More Australian homeowners are facing higher mortgage repayments after all four big banks hiked their standard variable home loan interest rates. Westpac started the trend of increasing their home loan rates, and were soon followed by the Commonwealth Bank on Thursday, and NAB and ANZ on Friday. On October 14, Westpac raised by 20 basis points to bring its rate to 5.68 percent. CBA then introduced a 15-basis-point increase to bring its Standard Variable Rate to 5.6 percent, while NAB brought in a 17-basis-point rate rise to all new and existing variable home loans making them 5.6 percent from November 12. ANZ lifted its standard home loan rates by 18 basis points to 5.56 percent. In a statement to the ASX, NAB's head of personal banking, Gavin Slater, said the decision was right for the long term. "We know we have to balance the interests of our customers with the needs of our more than 550,000 shareholders," Slater said. "Regulatory changes on capital requirements also increase the costs associated with providing home loans." With the big four all in lock-step, Australia's non-major lenders could now find themselves perfectly positioned to take market share by providing a true alternative to the big banks. The Reserve Bank of Australia will make its next rate announcement on Melbourne Cup Day.