Bank of Queensland passes on RBA interest rate rise

Bank of Queensland has announced it will pass on the Reserve Bank's 25 basis point official interest rate increase to variable rate home, business and personal loans and overdrafts, as well as increasing rates on investment products.


The 0.25% p.a. increase will mean the standard variable home loan rate for Bank of Queensland customers will increase from 7.07% p.a. to 7.32%p.a.


The increase for new and existing Bank of Queensland borrowers will be effective from 5 March 2005.


The Bank also announced depositors would benefit from an increase in interest rates on BOQ Bonds, which rose yesterday (Thursday, 3 March 2005) by 40 basis points across the board.


Bank of Queensland Bonds now offers rates between 5.55% p.a. and 6.00% p.a, and along with the Bank's full-access high-interest Cash Management Account, has been awarded the top rating by financial services researcher Cannex.