By Anhar Khanbhai

Borrowers will be hit hard again with the Commonwealth and National Australia banks each expected to launch reviews of their mortgage and business rates before their big profit announcement.

Westpac and ANZ defied Treasurer Wayne Swan and lifted variable rates by 0.1 and 0.06 percentage points late on Friday despite a decision by the Reserve Bank to hold its cash rate steady.

The moves took Westpac's rate to 7.46% and ANZ's to 7.36%.

On Wednesday the Commonwealth will report a first-half-year profit expected to be $3.49 billion, up 4.9%.

On Thursday, Westpac’s profit is set to be $1.55 billion, and on Friday ANZ will announce a first-quarter profit expected to be steady at $1.45 billion.

ANZ has asked to meet finance union representatives today amid fears it is also preparing to unveil details of planned jobs cuts.

Swan warned NAB and the Commonwealth to consider the consequences of lifting their rates, saying they could lose business to lenders offering rates "a full percentage point lower".

"Just as many angry Westpac and ANZ customers would have been looking very closely over the weekend at other lenders' rates, so too should any bank that follows suit," he said.

Westpac's decision to announce its rate hike on Friday "as the 6pm news was rolling" would offend a lot of people.

But when asked what he could take, Swan said, "Let's be very clear, we have not in this country over the last 25, 30 years regulated interest rates."

Although it has promised to continue to offer the lowest rate among the big four, NAB has not ruled out lifting rates to take them closer to the other three.

ANZ's meeting with the Finance Sector Union today comes amid speculation it will be the most aggressive of the major banks in cutting jobs. The union has previously claimed as many as 900 ANZ jobs are at risk.

An ANZ spokesman said the bank regularly met the union and had "nothing to announce at this time".