Rates and fees verified as correct at 19 June, 2021. Other information correct at the time of writing. Advertiser disclosure.
BOQ’s fixed rate home loan allows you to choose from a range of fixed terms starting from 2 years up to a 5 year fixed period. You’ll be able to borrow up to 95% LVR with the principal and interest repayments. With BOQ’s fixed rate home loan, you’ll be able to make up to $5,000 p.a. in additional repayments, but you won’t have the luxury of a redraw facility. There is also a monthly account maintenance fee to consider.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 2.24% p.a. | 3.04% p.a. | $10.00 monthly | $450 | ||
| 1.94% p.a. | 2.97% p.a. | $10.00 monthly | $450 | ||
| 3.84% p.a. | 3.44% p.a. | $10.00 monthly | $450 | ||
| 3.64% p.a. | 3.39% p.a. | $10.00 monthly | $450 | ||
| 2.64% p.a. | 3.27% p.a. | $10.00 monthly | $450 | ||
| 2.44% p.a. | 3.22% p.a. | $10.00 monthly | $450 | ||
| 4.29% p.a. | 3.69% p.a. | $10.00 monthly | $450 | ||
| 4.04% p.a. | 3.63% p.a. | $10.00 monthly | $450 |
Bank of Queensland offers three variable rate home loans ranging from a no frills, basic home loan to a full featured home loan called Clear Path. Depending on which BOQ variable rate loan you pick, you could borrow up to 80%, 90% or 95% of your property's value. Because they all have a monthly account maintenance fee, it’s a good idea to take advantage of all the loan’s features such a split loan account, the ability to make unlimited additional repayments, and a redraw facility ($100 minimum). With the standard variable 2 year intro rate and Clear Path home loan options, you’ll get the extra benefit of a 100% mortgage offset facility which can help you to save on interest over the life of your loan.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.42% p.a.variable for 24 months and then 3.09% p.a. | 3.29% p.a. | $10.00 monthly | $150 | ||
| 2.99% p.a.variable for 24 months and then 3.09% p.a. | 3.22% p.a. | $10.00 monthly | $150 | ||
| 2.99% p.a.variable for 24 months and then 3.09% p.a. | 3.22% p.a. | $10.00 monthly | $150 | ||
| 2.79% p.a.variable for 24 months and then 3.09% p.a. | 3.18% p.a. | $10.00 monthly | $150 | ||
| 4.38% p.a. | 3.76% p.a. | $10.00 monthly | $150 | ||
| 3.99% p.a. | 4.13% p.a. | $10.00 monthly | $150 | ||
| 3.80% p.a. | 3.96% p.a. | $10.00 monthly | $450 | ||
| 2.64% p.a. | 2.81% p.a. | $10.00 monthly | $450 | ||
| 2.59% p.a. | 2.76% p.a. | $10.00 monthly | $450 | ||
| 3.24% p.a.variable for 24 months and then 3.27% p.a. | 3.41% p.a. | $10.00 monthly | $150 | ||
| 2.99% p.a.variable for 24 months and then 3.27% p.a. | 3.37% p.a. | $10.00 monthly | $150 | ||
| 3.14% p.a.variable for 24 months and then 3.27% p.a. | 3.39% p.a. | $10.00 monthly | $150 | ||
| 2.84% p.a.variable for 24 months and then 3.27% p.a. | 3.34% p.a. | $10.00 monthly | $150 | ||
| 4.87% p.a. | 4.07% p.a. | $10.00 monthly | $150 | ||
| 4.62% p.a. | 4.75% p.a. | $10.00 monthly | $150 | ||
| 2.99% p.a. | 3.16% p.a. | $10.00 monthly | $450 | ||
| 2.84% p.a. | 3.01% p.a. | $10.00 monthly | $450 | ||
| 2.79% p.a. | 2.96% p.a. | $10.00 monthly | $450 |
For the investor wanting to add to their portfolio or homeowner wanting extra funds to refurbish their house, Bank of Queensland offers line of credit loans starting from $25,000. With BOQ’s line of credit loans, you’ll be able to borrow up to 70% of the property value which can be put towards purchasing shares, an investment property or renovating your home. Like other standard line of credit loans, you’ll only be charged interest on the outstanding balance and there are no set repayment terms giving you the flexibility to pay any amount, as long as the balance stays within your approved credit limit. There is a monthly account maintenance fee to budget for, and the standard Line of Credit also comes with an application fee.
| Product | Rate | Comparison Rate | Service fee | Upfront fee |
|---|---|---|---|---|
| 4.78% p.a. | n/a | $10.00 monthly | $150 | |
| 6.65% p.a. | n/a | $10.00 monthly | $645 | |
| 5.22% p.a. | n/a | $10.00 monthly | $150 | |
| 7.04% p.a. | n/a | $10.00 monthly | $645 |
If you’re looking to pay off your home loan sooner, BOQ’s home loans gives you the flexibility to make extra repayments whenever you like and without penalty with the exception of the fixed loan which caps additional repayments at $5,000 p.a.
