BOQ responds to June 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 16 June, 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 ongoing challenges this environment has presented to household budgets.
• To help customers build up their savings, BOQ is lifting the rates on its range of myBOQ high interest savings accounts from 16 June. This includes a new rate of 5.50% p.a. for the Future Saver account and 5.10% p.a. for the Smart Saver account. ¹
• This month, BOQ launched a new financial fitness campaign 'Goal Getter’ with brand ambassador and gold medallist Ariarne Titmus which teaches participants how to go from goal setter to goal getter in six weeks. For more information, visit www.boq.com.au/goal-getter.

Support available for customers

With the cash rate increasing again, there may be some customers concerned about their financial position or experiencing financial difficulty. These customers are encouraged to contact BOQ’s dedicated Customer Assistance team as soon as possible so we can talk through options that are right for you.

We have been contacting customers on fixed rates that expire in the next 12 months to ensure they are prepared.

BOQ also has a range of online resources available including home loan calculators. 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.

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Legal notes:

¹ The Future Saver account is available for customers aged 14 to 35. The Smart Saver account is available for customers aged 36 and over. Rates inclusive of base and bonus variable interest rates. Interest is calculated on a stepped basis with different rates of interest applied to different parts of the account balance. Eligibility criteria includes depositing $1,000 into the linked Everyday account + 5 or more eligible transactions for both products. Click here for more details.

Interest rates from 16 June 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.