ANZ Banking Group Ltd has matched the central bank, increasing the variable mortgage interest rate by 25 basis points for new and existing customers.

ANZ's standard variable home loan rate will rise to 6.06 per cent from October 12, from 5.81 per cent, the Melbourne-based bank said in a statement on Thursday.

The Reserve Bank of Australia (RBA) this week increased the overnight cash rate by 25 basis points to 3.25 per cent - marking its first monetary policy tightening since March 2008.

ANZ will also increase on Monday the interest rates on deposit products by up to half a percentage point.

The bank's Progress Saver account and V2 PLUS account interest rates will rise 0.5 percentage point.

ANZ said fixed rate mortgage interest rates would rise by 25 basis points for one and two year terms, by 10 basis points for three year terms and 20 basis points for four year terms.

The 10-year fixed rate would be reduced by 25 basis points to 8.94 per cent.

The bank said interest rates on credit cards and small businesses were still under review.

ANZ is the first of the big four banks to announce changes to its interest rates following the RBA's rate rise on Tuesday.

Spokespersons from Commonwealth Bank of Australia Ltd, National Australia Bank Ltd and Westpac Banking Corporation said on Thursday that their rates were under review.

The big four banks together hold about 85 per cent of Australia's home loan market, according to Australian Prudential Regulation Authority figures.