BOQ Passes on Full 25 Basis Point cut

Tuesday, 06/12/2011

BOQ has announced today it will again pass on the full 25 basis point cut announced by the RBA at today’s meeting to its standard variable rate home loan for personal customers and its variable business loans for SME customers. 

BOQ Chief Executive Officer and Managing Director Stuart Grimshaw said that, with Christmas just weeks away, giving customers this additional relief just made sense. 

“Passing on the full 25 basis point cut was the right thing to do last month and it’s the right thing to do this month,” said Mr Grimshaw. 

“Our cost of funds do continue to increase so pricing remains a balancing act of shareholder and customer interests, but with Christmas less than three weeks away, we know our customers will appreciate the extra dollars in their wallet as they head in to Christmas celebrations and family holidays.  

“And it’s not just our personal customers we’re looking after.  We know that many small businesses could also use a helping hand this time of year and we’re passing the full 25 basis point cut through to our business variable loans too.    

“BOQ has a great reputation for having a genuine focus on customers and as new CEO I want to reinforce the point that this reputation is deserved; we really do care about putting our customers first.  

“And it’s also the right thing to do by our staff, who are dealing with customers every day and who will appreciate the opportunity to spread this extra bit of Christmas cheer!” 

BOQ will cut its standard variable home loan by 25 basis points as of 16 December, bringing its standard variable rate home loan to 7.36% p.a.