Bank of Queensland cuts standard variable home loan rate by 0.25%

The Bank of Queensland has cut its standard variable home loan rate by 0.25% to 6.26% per annum, effective May 24.

“Regional banks have not benefited from easing funding costs to anywhere near the same extent as the major banks due to a range of factors, particularly different wholesale funding mixes,” says chief executive Stuart Grimshaw.

“At BOQ we rely heavily on the retail market for funding and competition for consumer deposits remains.

“This makes it a great time for savers and we’re proud to continue offering very competitive deposit rates.”