Australia's "big 4" lenders raised their home loan variable interest rates on Wednesday by 50 basis points (bps) per annum,

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1-Commonwealth Bank of Australia

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2. National Australia Bank

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3. Australia and New Zealand Banking Group

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4. Westpac Banking Corp

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all lifted their mortgage rates to match the official 50 bp cash rate hike announced on Tuesday.will be effective from July 15, Westpac's rates will apply from July 20.

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All four banks offered higher term deposit rate of 2.50% per annum for some savings products for variable deposit durations.

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The Reserve Bank of Australia (RBA) lifted its key cash rate to 1.35% on Tuesday, marking 125 basis points of hike since May

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the fastest series of moves since 1994 - all to contain surging inflation even at the risk of triggering a recession.

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the full rate hike to their customers, expecting to reap benefits at a time when the country's property market is showing signs of cooling after a bumper 22% price surge last year.

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