Bank of Queensland Economy

This product is available in different versions. Pick the right version for you here.

The details shown below are for an owner occupier taking out a principal & interest loan up to with an LVR below 80%

The details shown below are for an owner occupier taking out a interest only loan up to with an LVR below 80%

The details shown below are for an investor taking out a principal & interest loan up to with an LVR below 80%

The details shown below are for an investor taking out a interest only loan up to with an LVR below 80%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan:

  • Owner Occupier (Interest Only)

    LVR < 80%

    Loan:

  • Investor (Principal & Interest)

    LVR < 80%

    Loan:

  • Investor (Interest Only)

    LVR < 80%

    Loan:

3.49% p.a.

3.65% p.a.

$10.00 monthly

Bank of Queensland Economy

3.49% p.a.

3.65% p.a.

$10.00 monthly

3.97% p.a.

4.13% p.a.

$10.00 monthly

Bank of Queensland Economy

3.97% p.a.

4.13% p.a.

$10.00 monthly

3.92% p.a.

4.08% p.a.

$10.00 monthly

Bank of Queensland Economy

3.92% p.a.

4.08% p.a.

$10.00 monthly

4.27% p.a.

4.42% p.a.

$10.00 monthly

Bank of Queensland Economy

4.27% p.a.

4.42% p.a.

$10.00 monthly

Mozo Review   Bank of Queensland Economy Review

Last updated: 25 October 2019.

What's hot:
  • BOQ’s lowest variable rate home loan

  • Free extra repayments and redraw facility

  • Available for owner occupiers or investors

What's not:
  • Not available for refinancing if you’re an existing BOQ customer

Mozo snapshot:

Want the lowest variable rate home loan on offer from BOQ? Look no further than the Economy Home Loan. Interest rates start from 3.49% (3.65% comparison rate*) for owner occupier (P&I) loans and 3.92% (4.08% comparison rate*) for an investment loan (P&I). There is no minimum or maximum loan amount so it’s suitable for everyone from first home buyers to luxury property moguls but you will need to have a 20% deposit as the maximum LVR available with this loan is 80%.

Key features:

With the BOQ Economy home loan, you’ve got a choice between making principal and interest repayments or interest only. The interest rates vary depending on your choice, as well as whether you’re getting the loan for your own home or buying an investment property.

There are some fees to consider with this loan such as the $10 monthly service fee and the upfront $300 application fee and $150 settlement fee.

In terms of flexibility, the loan allows you to choose your repayment frequency, whether that’s weekly, fortnightly or monthly. There isn’t an offset account attached to this loan but you do have the option to make free extra repayments so that you can pay off your loan sooner and pay less interest. There is also a free redraw option but it does have a minimum $100 redraw.  

Who it's good for:

To be eligible for the Economy Home Loan you’ll need to be at least 18 years of age, earn a regular income and be an Australian citizen or permanent resident. Also, you must have never been bankrupt.

Any catches?

If you are an existing BOQ customer, you can’t refinance to this loan from another BOQ home loan, but you are eligible for a brand new loan.

Just be aware that if you are planning on building, this loan is not available as a construction loan. See other BOQ home loans that do offer this features or head to our main mortgage section to compare all home loans in our database.

Details

Rates and fees information correct as at 21 January 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.49% p.a.

  • n/a

  • n/a

  • n/a

  • 3.65% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $300.00

  • $0.00

  • $0.00

  • $150.00

  • n/a

  • $10.00 monthly

  • $320.00

Other financial bits
  • none

  • none

  • none

  • 80.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $100.00

  • yes

  • no

  • none

  • none

  • none

*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.

Details

Rates and fees information correct as at 21 January 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.97% p.a.

  • n/a

  • n/a

  • n/a

  • 4.13% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $300.00

  • $0.00

  • $0.00

  • $150.00

  • n/a

  • $10.00 monthly

  • $320.00

Other financial bits
  • none

  • none

  • none

  • 80.00%

Features
  • Owner Occupier

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $100.00

  • yes

  • no

  • Maximum 5 year interest only periods.

  • none

  • none

*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.

Details

Rates and fees information correct as at 21 January 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.92% p.a.

  • n/a

  • n/a

  • n/a

  • 4.08% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $300.00

  • $0.00

  • $0.00

  • $150.00

  • n/a

  • $10.00 monthly

  • $320.00

Other financial bits
  • none

  • none

  • none

  • 80.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $100.00

  • yes

  • no

  • none

  • none

  • none

*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.

Details

Rates and fees information correct as at 21 January 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 4.27% p.a.

  • n/a

  • n/a

  • n/a

  • 4.42% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $300.00

  • $0.00

  • $0.00

  • $150.00

  • n/a

  • $10.00 monthly

  • $320.00

Other financial bits
  • none

  • none

  • none

  • 80.00%

Features
  • Investor

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $100.00

  • yes

  • no

  • Maximum 5 year interest only periods.

  • none

  • none

*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.

Customer Reviews

How are Bank of Queensland home loans rated by the Mozo community?

Overall customer rating
7.6/10
Price
7.2/10
Features
6.8/10
Customer service
7.9/10
Convenience
7.8/10
Trust
7.7/10

Latest reviews of Bank of Queensland Economy

  • Overall 5/10
    nothing

    xxxxx

    Price
    5/10
    Features
    5/10
    Customer service
    5/10
    Convenience
    5/10
    Trust
    5/10
    Less
    Desleigh, Queensland reviewed over 4 years ago
  • Overall 10/10
    Supportive, knowledgeable and friendly

    Bank of Qld have always offered us amazing flexibility and support with all the products we use. The staff are very knowledgeable, friendly and prepared to do everything to help.

    Read full review

    Bank of Qld have always offered us amazing flexibility and support with all the products we use. The staff are very knowledgeable, friendly and prepared to do everything to help.

    Price
    8/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    9/10
    Less
    Ben, Queensland reviewed about 5 years ago
  • Overall 9/10
    yes

    amazing service, friendly staff. ive actually met my girlfriend in the que when i deposited some money in my account

    Read full review

    amazing service, friendly staff. ive actually met my girlfriend in the que when i deposited some money in my account

    Price
    -1/10
    Features
    7/10
    Customer service
    7/10
    Convenience
    9/10
    Trust
    8/10
    Less
    Jamie, Queensland reviewed over 7 years ago
Bank of Queensland

About Bank of Queensland

Bank of Queensland is Australia's fastest growing retail bank, and has come a long way from its origins as a regional Queensland bank. BOQ today boasts a wide array of banking services and 200 branches around Australia. Bank of Queensland aims to give you greater control over the management of your finances and offers everyday banking products including credit cards, home loans, term deposits, savings accounts and bank accounts.

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