BOQ has open the door for a full round of out-of-cycle rate hikes as the bank lifted its variable home loan rate and line of credit for both investors and owner-occupier loans.
Blaming rising funding costs, BOQ will raise both credit structures by 15 basis points effective July 2nd.
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With the RBA standing firm on rates until at least Q3 2019, we don’t expect BOQ to be the only bank to snug rates higher on an out-of-cycle basis.
Our ALGO engine triggered a sell signal on BOQ on June 21st at $10.50. We maintain our negative outlook on the stock with a medium-term target near $9.40.
Bank of Queensland
