over the months ahead, but it is not on a pre-set path.
"The size and timing of future interest rate increases will be guided by the incoming data and the board's assessment of the outlook for inflation and the labour market."
The RBA has raised interest rates for five months in a row now.
It's the RBA's most aggressive series of rate rises since 1994, when the cash rate went from 4.75 to 7.5 per cent in the space of just five months.
The cash rate hasn't been this high since the beginning of 2015.
How will this impact mortgage payments?
Analysis from RateCity said the September increase would add an extra $216 a month to a $750,000 mortgage.
But that's only for the most recent rise.
All up, monthly repayments on a $750,000 mortgage have increased by $922 since the RBA stated lifting rates from 0.1 per cent in May, RateCity said.
