RBA on Hold, BOQ Drops Rates
Despite the Reserve Bank of Australia leaving official interest rates on hold today, BOQ has announced cuts to its 3 and 5 year fixed rate home loans.
CEO and Managing Director Jon Sutton said long-term swap rates that drive funding for fixed rate lending had improved, allowing BOQ to cut its fixed rate home loans.
“It’s a very competitive market at the moment which makes it a great time for consumers to shop around to get better deals and better service,” he said.
“There are some very sharp fixed rate home loans in the market which will be enticing for customers that want the certainty of knowing what their mortgage repayments will be over the next few years.
“BOQ offers the standard products and services of the big banks, but our smaller size allows us to be more nimble and responsive which drives our superior customer service.
“Our exceptional service combined with our very competitive rates help us deliver a more rewarding banking experience for our customers.”
The following reduced fixed home loan rates are effective from 5 March 2015:
|Home loan product||Reduction||Rate|
|3 year fixed||20 basis points||4.29%|
|5 year fixed||10 basis points||4.59%|
This joins our suite of other fixed rate home loans with rates as follows:
|Home loan product||Rate|
|1 year fixed||4.65%|
|2 year fixed||4.59%|
|4 year fixed||4.59%|