All four major banks have now passed on the official interest rate hike in full.

NAB is the last of the big lenders to increase mortgage rates by 0.5%.

NAB, the Commonwealth, ANZ, and Westpac will also lift rates for some of their savings products.

RateCity Research Director Sally Tindall told Jim Wilson, Aussies are better off looking at more competitive offers.

“When you’re comparing against the market leaders, it’s actually not that competitive … if you do want to lock up your money, you might be better off looking at a more competitive offer than this olive branch they’ve put forward,” Sally said.

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