BOQ Passes on Full 25 Basis Point cut

Tuesday, 01/11/2011

BOQ has announced today it will pass on the full 25 basis point cut announced by the RBA at today’s meeting to its standard variable rate home loan. 

New Chief Executive Officer and Managing Director Stuart Grimshaw made the announcement on his first day with the Bank, saying it was ‘the right thing to do’. 

“A lot of people around Australia are struggling and, with Christmas around the corner, offering our customers this rate relief is the right thing to do,” said Mr Grimshaw. 

“One of the things that attracted me to BOQ was the focus on our customers; we really do care about our customers and this is a great example of BOQ showing we put our customers first. 

“And it’s what our own people want too.  Our staff are on the frontline dealing with our customers and they’re seeing first-hand the strain some people are under.  So passing on the full 25 basis point cut just makes sense.” 

BOQ will cut its standard variable home loan by 25 basis points as of 11 November, bringing its standard variable rate home loan to 7.61% p.a.