BOQ Cuts Standard Variable Rate by 20bps

Tuesday, 05/06/2012

BOQ has today announced it will reduce its standard variable home loan rate and its variable business loan rates by 20 basis points. 

BOQ Chief Executive Officer and Managing Director Stuart Grimshaw said continued global economic uncertainty had influenced BOQ’s decision to pass on 20 of the 25 bps point cut. 

“Volatility in overseas markets continues to push up the cost of funds and demand for deposits in Australia. 

“Competition for deposits is at an all time high, but the RBA is trying to encourage consumers to spend, so we’re pleased to assist by passing on a 20 basis point cut today.” 

BOQ will cut its standard variable rate by 20 basis points as of 15 June 2012, bringing its standard variable rate home loan to 6.91% p.a.