Rates and fees verified as correct at 25 October, 2020. 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 1 year up to a 5 year fixed period. You’ll be able to borrow up to 90% 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. 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 ‡ |
|---|---|---|---|---|---|
| 2.89% p.a. | 3.57% p.a. | $10.00 monthly | $450 | ||
| 2.25% p.a. | 3.41% p.a. | $10.00 monthly | $450 | ||
| 4.19% p.a. | 3.91% p.a. | $10.00 monthly | $450 | ||
| 3.99% p.a. | 3.85% p.a. | $10.00 monthly | $450 | ||
| 2.99% p.a. | 3.79% p.a. | $10.00 monthly | $450 | ||
| 3.24% p.a. | 3.85% p.a. | $10.00 monthly | $450 | ||
| 2.59% p.a. | 3.69% p.a. | $10.00 monthly | $450 | ||
| 4.29% p.a. | 4.12% p.a. | $10.00 monthly | $450 | ||
| 4.04% p.a. | 4.06% 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 90% 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, 2 year intro rate 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 ‡ |
|---|---|---|---|---|---|
| 3.42% p.a.variable for 24 months and then 3.59% p.a. | 3.70% p.a. | $10.00 monthly | $150 | ||
| 2.99% p.a.variable for 24 months and then 3.59% p.a. | 3.63% p.a. | $10.00 monthly | $150 | ||
| 2.99% p.a.variable for 24 months and then 3.59% p.a. | 3.63% p.a. | $10.00 monthly | $150 | ||
| 2.79% p.a.variable for 24 months and then 3.59% p.a. | 3.59% p.a. | $10.00 monthly | $150 | ||
| 4.38% p.a. | 4.52% 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 | ||
| 3.34% p.a.variable for 24 months and then 3.85% p.a. | 3.90% p.a. | $10.00 monthly | $150 | ||
| 3.19% p.a.variable for 24 months and then 3.85% p.a. | 3.87% p.a. | $10.00 monthly | $150 | ||
| 3.24% p.a.variable for 24 months and then 3.85% p.a. | 3.88% p.a. | $10.00 monthly | $150 | ||
| 3.09% p.a.variable for 24 months and then 3.85% p.a. | 3.85% p.a. | $10.00 monthly | $150 | ||
| 4.95% p.a. | 5.08% p.a. | $10.00 monthly | $150 | ||
| 4.70% p.a. | 4.83% p.a. | $10.00 monthly | $150 | ||
| 4.02% p.a. | 4.18% p.a. | $10.00 monthly | $450 | ||
| 3.04% p.a. | 3.20% p.a. | $10.00 monthly | $450 | ||
| 2.99% p.a. | 3.16% p.a. | $10.00 monthly | $450 |
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 |
|---|---|---|---|---|
| 4.78% 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 |
‡ 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.
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 BOQ’s variable (Basic, Clear path) and line of credit home loans you will not have to pay any loan application fees.
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.
With BOQ’s basic variable and fixed loans, you can nominate your Reverse Charges Account to be free of monthly account maintenance fees.
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.
Mozo users have rated Bank of Queensland home loan on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
By far the worst banking experience I have ever come into contact with. Do not use this bank, save yourself the heartache. Try anyone else.
Read full reviewBy far the worst banking experience I have ever come into contact with. Do not use this bank, save yourself the heartache. Try anyone else.
Competitive interest rates and easy set-up of my loans, but the app and lack of apple pay is ridiculous. The app is so outdated, the safari version is better (barely). Having no apple pay in 2020 is just ridiculous.
Read full reviewCompetitive interest rates and easy set-up of my loans, but the app and lack of apple pay is ridiculous. The app is so outdated, the safari version is better (barely). Having no apple pay in 2020 is just ridiculous.
We have been with BOQ for a long time. The reason I have never changed is the personal service. I never have to show ID.
Read full reviewWe have been with BOQ for a long time. The reason I have never changed is the personal service. I never have to show ID.
Have been with BOQ about 10 years, the service and personal commitment is fantastic.
Read full reviewHave been with BOQ about 10 years, the service and personal commitment is fantastic.
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.
