Australia's Commonwealth Bank has shared that it is all set to follow in Westpac's footsteps and will hike mortgage rates more than the RBA had pegged during its latest meeting, fueling speculations that there is now every chance that ANZ would do the same.

The Commonwealth Bank has lifted its interest rates by 37 basis points, much above the 12 points put down by RBA's policy-makers, which now leaves the National Australia Bank as the only major bank of the country which could be expected to hike rates in-line with the central bank's recommendation.

But experts now believe that ANZ could go ahead and increase mortgage rates by about 10 points more than the RBA's limit.

"While the change in the official cash rate has partly contributed to this interest rate increase, the sustained increase in wholesale funding costs that we are experiencing has also been a major factor. Wholesale funding costs continue to remain at record highs and, as cheaper funding expires and is replaced with more expensive funding, the overall cost of our funds has increased", said Retail Banking Group Executive Ross McEwan.

Also, Commonwealth, which is the country's largest deposit holder, shared that it would lift rates on various deposits by around 50 basis points, and the bank's online Netsaver account will increase its rate by 50 points as well.