BOQ responds to February RBA decision

BOQ has today announced interest rate changes for variable home loan customers, following the Reserve Bank of Australia’s (RBA) decision to raise the cash rate by 0.25%. 

For home loan customers 
  • From 10 February, BOQ will lift variable home loan interest rates by 0.25% per annum (p.a.) for new and existing customers.    
Responding to savings customers
  • BOQ understands the importance of ensuring customers feel rewarded and can access competitive rates in this environment.
  • For savings customers, BOQ regularly reviews rates on its range of high interest myBOQ accounts. For the latest savings account movements, click here.  
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. 

Tips to restructure your home loan to manage rising interest rates 
  1. Understand how rising interest rates will impact your budget: Whichever type of home loan you currently have, it’s helpful to prepare yourself for a range of scenarios. 
  2. Restructure your home loan repayments: You can do this a number of ways, like switching from monthly to fortnightly repayments, or only paying off your minimum monthly repayment. 
  3. Consider making more complex changes to your loan: Reduce your principal loan amount, extend your loan term, or switch to interest only repayments. 

To read the full article, click here.  


Legal notes:

Interest rates from 10 February 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.