Bank of Queensland raises mortgage rates

The Bank of Queensland (BOQ) has increased the interest rates attached to its home loans by ten basis points to 7.46 per cent.

On Tuesday (March 6th), the Reserve Bank of Australia opted not to lower the national cash rate, which has paved the way for the likes of the Bank of Queensland to introduce hikes.

Bosses at the firm have insisted that the move was unavoidable, as the cost of lending has risen sharply in recent months.

However, the news is another blow to the people of Queensland, who according to a recent study by Australians for Affordable Housing, are under significant financial stress at the moment.

Indeed, Courier-Mail reported that the research had indicated that double the number of home loan customers are facing financial difficulties in the state compared with the national average.

Regardless of this, chief executive officer at BOQ Stuart Grimshaw said that the bank has "covered the higher cost of funding for a number of months to provide our lending customers with certainty, and it is disappointing that we're unable to continue on that course".

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