Bank of Queensland today announced it would pass on the Reserve Bank's 25 basis point official interest rate increase to variable home loans.

The 0.25% increase will mean the standard variable home loan rate for Bank of Queensland customers will increase from 6.57%p.a. to 6.82%p.a.

All interest rate increases for new Bank of Queensland borrowers will be effective from today (November 12, 2003). Interest rates will increase for existing borrowers from November 20, 2003.

The Bank also announced depositors would benefit from an increase in interest rates on a range of deposit products.

Cash Management Accounts will increase 0.25% across the board for accounts of more than $5000 and Bond rates will increase between 0.50% and 0.70%.