BOQ Passes on 20 Basis Point Cut
BOQ has announced it will pass on a 20 bps rate cut this month.
CEO Stuart Grimshaw said BOQ was pleased to pass on the 20 bps cut to customers and to do so without hesitation.
“Given the continuing pressure on the cost of funding a 20 bps reduction is the best balance between our customers and shareholders,” Mr Grimshaw said.
“We are also conscious of pressure facing all of our customers, including those with home loans and those with deposits, and believe the 20 bps cut also strikes a fair balance between the two.”
The 20 bps rate cut brings BOQ's standard variable rate home loan to 6.71% p.a. effective from Friday, 19 October 2012.