QBANK announces changes to interest rates

Following the decision by the Reserve Bank to reduce the official cash rate, QBANK will reduce interest rates on its variable rate home loan products for owner occupiers and investors by 0.15% per annum. Mortgage secured overdraft rates will also be reduced by 0.15% per annum.

The home loan rate changes will be effective from 25 October 2019, while the mortgage secured overdraft rate reduction will be effective from 1 November 2019.

QBANK will also be reducing interest rates on a range of deposit products, effective from 25 October 2019.

Mike Currie, QBANK CEO, said as a member owned bank, we strive to balance the needs of borrowers and deposit holders to ensure that we remain competitive in the market and that QBANK remains a healthy business into the future.

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