BOQ Passes on Full Rate cut to Variable Rate Home and Business Loan Customers
Following the Reserve Bank of Australia (RBA) board meeting on Tuesday 3 February, BOQ will pass on the full 25 basis point rate cut this month to its Standard Variable Rate Home Loan, Clear Path variable loans and variable Business Term Loan customers.
CEO and Managing Director Jon Sutton said there was strong competition for customers and this was keeping rates very low.
“This latest rate cut should see a number of variable home loan products drop below 5%, which is great for home owners,” Mr Sutton said.
“This latest cut brings our Clear Path variable home loan product to a very sharp 4.62%.
“It’s not just the variable customers enjoying low rates; many customers are taking the opportunity to lock in a low fixed rate.
“Our one, two, three and four year fixed rates are all sharper than the Big 4, so it’s a great time for consumers to shop around,” he said.
Mr Sutton also said he hoped the rate cut would assist BOQ’s business loan customers.
“Small businesses and service are the engine room for Australia’s growth and this latest cut should bring welcome relief – not just through cheaper lending but also through demand from customers with a bit more money in their pocket each month,” he said.
The rate cut brings Clear Path’s variable home loan rate down to 4.62% and Clear Path Line of Credit variable rate to 4.82%. BOQ’s Standard Variable Rate Home Loan will move down to 5.76% and BOQ’s variable rate on Business Term Loans with residential security to 7.25%.
The new rates will be effective 24 February 2015.