Commonwealth bank extend variable mortgage rate

SYDNEY: Commonwealth Bank of Australia, the country's top home lender, said on Monday it will increase its variable mortgage rate by 0.10 percent, citing increases in wholesale and deposit funding costs.

The increase will take effect from Feb. 20. It takes the variable mortgage rate to 7.41 percent, the second highest of the lenders, behind Westpac at 7.46 percent.

ANZ and Westpac also raised their variable mortgage rates after the central bank kept the cash rate on hold last week.