QPCU passes on full RBA rate cut – again!

Unlike most of the banks, QPCU will pass on the full RBA rate cut of 0.25%. This is similar to the last RBA change, where QPCU also passed on the full cut, while most of the banks did not.

QPCU’s CEO Grant Devine said, “I’m really pleased that we have been able to pass on the full rate cut to our home loan borrowers. This is in spite of continuing pressure on funding costs, which all financial institutions are impacted by”.

“The difference is that we’re owned by our members, not external shareholders. This means that we make our decisions in the interests of our members and this includes offering the best interest rates we can, for both lenders and depositors”, said Grant.

As a result of the decrease, the standard variable home loan interest rate will now be a very competitive 6.14%. While the popular Classic Plus home loan interest rate will drop to an attractive 5.54% p.a. (for loans of $250,000 and over).

This rate change is effective 12 December 2012 and applies to all variable home loan products.