BOQ Group announces assistance for clients

Friday, 27 March 2020

The BOQ Group today announced a range of measures to support new and existing customers through the COVID-19 crisis.

BOQ is committed to continuing to support customers during these uncertain times and has announced a number of interest rate changes and assistance packages for both small business and personal customers.

BOQ Managing Director and CEO, George Frazis, said: “As a bank we have a responsibility to maintain confidence in the economy and support our customers in any way we can. During these incredibly challenging times, we understand how important it is for our customers to be able to manage their household budgets and help family businesses to conserve their cash flow.

“BOQ is open for business. Our branches, contact centres and relationship bankers are all ready and available to support our customers.”

BOQ’s Support for Small Business Customers:

In line with the Government’s SME response, access to an unsecured overdraft of up to $250,000 (for eligible customers) with no repayments for 6 months and the following interest rate reductions (effective 3 April 2020):

BOQ Specialist customer’s rate reduced by 3% per annum (p.a.)

All other SME customer’s rate reduced by 2% p.a.

BOQ Business Term Loans and Business Overdrafts interest rates cut by 0.25% p.a. (effective 3 April 2020).

Waiving monthly account maintenance fees for 6 months on business transactional bank accounts (until 31 August 2020).

Customers can apply for merchant terminal fees to be waived for 3 months.

Bonus interest spending criteria for BOQ’s Business Performance Saver Accounts paused (March 2020 - August 2020).

BOQ’s Support for Personal Customers:

2 year Fixed interest rate of 2.29% p.a. for Owner Occupiers (P&I) (effective 3 April 2020).

3 year Fixed interest rate of 2.35% p.a. for Owner Occupiers (P&I) (effective 3 April 2020).

Options for customers to manage their cash flow needs, including a range of products that offer interest only, offset and redraw facilities.

Bonus interest spending criteria for Fast Track accounts paused (March 2020 - August 2020).

Fast Track Starter Bonus Interest 3% p.a.

Fast Track Saver Bonus Interest 2% p.a.

New Term Deposit rates for 6 and 9 months at 1.75% p.a. (effective 25 March 2020).

Temporarily pause Cash Management Account monthly fee (until 31 August 2020).

BOQ’s Banking Relief Packages:

BOQ has also made available two additional support packages:

The Business Banking Relief Package offers small business customers a deferred repayment period of up to six months on small business loans.

The Personal Banking Relief Package allows customers to either defer their mortgage repayments or switch to interest only repayments for an initial period of three months. At the end of this period, BOQ will work with these customers to assess if further assistance is required.

BOQ customers wanting to apply for BOQ’s Banking Relief Package should apply online at: https://www.boq.com.au/help-and-support/assistance or call 1800 079 866 and are effective immediately.

The BOQ Group today announced a number of support measures for both small business and retail customers across its brands.

BOQ is committed to supporting its customers during this difficult time and has announced the following assistance packages for both small business and retail lending customers.

Business Banking Relief Package:

As part of the Australian Banking Association’s (ABA) recently announced industry-wide small business response, BOQ has a new Business Banking Relief Package available to small business customers. This package offers small business customers a deferred repayment period of up to six months on small business loans.

Personal Banking Relief Package:

To help support everyday Australians also experiencing difficulty in the current environment, BOQ’s retail customers can opt to either defer their mortgage repayments or switch to Interest Only repayments for an initial period of three months. At the end of this period, BOQ will work with these customers to assess if further assistance is required. 

BOQ customers wanting to apply for one of BOQ’s Banking Relief Packages should apply online at: https://www.boq.com.au/help-and-support/assistance or call 1800 079 866.

Dear Valued Customer,

I want to assure you personally that we are here for you, and will do everything we can to support your banking needs, particularly during these uncertain times.

We are open for business.

We will continue to help you save, to manage your family budget and to purchase your home. We also understand the heightened importance of helping your family business manage cash flow and grow.

For Personal Banking Customers

We understand the importance of having access to your money.  Your deposits are safe and accessible at BOQ.  Our branches are open for business, and our bankers are there to help you.  We understand that you may need more support during this time, so we are working to put on more bankers to ensure we are able to serve your needs in branches and via the phone.

For Business Banking Customers

For business and self-employed customers, our relationship bankers are ready and available to assist you.  We understand the importance of helping you manage cash flow through these challenging times.

For our small business customers, if your business has been impacted by the COVID-19 situation, we are able to defer loan repayments for up to six months.

Please get in contact with your relationship banker who has the authority to customise our help for you.

Hardship Assistance for all customers

We have put in numerous measures to help support our customers who are facing financial hardship due to COVID-19, through our Fast Track Hardship Assistance. Whether you are a personal or business customer, BOQ is offering urgent access to a range of financial relief measures. Here are just some of the ways we can help:

the ability to defer mortgage and/or loan repayments

the option to make Interest Only repayments

special arrangements in relation to arrears

early access to Term Deposit funds with waiver of redemption fee or

waiver of other fees and charges related to non-payment.

BOQ is in a strong financial and risk position and well equipped to support our customers during this time.  We have been helping our customers with empathy for 145 years.  These current circumstances have made us even more focused on being there for you, our valued customer.

For more information on how we can help, I encourage you to reach out via the contact details listed here.

Take care

George Frazis

Managing Director and CEO

BOQ Group