QBANK announces changes to interest rates

QBANK, today announced that it will reduce variable home loan rates by 0.18% per annum.

Following the decision by the Reserve Bank of Australia (RBA) to reduce the official cash rate, QBANK will reduce interest rates on its variable rate home loan products for owner occupiers and investors by 0.18% per annum. Mortgage secured overdraft rates will also be reduced by 0.18% per annum.

The home loan rate changes will be effective from 27 March 2020, while the mortgage secured overdraft rate reduction will be effective from 1 April 2020.

QBANK will also be reducing interest rates on a range of savings products, effective from 27 March 2020.

CEO Mike Currie said QBANK’s decision reflects the need to balance the interests of both borrowers and depositors in a challenging financial landscape.

“A reduction in interest rates is good news for borrowers, but it also impacts depositors, some of whom rely on the interest they earn to fund their living costs.”

“A change to the RBA cash rate is not the only factor that determines a bank’s lending rates,” QBANK CEO, Mike Currie, said.

“As a member owned bank, we have a responsibility to balance the needs of borrowers and deposit holders with the sustainability of the business to ensure that we remain competitive in the market and that QBANK remains a healthy business into the future.”

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