The Bank of Queensland (BoQ) has pushed through with a rate cut for its three-year and five-year fixed rate home loans despite the Reserve Bank of Australia’s (RBA) decision to keep the cash rate at 2.25%.
Chief executive and managing director Jon Sutton is confident that improvements have occurred after the long-term swap rates boosted funding for fixed rate lending. This optimism has driven BoQ’s new cut rate.
“It’s a very competitive market at the moment which makes it a great time for consumers to shop around to get better deals and better service,” he said.
“There are some very sharp fixed rate home loans in the market which will be enticing for customers that want the certainty of knowing what their mortgage repayments will be over the next few years.”
Effective 5 March, the following products will have reduced rates:
Home loan product | Reduction | Rate |
3-year-fixed | 20 basis points | 4.29% |
5-year-fixed | 10 basis points | 4.59% |
Collections: Mortgage News
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