7.8 / 10

based on 3411 Bank of Queensland reviews as rated by Mozo community

Bank of Queensland home loans

Since 1874, Bank of Queensland (BOQ) has been one of Australia’s leading regional banks. With more than 160 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.

What home loans do Bank of Queensland offer?

Rates and fees verified as correct at 12 April, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

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. 

Home loan repayments calculator

years

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

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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

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. 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.

Home loan repayments calculator

years

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

Line of Credit

Line of Credit

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

Bank of Queensland home loan features in a glance

Repayment Icon

Additional 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.

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No application fees

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. 

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Maximum 95% LVR

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.

Offset icon

Offset facility

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.

How are Bank of Queensland home loans rated?

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.

Icon of home-loans
Bank of Queensland home loans
Overall
7.5/10
Price
Features
Customer service
Convenience
Trust

535 Reviews

Recent Bank of Queensland home loan reviews

Bank of Queensland Home Loan review
Overall 1/10
Worst bank ever.

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 review

Very much dislike this bank. We had a very bad experience recently. The bank did not listen to customers' needs and were very uncaring.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Gwynne, Queensland, reviewed 13 days ago
Bank of Queensland Home Loan review
Overall 2/10
Lost the house because of BOQ home loans process.

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 review

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.

Price
8/10
Features
8/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Sarah, New South Wales, reviewed 3 months ago
Bank of Queensland Home Loan review
Overall 8/10
Good in store customer service

Great customer service, still waiting to hear back about interest rates for loans after a week.

Read full review

Great customer service, still waiting to hear back about interest rates for loans after a week.

Price
5/10
Features
7/10
Customer service
9/10
Convenience
9/10
Trust
9/10
Less
Dwayne, Western Australia, reviewed 3 months ago
Bank of Queensland Clear Path Variable Rate Home Loan review
Overall 7/10
Good personalised service.

BOQ has good personalised service and has matched interest rates from competitors. Would be better if there were no ATM withdrawal fees as limited bank-owned ATMs, but other than that quite satisfied with the bank.

Read full review

BOQ has good personalised service and has matched interest rates from competitors. Would be better if there were no ATM withdrawal fees as limited bank-owned ATMs, but other than that quite satisfied with the bank.

Price
8/10
Features
8/10
Customer service
9/10
Convenience
7/10
Trust
8/10
Less
Guada, New South Wales, reviewed 4 months ago
Bank of Queensland Home Loan review
Overall 6/10
BOQ has great customer service.

They should demolish their 10 fees on their home loans and be more competitive with interest rates.

Read full review

They should demolish their 10 fees on their home loans and be more competitive with interest rates.

Price
4/10
Features
4/10
Customer service
10/10
Convenience
4/10
Trust
6/10
Less
Michelle, Western Australia, reviewed 5 months ago

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 the latest Tax Assessment Notices, tax returns and financial statements for both personal and business if self-employed.
  • Evidence of savings history, for example, account statements and credit card statements for the last three months.

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.

Home loan quick links