BOQ Announces Assistance for Customers
Friday, 27 March 2020
The BOQ Group today announced a range of measures to support new and existing customers through the COVID-19 crisis.
BOQ is committed to continuing to support customers during these uncertain times and has announced a number of interest rate changes and assistance packages for both small business and personal customers.
BOQ Managing Director and CEO, George Frazis, said: “As a bank we have a responsibility to maintain confidence in the economy and support our customers in any way we can. During these incredibly challenging times, we understand how important it is for our customers to be able to manage their household budgets and help family businesses to conserve their cash flow.
“BOQ is open for business. Our branches, contact centres and relationship bankers are all ready and available to support our customers.”
BOQ’s Support for Small Business Customers:
- In line with the Government’s SME response, access to an unsecured overdraft of up to $250,000 (for eligible customers) with no repayments for 6 months and the following interest rate reductions (effective 3 April 2020):
- BOQ Specialist customer’s rate reduced by 3% per annum (p.a.)
- All other SME customer’s rate reduced by 2% p.a.
- BOQ Business Term Loans and Business Overdrafts interest rates cut by 0.25% p.a. (effective 3 April 2020).
- Waiving monthly account maintenance fees for 6 months on business transactional bank accounts (until 31 August 2020).
- Customers can apply for merchant terminal fees to be waived for 3 months.
- Bonus interest spending criteria for BOQ’s Business Performance Saver Accounts paused (March 2020 - August 2020).
BOQ’s Support for Personal Customers:
- 2 year Fixed interest rate of 2.29% p.a. for new Owner Occupier customers (P&I) (effective 3 April 2020).
- 3 year Fixed interest rate of 2.35% p.a. for new Owner Occupier customers (P&I) (effective 3 April 2020).
- Options for customers to manage their cash flow needs, including a range of products that offer interest only, offset and redraw facilities.
- Bonus interest spending criteria for Fast Track accounts paused (March 2020 - August 2020).
- Fast Track Starter Bonus Interest 3% p.a.
- Fast Track Saver Bonus Interest 2% p.a.
- New Term Deposit rates for 6 and 9 months at 1.75% p.a. (effective 25 March 2020).
- Temporarily pause Cash Management Account monthly fee (until 31 August 2020).
BOQ’s Banking Relief Packages:
BOQ has also made available two additional support packages:
- The Business Banking Relief Package offers small business customers a deferred repayment period of up to six months on small business loans.
- The Personal Banking Relief Package allows customers to either defer their mortgage repayments or switch to interest only repayments for an initial period of three months. At the end of this period, BOQ will work with these customers to assess if further assistance is required.
BOQ customers wanting to apply for BOQ’s Banking Relief Package should apply online at: https://www.boq.com.au/help-and-support/assistance or call 1800 079 866 and are effective immediately.