BOQ Cuts Standard Variable Rate by 35bps

Tuesday, 01/05/2012

BOQ has today announced it will reduce its standard variable home loan rate and its variable business loan rates by 35 basis points. 

BOQ Chief Executive Officer and Managing Director Stuart Grimshaw said continued economic uncertainty had influenced BOQ’s decision to hold back 15 basis points this month. 

“Increased competition in retail term deposits continues to put upward pressure on the Bank’s cost of funds." 

“When making decisions on rates we consider the needs of our customers and those of our shareholders. It is a difficult balancing act, but we believe passing on a 35 basis point cut is the responsible course of action this month.” he said. 

BOQ will cut its standard variable rate by 35 basis points as of 11 May 2012, bringing its standard variable rate home loan to 7.11% p.a.