<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Three of the big four, including </span><a href="https://www.9news.com.au/australia" rel="" target="" title="Australia's"><span>Australia's</span></a><span> biggest </span><a href="https://www.9news.com.au/banks" rel="" target="" title="bank"><span>bank</span></a><span>, have wasted little time in passing on today's </span><a href="https://www.9news.com.au/interest-rates" rel="" target="" title="interest rate hike"><span>interest rate hike</span></a><span> to their customers.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Borrowers already weary from surging inflation – driven primarily but not exclusively by the war in Iran – were dealt another blow this afternoon when the </span><a href="https://www.9news.com.au/finance/rba-interest-rates-live-updates-may-2026-decision-latest-news-headlines/712337f5-b510-4280-9a17-a45d7826e847" rel="" target="" title="Reserve Bank moved to increase the cash rate target by 25 basis points"><span>Reserve Bank moved to increase the cash rate target by 25 basis points</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>That decision has returned the official cash rate target to the same level of 4.35 per cent it was sitting at last February, before the </span><a href="https://www.9news.com.au/reserve-bank-australia" rel="" target="" title="RBA"><span>RBA</span></a><span> embarked on its brief easing cycle.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/how-much-will-the-rba-interest-rate-hike-cost-you/6568da42-5c43-4c97-a70d-79d03330cfc5"><strong><span>Grim reality of how much RBA rate hike will cost you</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Combined with this year's previous two hikes, the three cuts' worth of relief borrowers enjoyed in 2025 has been wiped out in little more than three months.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>This evening, </span><a href="https://www.9news.com.au/commonwealth-bank" rel="" target="" title="Commonwealth Bank"><span>Commonwealth Bank</span></a><span> announced it will quickly pass on the hike in full to its home and business loan customers.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The changes will come into effect on May 15 – just 10 days' time.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/finance/interest-rate-hike-australia-big-four-banks-pass-on-increase/5e4f696f-1322-4df8-9bbe-15cee5f9bc68" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Our focus is on supporting customers to stay on top of their finances with practical tools, clear guidance and access to help when it's needed," CBA head of retail banking Angus Sullivan said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/ballina-boating-accident-three-dead-search-under-way-after-northern-nsw-boating-tragedy/974d7967-1138-4fdb-8b99-f8bc374c4a43"><strong><span>Volunteers and sailor killed in triple-fatal rescue attempt identified</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>However, there was no mention of any change to interest rates for savings customers.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>NAB also announced it will increase home loan rates on May 15. Like CBA, it made no mention of any changes that would benefit its savers, saying only that it "regularly reviews" them.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Macquarie Bank was quicker on the trigger than its larger counterparts, announcing its own rate rises within minutes of the RBA's decision, but also delaying their implementation by an extra week – its customers' rates will rise on May 22.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"To give our customers more time to adjust to the higher interest rate environment, we are once again delaying this increase by more than two weeks," head of personal banking Ben Perham said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>AS IT HAPPENED:</span></strong><span> </span><a href="https://www.9news.com.au/finance/rba-interest-rates-live-updates-may-2026-decision-latest-news-headlines/712337f5-b510-4280-9a17-a45d7826e847"><strong><span>Reserve Bank gives the news no mortgage-holder wants</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It also announced savings rates will increase by 25 basis points.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Later this evening, </span><a href="https://www.9news.com.au/westpac" rel="" target="" title="Westpac"><span>Westpac</span></a><span> became the third of the big four to pass on the RBA's hike.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Like CBA and NAB, it said the increase will come into effect on May 15, although unlike its major counterparts, it announced customers on two of its savings products will benefit from the hike.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Final big four bank ANZ is yet to announce when it will pass on today's RBA hike.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><strong><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a></li><li><strong><em><span>Make 9News your preferred source on Google by</span></em></strong><span> </span><a href="https://9.nine.com.au/8x987w" target="_blank"><strong><em><span>ticking this box here</span></em></strong></a></li><li><strong><em><span>Sign up to</span></em></strong><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="_blank"><strong><em><span>our breaking newsletter here</span></em></strong></a></li></ul></div></div>