BOQ Passes on full Rate cut to Variable Rate Home and Business Loan Customers
Following today’s Reserve Bank of Australia (RBA) board meeting, BOQ will pass on the full 25 basis point rate cut this month to its Standard Variable Rate Home Loan customers and variable Business Term Loan customers.
CEO Stuart Grimshaw said making an immediate decision on BOQ’s variable rate for Business Term Loans was particularly important in the current environment.
“Even with interest rates at historic lows there are sluggish areas in our economy, with small business still waiting for the economy to turn around,” Mr Grimshaw said.
“Rate cuts aren’t a silver bullet in isolation, but they contribute to increasing confidence and a quick decision from us is just one way we can help provide some certainty to our customers,” he said.
The 25 bps rate cut brings BOQ’s Standard Variable Rate Home Loan to 6.01% p.a. and BOQ’s variable rate on Business Term Loans with residential security to 7.50% p.a. both effective 27 August 2013.