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Bank of Queensland Economy

The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 with an LVR below 70%

The details shown below are for an owner occupier taking out a principal & interest loan of at least $150,000 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 of at least $150,000 with an LVR below 70%

The details shown below are for an investor taking out a principal & interest loan of at least $150,000 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 < 70%

    Loan: $150,000

  • Owner Occupier (Principal & Interest)

    LVR 70%-80%

    Loan: $150,000

  • Owner Occupier (Interest Only)

    LVR < 80%

    Loan:

  • Investor (Principal & Interest)

    LVR < 70%

    Loan: $150,000

  • Investor (Principal & Interest)

    LVR 70%-80%

    Loan: $150,000

  • Investor (Interest Only)

    LVR < 80%

    Loan:

Rate
2.59% p.a.
Comparison Rate*
2.76% p.a.
Service fee
$10.00 monthly
Upfront fee
$450
Rate
2.64% p.a.
Comparison Rate*
2.81% p.a.
Service fee
$10.00 monthly
Upfront fee
$450
Rate
3.80% p.a.
Comparison Rate*
3.96% p.a.
Service fee
$10.00 monthly
Upfront fee
$450
Rate
2.99% p.a.
Comparison Rate*
3.16% p.a.
Service fee
$10.00 monthly
Upfront fee
$450
Rate
3.04% p.a.
Comparison Rate*
3.20% p.a.
Service fee
$10.00 monthly
Upfront fee
$450
Rate
4.02% p.a.
Comparison Rate*
4.18% p.a.
Service fee
$10.00 monthly
Upfront fee
$450

Mozo editorial review Bank of Queensland Economy

Last updated: 9 September 2020.

binocular icon
What's hot
  • 2.59% (2.76% comparison rate*) - borrowing conditions apply
  • 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 2.59% (2.76% comparison rate*) for owner occupier (P&I) loans and 2.99% (3.16% 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 30% deposit as the maximum LVR available with this loan is 70% if you want to snag the lowest rate.

key icon
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.

For new customers that are owner occupiers with an LVR of 70% and a minimum borrowing amount of $150,000, BOQ offers a competitive 2.59% (2.76% comparison rate*). However, for owner occupiers have an LVR of 80% rates start at 2.64% (2.81% comparison rate*) and for investors start at 3.04% (3.20% comparison rate*).  

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.  

Looking for a new lender on your existing mortgage? Take advantage of a cash-back offer if you apply to refinance your home loan with BOQ before 26 September, 2020. Customers can pop $2,500 in their pockets if they refinance a mortgage of at least $250,000, with a 80% Loan to Value Ratio (LVR) or less.

snapshot
Who is it 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. So this loan could suit new borrowers that fit those criteria and well as have an LVR of 70% in order to snag the competitive low rate on offer. 

snapshot
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 18 September 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
  • 2.59% p.a.

  • n/a

  • n/a

  • n/a

  • 2.76% 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
  • $150,000

  • none

  • none

  • 70.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $100.00

  • yes

  • no

  • none

  • none

  • $2,500 cashback when you refinance your home loan to BOQ, min $250,000, 80% LVR or less. Apply before 26 September 2020, settle by 31 October 2020.

*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 18 September 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
  • 2.64% p.a.

  • n/a

  • n/a

  • n/a

  • 2.81% 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

  • $350.00

Other financial bits
  • $150,000

  • none

  • 70.00%

  • 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 18 September 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
  • 3.80% p.a.

  • n/a

  • n/a

  • n/a

  • 3.96% 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

  • $350.00

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

  • $2,500 cashback when you refinance your home loan to BOQ, min $250,000, 80% LVR or less. Apply before 26 September 2020, settle by 31 October 2020.

*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 18 September 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
  • 2.99% p.a.

  • n/a

  • n/a

  • n/a

  • 3.16% 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

  • $350.00

Other financial bits
  • $150,000

  • none

  • none

  • 70.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $100.00

  • yes

  • no

  • none

  • none

  • $2,500 cashback when you refinance your home loan to BOQ, min $250,000, 80% LVR or less. Apply before 26 September 2020, settle by 31 October 2020.

*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 18 September 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
  • 3.04% p.a.

  • n/a

  • n/a

  • n/a

  • 3.20% 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

  • $350.00

Other financial bits
  • $150,000

  • none

  • 70.00%

  • 80.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • yes

  • $100.00

  • yes

  • no

  • none

  • none

  • $2,500 cashback when you refinance your home loan to BOQ, min $250,000, 80% LVR or less. Apply before 26 September 2020, settle by 31 October 2020.

*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 18 September 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
  • 4.02% p.a.

  • n/a

  • n/a

  • n/a

  • 4.18% 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

  • $350.00

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

  • $2,500 cashback when you refinance your home loan to BOQ, min $250,000, 80% LVR or less. Apply before 26 September 2020, settle by 31 October 2020.

*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
7.5/10
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 5 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
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    Ben, Queensland reviewed almost 6 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 about 8 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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*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.