Login
ISCOVER
BOQ has announced that it will be increasing interest rates across its variable home loans and lines of credit for owner-occupiers and investors.
The non-major’s variable home loan rate for owner-occupiers (principal and interest repayments) will increase by 0.09 of a percentage point per annum.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
Variable home loan rate for owner-occupiers (interest-only repayments) will increase by 0.15 of a percentage point per annum.
Variable home loan rate for investors (principal and interest and interest-only repayments) will increase by 0.15 of a percentage point per annum, and owner-occupier and investor lines of credit will increase by 0.10 of a percentage point per annum.
Anthony Rose, acting group executive, retail banking, said that the decision is largely due to the increased cost of funding.
“Funding costs have significantly risen since February this year and have primarily been driven by an increase in 30 and 90-day BBSW rates, along with elevated competition for term deposits.
“While the bank has absorbed these costs for some time, the changes announced today will help to offset the ongoing impact of the increased funding costs.
“These decisions are always difficult and BOQ balances the needs of our borrowers and depositors when making changes.”
The interest rate changes are effective beginning Monday, 2 July 2018.
