BoQ cuts variable rates by 0.35 per cent

Bank of Queensland – said last night that it will cut its variable home loan rate by 35 basis points to 7.11 per cent from May 11.

BOQ said in a statement that “increased competition in retail term deposits continues to put upward pressure on the bank’s cost of funds.”

ANZ's new policy is to announce rate changes on the second Friday of each month, which means any bank taking the view that it prefers to wait for ANZ's pricing will have to wait another nine days for that lead.

Source: Banking Day