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Australian borrowers are bracing for mortgage pain as three of the big banks enforce the Reserve Bank's latest interest rate hike today.

The RBA's monetary policy board unanimously decided to raise the cash rate by 25 basis points, up to 3.85 per cent, at its first meeting of the year on February 3, in a move widely expected by economists.

CBA, NAB and ANZ officially shifted their variable rates for home loan customers today after confirming they would pass on the hike in full.

READ MORE: Angus Taylor emerges victorious from leadership spill, ousting Sussan Ley as opposition leader after just nine months

Westpac variable mortgage customers will see their rates increase on Tuesday.

While the majority of borrowers saw their rate rise this morning, lenders are required to give those paying minimum monthly repayments more time to gather the extra cash.

Lenders must send customers a letter before adjusting their repayment and give them time to prepare for this higher amount.

After sending out letters to customers, Westpac, NAB and ANZ must give at least 30 days' notice before enforcing the new rate.

CBA must provide a minimum of 20 days' notice.

The hike will add around $100 to an average mortgage holder's monthly repayments, although many borrowers have a buffer built up thanks to last year's three cuts.

Following the changes Westpac is set to offer the lowest advertised variable rate out of the major banks at 5.49 per cent.

CBA's rates will today jump from 5.34 per cent to 5.59 per cent, the second most affordable option.

NAB will have the highest rate at 5.94 per cent, while ANZ is set to offer 5.75 per cent from today.

More broadly, the new average owner-occupier variable rate is estimated at 5.77 per cent, according to Canstar.

More than 40 lenders are tipped to offer a lower rate of 5.50 per cent on the same loan, while the new lowest variable rate is likely to be 5.25 pr cent once all the RBA hikes are made.

Canstar Data Insights Director Sally Tindall urged borrowers to "be proactive" and request a rate review following the cash rate increase.

"For an owner-occupier who's paying down their debt, a competitive rate is now around 5.50 per cent, but, once the dust settles, we expect the market leader to sit closer to 5.25 per cent," she said.

"If you're sitting on a rate starting with a 6, there's no sugar coating it: you're paying a loyalty tax."

In addition to the variable hikes this morning, ANZ has increased fixed rates by up to 0.40 on its owner-occupier principal and interest rates, to 5.89 per cent for a one-year term.

READ MORE: The RBA has hiked interest rates. So what does that mean for your mortgage?

That means Westpac now offers the lowest fixed rate out of the majors at 5.49 per cent for a one-year term, followed by 5.74 per cent from NAB under the same conditions.

CBA offers a minimum fixed rate of 5.94 per cent for a one-year term.

No lenders are offering under five per cent.

The lowest fixed rate is 5.09 per cent, according to Canstar, while seven lenders are offering fixed rates under 5.25 per cent.

Despite rates increasing on the whole, banks can still negotiate on an individual basis, Tindall said.

"If you haven't asked for a rate review in the last six months, pick up the phone or fire off a request from your banking app asking for one."

She also advised mortgage holders to resist the temptation to extend their loan terms or switch to interest-only payments in the wake of the hike.

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Switching to an interest-only loan for two years would decrease monthly minimum repayments for a $600,000 debt by $576, but would cost an extra $27,982 in the long-term, Canstar data shows.

For someone with the same debt, extending a 25-year loan term by five years would cost more than $134,000 over the life of the loan, despite minimum repayments dropping by $274 a month.

"While these moves offer immediate relief, potentially dropping repayments by hundreds of dollars, they can come with a massive sting in the tail," Tindall said.

"Before you sign up for years of extra debt, call your bank and demand a better rate. It's one of the best ways to lower your repayments without increasing the total cost of your loan."

Homeowners have been warned to prepare for possible future rate hikes, with economists predicting a further increase when the RBA meets next in May.

CBA, Westpac and NAB's cash rate outlook have all predicted a further 0.25 per cent increase in May, which would bring the cash rate to 4.10 per cent.

