BOQ intends to position itself as a serious player in the growing margin lending market, kicking off with a market-leading fixed rate offer.
The streamlined 12-month BOQ Margin Loan offers a new benchmark pre-paid fixed low interest rate of 6.99%.
BOQ Head of Marketing Mark Franzmann said the Bank was using the launch of the new product to target new business.
“The reason we can offer this rate is that all business we generate is new business, it really is a one-off opportunity.
“The 12-month fixed interest rate is the lowest in the market, and we are unashamedly targeting customers to refinance their existing loans over to BOQ. This is the latest in a line of market leading product offers BOQ has made available to support our ambitious growth plans.
“The offer is only available until June 30th, coinciding with the end of the financial year and providing the ability to pre-pay interest in the current year.
“And, of course, this market-leading low rate comes with BOQ’s trademark personal, customer-focused service.”
BOQ is offering the new product through a key alliance with Macquarie Margin Lending, and will make the product available through BOQ branches, Business Banking Centres and Genesys Financial Planners.
BOQ Managing Director David Liddy said the Bank’s new margin loan product, together with the Bank’s recent alliance with Genesys Financial Planning, completes BOQ’s wealth management offering.
“We can now offer customers a complete wealth management solution, including retirement planning, superannuation planning, personal and business insurance and managed retail funds through our branches, business bankers and the private bank.”