BOQ Interest Rate Decision
Thursday 5 May 2022
BOQ today confirmed changes to interest rates for home loan customers following the Reserve Bank of Australia’s (RBA) decision to lift the cash rate by 0.25%.
From 13 May, BOQ will lift variable home loan interest rates by 0.25% per annum.
In making this decision, we carefully considered our customers, our business and the broader economic environment.
“With rates at historic lows, we know that many of our customers have been preparing for the changing environment and are on average 15 months ahead on their loan repayments,” said Group Executive, Retail Banking, Martine Jager.
“We also understand that any change to a household budget can be difficult and given it has been almost 12 years since rates have increased and many of our customers have never experienced a rate rise, we are committed to supporting our customers through this change.
“If customers are having trouble making loan repayments, we encourage them to contact our Customer Assistance Team so we can tailor a financial solution that’s right for them,” said Ms Jager.
For our existing home loan customers currently on a fixed rate, loan repayment amounts will not change for the duration of the fixed period of the loan.
BOQ has advice and resources available to help customers with their interest rate change, including financial hardship assistance, if required.