Broker News

Non-major raises interest rates

BOQ has increased interest rates on the majority of its variable home loan products by 0.15%.

The increase will see BOQ's Clear Path variable rate home loan lift to 4.47% for owner-occupiers and 4.94% for investors, while the Standard Variable home loan rate will rise to 5.61% for owner-occupiers and 6.08% for investors, effective 6 January 2017.

In addition, the Clear Path Line of Credit loan will increase to 4.80% for owner-occupiers and 5.14% for investors, with the Line of Credit loan up to 6.59% for owner-occupiers and 6.88% for investors.

The lender’s Economy Home Loan rates for owner-occupiers and investors remain unchanged.

“We will continue to monitor our portfolio and pricing to ensure we get the balance right between growth and profitability,” says BOQ CEO Jon Sutton.

“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.”

 

Published on: Wednesday, December 21, 2016

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