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 24 September, 2018. Other information correct at the time of writing.
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.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.14% p.a. | 5.06% p.a. | $10.00 monthly | $450 | ||
| 3.87% p.a. | 4.53% p.a. | $10.00 monthly | $450 | ||
| 4.49% p.a. | 6.24% p.a. | $10.00 monthly | $450 | ||
| 4.39% p.a. | 5.93% p.a. | $10.00 monthly | $450 | ||
| 4.49% p.a. | 5.84% p.a. | $10.00 monthly | $450 | ||
| 4.39% p.a. | 5.49% 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. 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.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.14% p.a.variable for 24 months and then 4.34% p.a. | 4.44% p.a. | $10.00 monthly | $150 | ||
| 3.74% p.a.variable for 24 months and then 4.34% p.a. | 4.37% p.a. | $10.00 monthly | $150 | ||
| 3.99% p.a.variable for 24 months and then 4.16% p.a. | 4.27% p.a. | $10.00 monthly | $150 | ||
| 3.59% p.a.variable for 24 months and then 4.16% p.a. | 4.19% p.a. | $10.00 monthly | $150 | ||
| 5.59% p.a. | 5.72% p.a. | $10.00 monthly | $150 | ||
| 5.19% p.a. | 5.32% p.a. | $10.00 monthly | $150 | ||
| 5.02% p.a. | 5.15% p.a. | $10.00 monthly | $150 | ||
| 4.56% p.a. | 4.69% p.a. | $10.00 monthly | $150 | ||
| 4.74% p.a. | 4.89% p.a. | $10.00 monthly | $450 | ||
| 4.24% p.a. | 4.39% p.a. | $10.00 monthly | $450 | ||
| 4.44% p.a. | 4.59% p.a. | $10.00 monthly | $450 | ||
| 3.88% p.a. | 4.04% p.a. | $10.00 monthly | $450 | ||
| 6.73% p.a. | 6.89% p.a. | $10.00 monthly | $645 | ||
| 6.33% p.a. | 6.49% p.a. | $10.00 monthly | $645 | ||
| 6.16% p.a. | 6.32% p.a. | $10.00 monthly | $645 | ||
| 5.70% p.a. | 5.86% p.a. | $10.00 monthly | $645 |
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.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.14% p.a. | 5.74% p.a. | $395.00 yearly | $150 | ||
| 3.87% p.a. | 5.23% p.a. | $395.00 yearly | $150 | ||
| 4.49% p.a. | 6.11% p.a. | $395.00 yearly | $150 | ||
| 4.49% p.a. | 5.87% p.a. | $395.00 yearly | $150 | ||
| 4.49% p.a. | 5.84% p.a. | $395.00 yearly | $150 | ||
| 4.39% p.a. | 5.81% p.a. | $395.00 yearly | $150 | ||
| 4.39% p.a. | 5.56% p.a. | $395.00 yearly | $150 | ||
| 4.39% p.a. | 5.53% p.a. | $395.00 yearly | $150 | ||
| 4.49% p.a. | 5.72% p.a. | $395.00 yearly | $150 | ||
| 4.49% p.a. | 5.44% p.a. | $395.00 yearly | $150 | ||
| 4.49% p.a. | 5.47% p.a. | $395.00 yearly | $150 | ||
| 4.39% p.a. | 5.37% p.a. | $395.00 yearly | $150 | ||
| 4.39% p.a. | 5.12% p.a. | $395.00 yearly | $150 | ||
| 4.39% p.a. | 5.08% p.a. | $395.00 yearly | $150 |
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.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.81% p.a.variable for 24 months and then 5.07% p.a. | 5.41% p.a. | $395.00 yearly | $150 | ||
| 4.18% p.a.variable for 24 months and then 4.44% p.a. | 4.79% p.a. | $395.00 yearly | $150 | ||
| 6.23% p.a. | 6.60% p.a. | $395.00 yearly | $150 | ||
| 5.88% p.a. | 6.25% p.a. | $395.00 yearly | $150 | ||
| 5.83% p.a. | 6.20% p.a. | $395.00 yearly | $150 | ||
| 5.83% p.a. | 6.20% p.a. | $395.00 yearly | $150 | ||
| 5.48% p.a. | 5.86% p.a. | $395.00 yearly | $150 | ||
| 5.43% p.a. | 5.81% p.a. | $395.00 yearly | $150 | ||
| 5.66% p.a. | 6.04% p.a. | $395.00 yearly | $150 | ||
| 5.31% p.a. | 5.69% p.a. | $395.00 yearly | $150 | ||
| 5.26% p.a. | 5.64% p.a. | $395.00 yearly | $150 | ||
| 4.80% p.a. | 5.19% p.a. | $395.00 yearly | $150 | ||
| 5.20% p.a. | 5.59% p.a. | $395.00 yearly | $150 | ||
| 4.85% p.a. | 5.24% p.a. | $395.00 yearly | $150 |
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 |
|---|---|---|---|---|
| 5.94% p.a. | n/a | $10.00 monthly | $150 | |
| 5.50% p.a. | n/a | $10.00 monthly | $150 | |
| 7.68% p.a. | n/a | $10.00 monthly | $645 | |
| 7.29% p.a. | n/a | $10.00 monthly | $645 |
‡ 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.
| 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. |
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.
We have banked with Bank of Queensland for over 20 years and always found them to be highly competitive, very approachable and always willing to find good solutions to problems - even during difficult times.
We have banked with Bank of Queensland for over 20 years and always found them to be highly competitive, very approachable and always willing to find good solutions to problems - even during difficult times.
Alan, Queensland, reviewed about 1 month ago
We have banked with Bank of Queensland for over 20 years and always found them to be highly competitive, very approachable and always willing to find good solutions to problems - even during difficult times.
We have banked with Bank of Queensland for over 20 years and always found them to be highly competitive, very approachable and always willing to find good solutions to problems - even during difficult times.
Alan, Queensland, reviewed about 1 month ago
Danijela, New South Wales, reviewed 8 months ago
Not too happy with them. Gone down hill over the years
Not too happy with them. Gone down hill over the years
Nic, Queensland, reviewed 8 months ago
They do not assist older Australians
They do not assist older Australians
Lynn, Queensland, reviewed 8 months ago
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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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