BOQ today announced it will increase interest rates to most variable home loan products by 0.15% per annum.
The increase will see the Bank’s Clear Path variable rate home loan lift to 4.47% per annum for owner-occupiers and 4.94% per annum for investors. The Standard Variable rate home loan will move to 5.61% per annum for owner-occupiers and 6.08% per annum for investors.
BOQ’s Economy Home Loan rates for owner-occupiers and investors remain unchanged.
BOQ CEO Jon Sutton said the carefully considered rate changes will balance the needs of all stakeholders, including borrowers, savers and investors.
“We will continue to monitor our portfolio and pricing to ensure we get the balance right between growth and profitability,” Mr Sutton said.
“The current low rate environment brings its challenges for all lenders, particularly those with a high proportion of funding through term deposits, which remain at expensive levels.”
The new rates will be effective from 6 January 2017.