With a number of BOQ's home loans, you will not have to pay any loan application fees, although generally there will be an ongoing service fee to factor in.
For owner-occupiers, many of BOQ’s variable and fixed rate loans allow you to borrow up to 90% or 95% of the property’s value which means you’ll only need to save a small deposit of 10% or 5%. Keep in mind though, all loans over an 80% LVR will require lenders mortgage insurance.
if you're opt for any BOQ variable home loan (excluding the Economy option), you'll have access to a 100% offset account which gives you the ability to reduce how much principal you're paying interest on, helping you save big on interest costs in the long run.
Mozo users have rated Bank of Queensland home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
538 Reviews
I recently applied for a home loan through the Bank of Queensland. They have taken a ridiculous amount of time to complete the application, with very little contact made throughout the process, which in turn has created so much stress for me and the real estate agent holding the property. It is beyond me what they need when I have owned numerous properties, have an excellent credit history, and I've been in the same job for 33 years. I also have a substantial deposit. The stress is not worth it! It's changed my moods, my temperament around family, and my general concentration.
Read full reviewI recently applied for a home loan through the Bank of Queensland. They have taken a ridiculous amount of time to complete the application, with very little contact made throughout the process, which in turn has created so much stress for me and the real estate agent holding the property. It is beyond me what they need when I have owned numerous properties, have an excellent credit history, and I've been in the same job for 33 years. I also have a substantial deposit. The stress is not worth it! It's changed my moods, my temperament around family, and my general concentration.
Spent months back and forth,ridiculous paperwork requests. Rates ,charges ect. changed on every contact. Could not answer any questions. Requested business structure changes. No idea of what they required. Time wasters with no results. Avoid this bank. If they can't organise a applicant,god help you if they have your mortgage
Read full reviewSpent months back and forth,ridiculous paperwork requests. Rates ,charges ect. changed on every contact. Could not answer any questions. Requested business structure changes. No idea of what they required. Time wasters with no results. Avoid this bank. If they can't organise a applicant,god help you if they have your mortgage
Staff are great and cash back was awesome. Not many ATMs and the phone app was designed in 2001. Absolutely shocking. You can't name your accounts. You can't lock a card if it's lost or stolen. No chat to ask any questions.
Read full reviewStaff are great and cash back was awesome. Not many ATMs and the phone app was designed in 2001. Absolutely shocking. You can't name your accounts. You can't lock a card if it's lost or stolen. No chat to ask any questions.
Very much dislike this bank. We had a very bad experience recently. The bank did not listen to customers' needs and were very uncaring.
Read full reviewVery much dislike this bank. We had a very bad experience recently. The bank did not listen to customers' needs and were very uncaring.
Biggest headache I have even had. They told us they would push our application through quickly and there will be a two day turn around. After we applied they said it will now be a five day turn around. 19 Days later (and two extensions on our cooling off period) and we are going to lose the house because they keep asking us to provide stupid documents and asking stupid questions (for example how my uni degree relates to my current job and previous job, provide evidence of your previous job title, provide your tax statements from 2018). Every time we provide them with what they want they take another 24 hours to process then come back with another stupid request. So disappointed we will miss out on the house and lose our deposit because we chose the wrong bank to go with. Never use this bank.
Read full reviewBiggest headache I have even had. They told us they would push our application through quickly and there will be a two day turn around. After we applied they said it will now be a five day turn around. 19 Days later (and two extensions on our cooling off period) and we are going to lose the house because they keep asking us to provide stupid documents and asking stupid questions (for example how my uni degree relates to my current job and previous job, provide evidence of your previous job title, provide your tax statements from 2018). Every time we provide them with what they want they take another 24 hours to process then come back with another stupid request. So disappointed we will miss out on the house and lose our deposit because we chose the wrong bank to go with. Never use this bank.
You’ll need to supply BOQ with the standard paperwork that you’ll need for any home loan. This information includes:
Purchasing?
If you’re purchasing a property, you’ll need a copy of the signed Contract of Sale and details of your solicitor/conveyancer.
Refinancing?
If you’re refinancing, you’ll need to provide the latest home loan statements and credit cards statements showing repayment history.
Eligible for FHOG?
If you’re a first home buyer applying for the First Home Owners Grant, you’ll need identification and any supporting documentation.