Bank of Queensland (BOQ) Group announced on Thursday that it would be reducing a number of fixed-rate home loan interest rates, across its brands, namely BOQ, Virgin Money and BOQ Specialist (BOQS).
The disclosure stated that at BOQ and Virgin Money, the two-year fixed rate special for owner-occupiers paying principal and interest would be cut to 3.44% — marking a 15 basis point (bps) decrease for BOQ and a 31 bps decrease for VMA. In addition, the three-year fixed rate special for owner-occupiers paying principal and interest will be cut to 3.39% p.a. This corresponds to a 30 bps decrease for both BOQ and VMA.
The rates will apply to new borrowings of $150,000 for BOQ home loans and $300,000 for Virgin Money home loans. Special rates are also offered to investors.
BOQS is also cutting one-, two-, three- and five-year fixed rates for owner-occupiers paying principal and interest on new borrowings of $500,000 or more.
“Our fixed rates are some of the most competitive in the market right now and a great option for people looking to lock in some certainty. The BOQ Group has a range of fixed rate home loan options designed to appeal to a broad range of customers, through our BOQ, Virgin Money or BOQ Specialist home loans,” said Lyn McGrath, group executive of retail banking. “We want to partner with customers to realise their home ownership dreams – whether that’s purchasing their first home, or expanding their property portfolio.”
The changes will apply to a range of owner-occupier and investor home loans of varying terms and will take effect starting today.
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