Bank of Queensland has today announced it would reduce its standard variable interest rate by 0.28%.
Group Executive People and Corporate Services, Daniel Musson, said the Bank was delighted to be able to reduce rates by three points above the RBA’s 25 point cut.
“We were very keen to pass the full reduction on to our customers, and after considering the relevant economic factors, I’m delighted to announce that we will be reducing our standard variable interest rate by more than the 25 basis points.
“We will taking a 28 basis point cut to offer our customers a standard variable rate of 9.37% p.a.
“We feel comfortable that, in light of the current funding environment, we are balancing the interests of shareholders and customers by passing on this interest rate cut.
“We pride ourselves on our customer focus and feel this decision demonstrates that commitment.”
BOQ’s new standard variable home loan rate of 9.37% p.a. is effective from Friday, 12 September.
For details about or to apply for a Bank of Queensland Home Loan, drop in to your nearest Bank of Queensland branch or log on to the Bank's internet site at www.boq.com.au.