BOQ Announces 0.1% Increase to Standard Variable Rate
BOQ has announced an increase of 0.1% on its standard variable home loan rate.
BOQ Chief Executive Officer and Managing Director Stuart Grimshaw said BOQ had held rates for as long as it could in the interest of customers, but the increase today was necessary.
"Competition is fierce for local deposits and to remain competitive BOQ needs to provide strong rate returns on our term deposits.
"BOQ has covered the higher cost of funding for a number of months to provide our lending customers with certainty, and it is disappointing that we’re unable to continue on that course.
"This decision has not been made lightly and as always, we will be doing our best to support our customers in whatever way we can," he said.
The increase of 0.1% will be effective from Friday 16 March 2012, bringing BOQ’s standard variable home loan rate to 7.46% p.a.