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Bank of Queensland home loans

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.

What home loans do Bank of Queensland offer?

Rates and fees verified as correct at 25 October, 2020. 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 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.

Home loan repayments calculator

years

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

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 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.

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 3.59% 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

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

4.78% 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

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

‡ 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.

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

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Maximum 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.

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Fee savings

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

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Top 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?

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.

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

Recent Bank of Queensland home loan reviews

Bank of Queensland Fixed Rate review
Overall 1/10
Worst Banking experience

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 review

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.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Gary, Victoria reviewed about 1 month ago
Bank of Queensland Home Loan review
Overall 1/10
Very bad bank

Very bad.

Read full review

Very bad.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Mathew, New South Wales reviewed about 1 month ago
Bank of Queensland Home Loan review
Overall 6/10
Good bank but needs a big technology update ASAP

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 review

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.

Price
9/10
Features
9/10
Customer service
9/10
Convenience
1/10
Trust
10/10
Less
Lily, Queensland reviewed about 1 month ago
Bank of Queensland Clear Path Variable Rate Home Loan review
Overall 8/10
Personal service.

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 review

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.

Price
7/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
9/10
Less
Sonia, New South Wales reviewed about 2 months ago
Bank of Queensland Home Loan review
Overall 10/10
Fantastic bank, customer service is second to none

Have been with BOQ about 10 years, the service and personal commitment is fantastic.

Read full review

Have been with BOQ about 10 years, the service and personal commitment is fantastic.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Noel, Queensland reviewed 2 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 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.

Home loan quick links