The head of the Bank of Queensland (BOQ) has been confronted about why some customers haven't been given an interest rate cut. The Reserve Bank of Australia (RBA) announced the cut in February, which was the first slice of mortgage relief for homeowners since 2020 after 13 rate rises.

Dozens of banks wasted no time in passing on the 0.25 per cent cut to millions of Aussie homeowners, however, those who have a mortgage with Virgin Money or BOQ Specialist are yet to get any relief. They are two subsidiaries of BOQ and CEO Patrick Allaway has been quizzed over the hold-up.

A Current Affair's Maggie Raworth knocked on the door of his Sydney mansion to get some answers.

RELATED

• Cashless move from Bank of Queensland sparks boycott threats: 'Difficult decision'

• Older Aussie with $40 million fortune offers controversial coffee advice to young people: 'Out of touch'

• Centrelink cash boost to hit accounts this week: 'Critical'

Allaway said the bank had already communicated its rates message to Virgin Money and BOQ Specialist customers and wouldn't elaborate any further.

A spokesperson said the banks were already offered "historically lower than market rates", but they had to ensure that they earn "sustainable returns to access capital and serve customers into the future".

It's in stark contrast to customers of Bank of Queensland and ME Bank, another subsidiary of BOQ, who were given the rate cut last month.

Do you have a mortgage story? Email stew.perrie@yahooinc.com

Raworth pointed out to Allaway that he had a home loan with Westpac and if his mortgage was on a variable rate then he would have enjoyed a rate cut last month, unlike his Virgin Money or BOQ Specialist customers.

"That's not relevant," he replied.

Bank of Queensland is the country's eighth-largest lender, but BOQ Specialist has loans designed especially for doctors, dentists, veterinarians and accountants.

Virgin Money was bought by BOQ in 2013 for $40 million and has 150,000 customers spread out across the country.

But are the rates really that competitive?

BOQ Specialist rates aren't publicly available information, however Virgin Money's are.

According to the Courier Mail, a RateCity comparison found more than 95 per cent of 85 lenders had at least one variable home loan rate that was below Virgin Money’s best offer of 6.44 per cent.

Some were found to be as much as 0.6 percentage points cheaper.

A spokesperson reiterated to News Corp that Virgin Money offered rates that were "competitive and aligned with the market".