QBANK announces changes to interest rates.

QBANK has today announced it will increase interest rates on all variable rate home loans and overdrafts.

The changes will see variable rate home loan products for owner occupiers increase by 0.06 per cent per annum and for investors by 0.16 per cent per annum. Overdrafts will increase by 0.06 per cent per annum.

QBANK CEO, Mike Currie said the decision to increase rates wasn’t taken lightly and was in response to the increasing cost of funding and our increased investment in member products and services.

“Being a member-owned organisation, we have a responsibility to our members to balance the needs of borrowers, depositors and the sustainability of the business so that we can continue to provide all members with competitive products and services.”

 “Funding costs have risen this financial year with the benchmark 3-month bank bill swap rate and the bank’s credit spread having increased. This results in higher costs for our wholesale funding, as well as our retail funding, such as term deposits.”

 “We are working continuously to ensure members have the best possible experience while we look after their financial wellbeing. Recently, we have made significant changes to our digital service offerings with the introduction of PayID and real-time payments via the New Payments Platform. Further improvements will be coming soon including the introduction of mobile wallets including Apple pay and Android pay.”

“Although rates have increased, QBANK's home loan products remain very competitive against other lenders in the market. QBANK also offers some of the most attractive term deposit rates in the market.”

The new home loan rates will be effective from 23 May 2018 with overdraft rates effective on 1 June 2018.

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