BOQ responds to August RBA decision
Thursday 4 August 2022
Following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.50%, BOQ has today announced interest rate changes for variable home loan customers. From 9 August, BOQ will lift variable home loan interest rates by 0.50% per annum (p.a.) for new and existing customers.
Support available for Customers
BOQ has a range of online resources available including home loan calculators and for customers experiencing financial difficulty, they are encouraged to contact the dedicated Customer Assistance team.
For existing home loan customers on a variable rate, BOQ will inform customers of their new monthly repayment amount.
Customers are encouraged to visit any BOQ branch or call 1300 55 72 72 if they require further assistance or clarification regarding today's announcement.
How to recalculate your budget when rates rise
Household budgets are an excellent tool if kept up to date, so when home loan rates rise, it’s vital customers set aside some time to check in with their budget. Outlined below are key steps to help manage rising rates and control finances.
- Create a budget.
- Save on power: Power prices are also on the rise, so it's worthwhile shopping around for a better deal.
- Rethink your grocery shopping: By simply changing where you shop you can save yourself a whole lot of money.
- Beware of auto-renewals: To ensure you’re getting value out of your insurance plan, it’s important to shop around.
- Review your subscriptions.
To read the full article, click here.
Interest rates from 9 August are subject to change. Terms, conditions, fees and charges apply. This is general information only and you should consider if these products are appropriate for you.