AUSTRALIA's major banks wasted no time passing on Tuesday's Reserve Bank of Australia lift in the cash rate.

ANZ and the Westpac are reported to have increased their variable mortgage rate to 6.31 per cent, while Commonwealth Bank and the NAB rates will rise to 6.24 per cent.

The banks passed on the RBA cash rate increase by the close of business Tuesday. The RBA met at 2:30pm, raising the official cash rate 0.25 per cent to 3.5 per cent.

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