Bank of Queensland Cuts Rates For Business Loans By 50bp

Friday, 24 October, 2008

Bank of Queensland has cut interest rates on its small to medium sized business lending products by up to 50 basis points.

"We are keeping a close watch on the volatile international credit markets, with an eye to passing on further relief to both business and retail customers where our overall funding cost permits,'' group executive of business financial services David Marshall said.

The changes come in on October 29, when the bank will reduce rates on its business loans and business lines of credit by 50 basis points and on its business overdrafts and debtor finance by 40 basis points.

Bank of Queensland will also reduce its variable rate home loans by a further 21 basis points on October 31.

This is on top of an initial 80 point reduction announced after the Reserve Bank of Australia cut official rates by one per cent on October 7.

Source : http://www.news.com.au/