BOQ Home Loan Interest Rate Changes
BOQ today announced it will increase interest rates across its range of interest only Home Loans and Lines of Credit by 40 basis points.
In addition, the bank announced it will also reduce interest rates for customers paying principal and interest across its Economy Variable Housing Rate and Economy Variable Investment Housing Rate by 10 basis points.
Jason Stephens, General Manager, BOQ Retail Banking Branch Network said shifting market conditions resulting from new regulatory requirements was the driver behind the rate increase.
“BOQ is committed to meeting our regulatory requirements. Today’s decision to increase rates for customers paying interest only reflects ever-changing market conditions in light of recent regulatory changes, which are designed to help manage the level and growth of interest only home loans in Australia and help boost the sustainability of our home loan market."
For variable rate home loan customers looking to switch from interest only to principal and interest, BOQ will waive the switching fee associated with this change until 30 September 2017.
All rate changes will be effective from Tuesday, 8 August 2017.