Following today’s Reserve Bank of Australia (RBA) meeting, the Bank of Queensland has announced it will pass on a 20 bps rate cut.
CEO Stuart Grimshaw said the 20 bps rate cut brings BOQ’s standard variable rate home loan to 6.51% p.a. effective from Friday, 21 December 2012.
For the past year BOQ has consistently announced its rate change on the same day as the RBA meeting.
“This decision has provided a level of continuity and certainty for our customers and I believe they have appreciated it,” he said.
Mr Grimshaw said BOQ was conscious of the pressures facing all customers at this time of year, including those with home loans and those with deposits, and believed the 20 bps cut would strike a fair balance between the two.