Bank of Queensland has reduced its variable home loan rate following the RBA's decision to cut the official cash rate by 25 basis points.
BOQ CEO and managing director, Jon Sutton said the decision to cut rates came after careful consideration of a range of factors, including BOQ’s position in a highly competitive market.
“While funding markets remain volatile, we have made the decision to lower our rates to ensure we maintain the right balance between growth, risks and margins over the longer term while also considering the needs of our customers,” he said.
Variable home loans for owner occupier and investor customers will be cut by 25 basis points.
With a new carded rate of just 4.47 per cent, BOQ said its lead product Clear Path will remain one of the most competitively priced variable mortgages for owner occupiers on the market.
The new variable rates will be effective 18 May 2016.