Bank of Queensland cuts fees, rates for business loans

Bank of Queensland has slashed 300 basis points off business loan interest rates for medical, dental and other professionals.

Bank Of Queensland has unveiled rate and fee reductions for business customers

Bank of Queensland outlined rate and fee reductions on Friday due to the COVID-19 pandemic, including slashing 300 basis points off business loan rates for medical, dental and other professionals.

The changes come eight days after the Reserve Bank’s emergency rate cut which was triggered by the coronavirus fallout, its second 25 basis point reduction this month. BoQ did not, though, lower standard variable rates on mortgages as part of its support measures.

The bank said outside of its specialist customers such as doctors, other small and medium businesses would see their loan rates cut by 200 basis points per annum. Other measures included rates on business term loans and overdraft interest rates being lowered by 25 basis points, and waiving monthly account fees for on business transactional bank accounts until August 31.

“As a bank we have a responsibility to maintain confidence in the economy and support our customers in any way we can,” said BoQ chief executive George Frazis.

BoQ is also giving business and home loan customers a loan repayment pause of up to six months if they are impacted by COVID-19 related closures.

BoQ also introduced new fixed rate mortgage loans and term deposit rates for six and nine months at 1.75 per cent.

Virgin Money Australia, part of BoQ’s stable, also announced fixed rate mortgage changes and variable rates starting from 2.74 per cent for owner occupiers paying principal and interest.