BOQ responds to the Reserve Bank of Australia’s cash rate decision
Wednesday 8 June 2022
Following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.50%, BOQ has today announced a range of interest rate changes for home loan and deposit customers.
From 14 June, BOQ will lift variable home loan interest rates by 0.50% per annum (p.a.) for new and existing customers.
BOQ will also be increasing a range of term deposit rates including a rate of 2.50% on the 12 month term from Friday 10 June. BOQ increased the variable interest rate1 on its popular myBOQ Future Saver Account by 1.00% (p.a.) to 3.00% (p.a.)2, effective 20 May.
BOQ Group Executive, Retail Banking, Martine Jager said: “Our customers, our business and the change in the RBA cash rate are all factors we considered in our decision to lift rates today.
“BOQ remains committed to offering competitive rates to help all Australians own their own home and despite broader economic circumstances we are still able to offer historically low interest rates for our customers.
“We know many of our customers have been preparing for the changing market conditions and are on average 15 months ahead on their loan repayments. However, we approach these decisions very carefully, and respect that any change to household budgets is difficult for our customers to navigate.
To balance the needs of both borrowers and savers, BOQ has also increased interest rates on its deposit and savings accounts and will regularly review these to ensure they are competitive in the market.
“We’re offering one of the best savings rates in market with our myBOQ Future Saver Account, and will be launching a range of attractive term deposit rates including our 12 month rate increasing to 2.50% p.a., which will provide a boost for savers.”
For existing home loan customers on a variable rate, BOQ will send letters to inform customers of their new monthly repayment amount. BOQ has online resources available to help customers concerned about rising interest rates, including financial hardship assistance, if required. Customers are encouraged to visit any BOQ branch or call 1300 55 72 72 if they require further assistance in tailoring a financial solution.
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