QBANK response to RBA rate cut

Last week, the Reserve Bank of Australia further lowered the Official Cash Rate to 0.25 percent.

QBANK’s response to this is not taken lightly and, as always, we seek to balance the needs of borrowers and the large number of our members who hold savings and term deposit accounts with us (many of whom rely on the interest they earn to help fund their living costs).

Earlier this month QBANK announced a 0.18 percent per annum rate reduction of our Variable Home loan products. In response to recent market changes and challenges our members are facing, we have made the decision to make the additional changes:

  • Variable rates for Owner Occupier and Investor Home Loans will be unchanged;
  • A reduction of 0.50% per annum to our Owner Occupier and Investor Fixed Rate Home Loans;
  • A reduction of 0.20% per annum to our First Home Buyers 95% LVR + LMI Fixed Rate Home loan;
  • A 0.50% per annum reduction to Car Loans approved after 27 March 2020.

All interest rate changes will be in effect from Friday 27 March 2020.

COVID-19. We are here for you.

QBANK is here to help any member who is experiencing financial anxiety or difficulty as a result of the spread of COVID-19, including those impacted by loss of income. To find out more visit our COVID-19 Support page.

QBANK has taken a considered approach to further provisions for our members’ financial needs and the Australian economy.

CEO, Mike Currie stated “As a customer-owned bank, we will continue to support our members in these unprecedented times.

“Our members are facing even greater challenges than usual in their line of work, whether they are the family member or an employee of Queensland Police, Queensland Health and the other first responder services.

“We will continue to be here to serve those that serve our state.

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