BOQ Reduces Interest Rates for Home Lending and Small Business Customers

Tuesday, 10 November 2020

Bank of Queensland (BOQ) today announced reductions to a range of home lending and business lending interest rates. 

The Bank’s Chief Product Officer, Mr Chris Screen, said: “As the Australian economy recovers, BOQ is here to help our customers re-focus on their goals. Whether they’re looking to buy their first home, buy their next home or grow their business, we’ve got some great solutions available and a dedicated team of bankers ready to lend a hand.” 

BOQ is reducing fixed rates on new owner occupier principal and interest lending, effective Friday, 13 November 2020:

  • 1 year fixed rate will reduce to 2.19 per cent, per annum;

  • 2 year, 3 year and 5 year fixed rates will reduce to 2.09 per cent, per annum;

  • 4 year fixed rate will reduce to 1.99 per cent, per annum

The Bank also announced the extension of its $3,000 cash back offer. Eligible owner occupiers or investors can claim this offer when they refinance at least $250,000 with BOQ (LVR up to 80 per cent and applications submitted by Saturday, 19 December 2020 with settlement by Sunday, 28 February 2021). 

BOQ is helping to support Australian businesses through its participation in Phase 2 of the Federal Government’s SME Guarantee Scheme. From Wednesday, 11 November 2020, customers who are eligible for this Scheme will be able to access a new BOQ Business Term Loan of up to $1 million at fixed rates starting from 2.69 per cent, per annum (for a 3 to 5 year term), and variable rates starting from 3.09 per cent, per annum (for secured lending). 

“Customers can use our SME Guarantee Scheme Business Term Loans for a range of purposes, from working capital, to investing in their business or buying commercial property,” said Mr Screen. “We’re also offering the flexibility to choose between a fixed or variable rate, depending on the level of certainty a customer wants.” 

BOQ is also offering discounted Business Overdraft facilities (secured and unsecured) for eligible customers as part of its SME Guarantee Scheme proposition.