BOQ Increases Interest Rates for Residentially Secured Investment Loans
BOQ today advised that the standard variable investment housing rate for residentially secured investment loans will increase by 0.29% from 10 August 2015.
Interest rates remain unchanged for Clear Path, fixed term products and other owner occupier home loans.
BOQ’s Group Executive for Retail Banking Matt Baxby said the changes balanced BOQ’s growth objectives with recent market developments and emerging regulatory requirements.
“We are adopting a prudent position that is aligned with the market and balances our own growth objectives with the risks associated with investor lending in general and the overall growth of investor lending in market as a whole,” he said.
“While we do have capacity to grow, we need do so in the right way and the changes announced today reflect that balance.
“As well as increasing the interest rate for residentially secured investment loans, we are also enhancing risk requirements across our various products. These measures include strengthening deposit requirements and tighter controls on variations to standard rates for residential investor lending.”