Australia’s four largest banks raised their variable home loan interest rates on Tuesday after the central bank increased cash rates for the first time in two years.

Private banks raised interest rates by 25 basis points, reflecting the move made by the Reserve Bank of Australia earlier in the day.

The new variable interest rates for home loans will be implemented on February 13 and 17, respectively, according to Commonwealth Bank of Australia and Westpac. The increase in the standard variable home loan interest rate by National Australia Bank and the increase in ANZ Group’s Australian home loans will also come into effect from February 13.

Completing its February policy meeting, the Reserve Bank of Australia unanimously decided to raise interest rates to 3.85%.

Additionally, he stated that the economy is growing faster than expected and that inflation is likely to remain above the target level for some time.

CBA also announced separately that it increased the annual interest rates on eligible variable rate business loan products by 0.25%; ANZ added in its statement that it continues to review other interest rates.