Media Release

BOQ Cuts Rates

Thursday, 07/05/2015

Following the Reserve Bank of Australia (RBA) on Tuesday 5 May 2015, BOQ confirmed that it will pass on rate cuts to its variable home loan and business customers. 

Variable home loans, including BOQ's lead product Clear Path, will be cut by 20 basis points. With a carded rate of just 4.42%, Clear Path will remain one of the most competitively priced variable mortgages on the market. 

The reductions follow decreases in BOQ's fixed term mortgages which have been cut by up to 30 basis points recently. These highly competitive fixed products, which are available now, offer customers certainty around their future mortgage repayments. 

Variable business term loans will be cut by 25 basis points. BOQ works closely with the small business community and understands the need to provide support to this sector given current low growth market conditions. 

Most deposit rates will also decrease by 20 basis points. BOQ's Pension Plus deposit rate will remain unchanged, again in recognition that rate cuts particularly affect customers of this product. The Bank's term deposit rates also remain highly competitive. 

BOQ said that, in reaching these decisions, it had tried to balance the needs of as many of its customers as possible - whether they are home owners, savers or small businesses. 

The new variable rates will be effective 26 May 2015. The fixed mortgage rates outlined below are current and available to customers now.