Bank of Queensland Cuts rates by 10bps

Posted on April 14, 2009, 7:56 am, by admin, under Mortgage News.

BANK of Queensland has cut its standard variable rate on mortgages by 10 basis points, in line with other banks.

BoQ said its new standard variable rate on home loans would drop to 5.89 per cent from April 24.

But the bank was silent on interest rates applying to business loans, credit cards and other loan products.

BoQ’s move follows the RBA’s 25 basis point cash rate cut last Tuesday.

Since then five other banks have passed on just 10 basis points of the total rate cut.
National Australia Bank and Bendigo Bank both declined to pass on any portion of the rate cut, citing high wholesale funding costs.

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