Official RBA Interest rate reduction
Following the Reserve Bank of Australia’s decision to reduce official interest rates by 0.25% p.a. on Tuesday 3 February, Queenslanders has reviewed the interest rate offered on our full range of products. The following changes will take effect from 24 February 2015:
- The interest rate on all variable home loans will reduce by 0.25% p.a.
- The interest rate on the GoSaver Account (S30) will reduce by 0.25% p.a.
- The interest rates on most balance ranges offered on the MoneyMaker Account (S5) will reduce by 0.25%p.a., with the revised rates as follows:
| Balance | Interest Rate |
| Balance $100,000 plus | 2.60% p.a. |
| Balance $50,000 – $99,999 | 1.85% p.a. |
| Balance $20,000 – $19,999 | 1.35% p.a. |
| Balance $5,000 – $19,999 | 0.20% p.a. |
| Balance $0 – $4,999 | 0.00% p.a. |
In addition to these changes, the Department of Human Services recently reviewed official deeming rates. While interest rates remained unchanged, the balance ranges to which each interest rate applies were varied. As a result, Queenslanders will amend the interest rates on our Pensioner Account. This change will also be effective from 24 February, with the new applicable rates as follows:
| Balance | Interest Rate |
| Balance $48,000 plus | 3.50% p.a. |
| Balance $0 – $48,000 | 2.00% p.a. |
As always, if you have any questions about this or any other aspect if your banking, please contact a member of our customer service team on 1800 753 377.
