Bank of Queensland home loans

Bank of Queensland
Bank of Queensland's overall rating for home loans

(as rated by the Mozo community)

7.7 / 10

based on 177 reviews

Since 1874, Bank of Queensland (BOQ) has been one of Australia’s leading regional banks. With more than 250 branches across Australia, BOQ’s services are available to all Australians - not just those that live in the sunshine state. BOQ is completely independent of the big banks and has an extensive range of home loans including variable, fixed, package and line of credit options.

Rates and fees verified as correct at 08 December, 2016. Other information correct at the time of writing.

What home loans do Bank of Queensland offer?

Fixed Rate Home Loans Fixed Rate Home Loans

BOQ’s fixed rate home loan allows you to choose from a range of fixed terms starting from 1 year up to a 5 year fixed period. There is no minimum loan amount and you’ll be able to borrow up to 95% LVR with the choice of principal and interest or interest only 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. If you opt for the 1 year fixed rate, you’ll have the option of a mortgage offset facility which could help to save you on interest over the year.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

3.99% p.a.

4.72% p.a.

$10.00 monthly

$450

3.79% p.a.

4.33% p.a.

$10.00 monthly

$450

4.29% p.a.

5.62% p.a.

$10.00 monthly

$450

4.29% p.a.

5.29% p.a.

$10.00 monthly

$450


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Variable Rate Home Loans Variable Rate Home Loans

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. You can borrow up to 95% of your property’s value with all BOQ variable rate loans and 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 facility, the ability to make unlimited additional repayments and a redraw facility ($100 minimum). With the standard variable or 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.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.79% p.a.

4.92% p.a.

$10.00 monthly

$150

4.32% p.a.

4.45% p.a.

$10.00 monthly

$150

4.09% p.a.

4.24% p.a.

$10.00 monthly

$450

3.89% p.a.

4.04% p.a.

$10.00 monthly

$450

4.46% p.a. variable for 12 months and then 5.46%

5.52% p.a.

$10.00 monthly

$645

5.93% p.a.

6.09% p.a.

$10.00 monthly

$645

5.46% p.a.

5.62% p.a.

$10.00 monthly

$645


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Fixed Package Home Loan Fixed Package Home Loan

If you want to combine all of your banking and will be borrowing more than $150,000, the BOQ Privileges Package could be your perfect home loan fit. You will have to pay an annual package fee but it gives you a heap of privileges including rate discounts and waived fees on your transaction account, credit card and personal loan. On the fixed rate option, you can make extra repayments up to $5,000 and if you opt for a 1 year term, you also have the option of an offset account.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

3.99% p.a.

5.42% p.a.

$395.00 yearly

$150

3.79% p.a.

5.03% p.a.

$395.00 yearly

$150

4.29% p.a.

5.50% p.a.

$395.00 yearly

$150

4.29% p.a.

5.25% p.a.

$395.00 yearly

$150

4.29% p.a.

5.22% p.a.

$395.00 yearly

$150

4.29% p.a.

5.17% p.a.

$395.00 yearly

$150

4.29% p.a.

4.92% p.a.

$395.00 yearly

$150

4.29% p.a.

4.88% p.a.

$395.00 yearly

$150


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Variable Package Home Loan Variable Package Home Loan

If you’d like a little extra flexibility, the variable BOQ Privileges Package may be the one for you. For loans of more than $150,000, it’s more or less the same as the fixed rate alternative, the main difference is that you’ll have full use of an offset account no matter the term of your loan, and there is no limit on the amount of extra repayments you can make. The variable rate option also waives loan application fees.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.41% p.a. variable for 24 months and then 4.67%

5.01% p.a.

$395.00 yearly

$150

3.94% p.a. variable for 24 months and then 4.20%

4.55% p.a.

$395.00 yearly

$150

5.43% p.a.

5.81% p.a.

$395.00 yearly

$150

5.08% p.a.

5.46% p.a.

$395.00 yearly

$150

5.03% p.a.

5.42% p.a.

$395.00 yearly

$150

4.56% p.a.

4.95% p.a.

$395.00 yearly

$150

4.96% p.a.

5.35% p.a.

$395.00 yearly

$150

4.61% p.a.

5.00% p.a.

$395.00 yearly

$150


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Line of Credit Line of Credit

Line of Credit

For the investor wanting to add to their portfolio, Bank of Queensland offers a line of credit loan starting from $25,000. With BOQ’s line of credit loan, you’ll be able to borrow up to 90% of the property value which can be put towards purchasing shares, an investment property or renovating your home without needing to apply for extra funds. 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. You’ll not be charged an application fee, but there is a monthly account maintenance fee.

