While the RBA’s monetary policy has been to keep the cash rate low, the central bank is now raising rates to combat rising inflation.
When the RBA lifts rates, the amount it costs BOQ to acquire the funds we lend to our customers also increases. This increased cost needs to be factored into the interest rates we charge and, sometimes, this will result in an increase to our interest rates for home and business lending customers.
BOQ regularly reviews interest rates to ensure they balance the needs of savers and borrowers and are competitive in the market.