BOQ Cuts Home Loan Rates
BOQ today announced it will reduce variable and fixed lending rates for home owners while introducing competitive term deposit rates for savings customers.
Variable home loan rates for owner occupiers will reduce by 0.15% p.a. with rates for investors reducing by 0.10% p.a.
With a new carded rate of just 4.32%, BOQ’s Clear Path product will remain one of the most competitively priced variable mortgages for owner occupiers in the market.
For customers who want certainty about their monthly home loan repayments, BOQ today reduced its 3-year fixed rates for owner occupiers and investors to 3.59% and 3.79% respectively.
BOQ will also support savers by increasing the return on a range of term deposit products, effective 9 August 2016, some by as much as 0.60%. One year term deposit rates will increase to 3.05%, with two and three year rates lifting to 3.15% and 3.25% respectively.
CEO and Managing Director, Jon Sutton said the Group had carefully considered the needs of both borrowers and savers following the Reserve Bank’s announcement earlier this week.
“Even with interest rates at historic lows, we are mindful of the impact of any changes on our customers. Today’s decision takes our mortgage rates to new lows and provides our savings customers with some of the most competitive term deposit rates on the market today,” he said.
“While funding markets remain volatile, maintaining our competitiveness in the market and balancing the needs of our customers and shareholders remains our priority.”
The new variable rates will be effective 31 August 2016.
|Old Rate||New Rate||Change|
|Standard Variable – Owner occupied||5.61%||5.46%||-0.15%|
|Standard Variable – Investor||6.03%||5.93%||-0.10%|
|Clear Path Variable – Owner occupied||4.47%||4.32%||-0.15%|
|Clear Path Variable – Investor||4.89%||4.79%||-0.10%|
|Clear Path Fixed 3Yr – Owner occupied1||3.69%||3.59%||-0.10%|
|Clear Path Fixed 3Yr – Investor1||3.89%||3.79%||-0.10%|
|Term Deposit – 1 Year2||2.75%||3.05%||+0.30%|
|Term Deposit – 2 Year2||2.60%||3.15%||+0.55%|
|Term Deposit – 3 Year2||2.65%||3.25%||+0.60%|
1 Applies to new to bank lending greater than $150k with LVR of 80% or less
2 For amounts less than $250,000