Bank of Queensland (BOQ) has become the first bank to cut its interest rates after the central bank cut the cash rate to 4.25 per cent.
BOQ said it would reduce the interest rate on its standard variable rate home loans by 25 basis points to 7.36 per cent.
Chief executive Stuart Grimshaw said passing on the full cut was the right thing to do by customers.
The Reserve Bank of Australia (RBA) cut the cash rate to 4.25 per cent from 4.5 per cent at its December board meeting.
It was the second consecutive month that that the RBA had cut the rate.
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