Product Rate Comparison Rate* Service fee Upfront fee

4.99% p.a.

n/a

$10.00 monthly

$150

4.65% p.a.

n/a

$10.00 monthly

$150

6.73% p.a.

n/a

$10.00 monthly

$645

6.44% p.a.

n/a

$10.00 monthly

$645

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Bank of Queensland home loan features in a glance

Additional repaymentsAdditional repayments

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.

No application feesNo application fees

With BOQ’s variable (Basic, Clear path) and line of credit home loans you will not have to pay any loan application fees.

Maximum 95% LVRMaximum 95% LVR

For owner-occupiers, BOQ’s variable and fixed rate loans allow you to borrow up to 95% of the property’s value which means you’ll only need to save a 5% deposit. Keep in mind all loans over an 80% LVR will require lenders mortgage insurance.

Fee savingsFee savings

With BOQ’s basic variable and fixed loans, you can nominate your Reverse Charges Account to be free of monthly account maintenance fees.

Top UpTop Up

Featured in the Clear Path home loan, this facility safeguards you against overdrawing by allowing you to use the limit on your credit card account to cover cheque or periodical payment overdrawing against another account. However, Top Up will only activate if you have sufficient available credit in your credit card account.

How are Bank of Queensland home loans rated?

Want the inside scoop on Bank of Queensland’s home loans? Check out how they rate according to the Mozo community on a range of home loan must haves including price, features, convenience and trustworthiness.

Bank of Queensland home loans

Overall 7.7*

Price

Features

Customer service

Convenience

Trust

177 Reviews

* Overall rating based on reviews in the past 12 months.

Recent Bank of Queensland home loan reviews Recent Bank of Queensland home loan reviews

Bank of Queensland

Bank of Queensland Clear Path Variable Rate Home Loan (Owner Occupier) home loan review

Overall rating   9 / 10

First name basis service. Just one of the family.

Personal service. You are not just a number. You and your application matter to them.

Full review

Personal service. You are not just a number. You and your application matter to them.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   8 / 10

    Trust   9 / 10

Less

Ms. (QLD), reviewed 4 months ago

Bank of Queensland

Bank of Queensland Line of Credit (Owner Occupier) home loan review

Overall rating   9 / 10

Good services & rates

The man who owns the branch deals with me personally

Full review

The man who owns the branch deals with me personally

    Price   7 / 10

    Features   7 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   9 / 10

Less

Don (QLD), reviewed 4 months ago

Bank of Queensland

Bank of Queensland home loan review

Overall rating   7 / 10

Excellent

So convenient, more friendly and a free gifts offer.

Full review

So convenient, more friendly and a free gifts offer.

    Price   9 / 10

    Features   8 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   9 / 10

Less

Ben (QLD), reviewed 4 months ago

Bank of Queensland

Bank of Queensland Discount Fixed Rate (Owner Occupier) home loan review

Overall rating   6 / 10

Average

Interest rates below average

Full review

Interest rates below average

    Price   4 / 10

    Features   6 / 10

    Customer service   7 / 10

    Convenience   7 / 10

    Trust   6 / 10

Less

Dan (QLD), reviewed 5 months ago

Bank of Queensland

Bank of Queensland First-Start Home Loan (Owner Occupier) home loan review

Overall rating   10 / 10

Awesome

Bank of Queensland gave me the chance to buy my first home & I'm loving it. The money I'm paying is less than rent per week and that great feeling that I'm not wasting my money paying rent. Thanks heaps BoQ

Full review

Bank of Queensland gave me the chance to buy my first home & I'm loving it. The money I'm paying is less than rent per week and that great feeling that I'm not wasting my money paying rent. Thanks heaps BoQ

    Price   9 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Steve (WA), reviewed 5 months ago

Hide reviews

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

What do you need to apply for a Bank of Queensland home loan? What do you need to apply for a Bank of Queensland home loan?

You’ll need to supply BOQ with the standard paperwork that you’ll need for any home loan. This information includes: 

Personal ID including driver’s license, passport, birth certificate and medicare card.

Income details such as latest payslips and bank statements and latest Tax Assessment Notices, tax returns and P/L statement for both personal and business if self-employed.

Evidence of savings history, for example, latest account statements and credit card statements.

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.

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