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BOQ cuts rates by 0.2 per cent

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AAP

2012-12-04

Bank of Queensland (BOQ) has cut its variable interest rates by 0.2 percentage points, less than the central bank's rate cut.

BOQ will cut its standard variable home loan rate to 6.51 per cent from December 21, chief executive Stuart Grimshaw said on Tuesday.

The Reserve Bank of Australia cut its cash rate by 0.25 percentage points to 3.00 per cent on Tuesday.

Mr Grimshaw said the bank was conscious of the pressures facing all customers at this time of year.

A 0.2 percentage point cut would strike a fair balance between home loan customers and deposit holders, he said.

None of the four major banks are yet to move their variable mortgage rates.

ANZ will hold its monthly rate review meeting on December 14.