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Angus Taylor has emerged victorious as the new Liberal leader after snatching the job from Sussan Ley in a decisive partyroom vote – but his name may not be so familiar with many Australian voters who watched the spill unfold.

The dust from the opposition's crushing 2025 federal election defeat is still settling as Taylor becomes the third leader of the party – following Peter Dutton and Ley – in the past nine months.

The Hume MP and new opposition leader brings with him a glossy resume and widespread support from the shadow cabinet as he sits behind Ley's freshly vacated desk in Canberra.

READ MORE: 'Ticking time bomb' sitting under new Opposition Leader Angus Taylor's desk

Taylor – who was elected to parliament in 2013 – has considerably less political experience than his predecessor Ley, but his CV does bear an impressive list of accolades.

To start the father-of-four is a Rhodes Scholar, a prestigious postgraduate study undertaken at the University of Oxford in England.

Taylor is among a handful of Rhodes Scholar-cum-politicians in Australia – including former prime ministers Bob Hawke, Tony Abbott and Malcolm Turnbull.

He completed a Master of Economics at Oxford University while studying in the UK.

After graduating, Taylor worked as a management consultant in the 1990s at top firm McKinsey and Co and later at Port Jackson partners.

It was this career path that placed him in the company of former Liberal prime minister John Howard, who championed him for a run in politics alongside the then-PM Tony Abbott.

Taylor's Rhodes scholarship and shiny CV have already been a major talking point in the wake of his spill victory.

The erudite honour may well become an albatross on Taylor's back as he faces immediate questions about his ability to lead the Liberals.

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Turnbull – himself a victim of the Liberal leadership merry-go-round – said Taylor's qualifications don't mean he automatically passes muster.

"What they are saying is this guy has all of these degrees and all of these qualifications and he is a Rhodes scholar… the bottom line is he has not delivered the thought of positive policy agendas, real achievements in government that you would expect from somebody those qualifications," he told the ABC.

Nine's political editor Charles Croucher said Taylor's resume certainly carries some weight as he attempts to right the Liberal ship.

"If you were to type in an ideal Liberal Party leader into ChatGPT or something like that, the resume they would spit out would look like Angus Taylor's," he said.

"He's from a well-known family in NSW, went to a private school, got a Rhodes scholarship, worked at some of the best firms, and went into politics and has held all the important roles on the way up."

Taylor hails from a multi-generational farming family in southern NSW, with his grandfather William Hudson long regarded as the father of the Snowy Mountains hydro-electric scheme.

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Taylor's 13-year rise up the political ladder

After moving his family to Goulburn in 2011 to contest the seat of Hume and officially entering parliament in 2013, Taylor has steadily risen up the political ladder.

He was appointed minister for law enforcement and cybersecurity, before becoming minister for energy under Scott Morrison.

He moved to the opposition bench and became shadow treasurer under Peter Dutton following the Coalition's 2022 election defeat.

Taylor was the shadow minister for defence under Ley until he resigned earlier this week.

Taylor has been characterised during his career as someone who fights for conservative Liberal values, including championing the free market and the traditional family unit.

Frontbencher James Paterson – who resigned in solidarity with Taylor this week – has described him as "the smartest policy brain in the shadow cabinet".

During his first speech as Liberal leader, Taylor flagged a hardline stance on immigration and taxes.

He said the standards for migrants entering Australia have been "too low", before telling voters it was a "mistake" not to offer tax cuts last election.

"We need to be the party of lower taxes, including lower personal income taxes," he said.

Social media faux pas

One of the lingering legacies of Taylor's political career so far is, of course, his social media blunder during the 2019 federal election.

The then-energy minister was caught red-handed congratulating himself on his own social media post about adding 1000 extra carparks in his electorate.

"Fantastic. Great move. Well done Angus," he wrote in a Facebook comment, posted from his own Angus Taylor MP profile.

The seven-year-old gaffe has come back to haunt Taylor following the leadership spill.

Taylor's latest posts on Facebook, Instagram and X have been flooded with the same comment.

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Racing will begin earlier in the day on Sunday, while Saturday’s action remains unchanged.