7.8 / 10

based on 3376 reviews as rated by Mozo community

Bank of Queensland personal loans

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.

Bank of Queensland offers the following personal loans

Rates and fees verified as correct at 25 November, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Car Loan (Fixed, Secured)

7.39% p.a.

8.19% p.a.based on $30,000
over 5 years

$195

Unsecured Personal Loan (Fixed)

10.99% p.a.

11.71% p.a.based on $30,000
over 5 years

$150

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

FAQs about BOQ Personal Loans

What’s the difference between a fixed and a variable rate personal loan?

With a fixed BOQ personal loan, your repayments will be fixed for your loan term so you don’t have to worry about your repayment amounts changing month to month. With a variable rate loan, your interest rate can go up or down depending on what’s happening with the market. This can mean that you need to have some flexibility with your budget to allow for changes in your repayments over the life of your car or personal loan.

What’s the difference between an unsecured BOQ loan and a secured one?

The biggest difference between an unsecured loan and a secured loan is the interest rate. Unsecured loans generally have a higher interest rate than a personal or car loan which is secured against a property or car. Why? By putting your home or car down as security for the loan you are providing Bank of Queensland with a safeguard to recoup the money loaned should you find yourself in a situation where you default on the loan.   

How much can I borrow with BOQ? 

The amount that you will be able to borrow will depend on your financial situation but if you are taking out a personal loan for anything other than the purchase of a car, the maximum you would be able to borrow is $40,000. There is no maximum loan amount for BOQ car loans.

What is the minimum amount I can borrow? 

Bank of Queensland car loans have a minimum loan amount of $5000. If you are borrowing money for a holiday, home renovation or other personal reason, the minimum loan amount is $3000.

How long can I borrow the money for? 

You can generally choose your loan term, which for all BOQ personal loan and car loans is between 1 - 7 years. When you are choosing a loan term think about your ability to pay back the loan without putting yourself under financial stress. The good news is that with all Bank of Queensland personal loans you can make extra repayments so if you find yourself with extra money you can always pay out your loan early.

Do BOQ loans have a redraw option?

No, if you make extra repayments on your loan you will not have the option to redraw on the money should you need it down the track.

What are my repayment options? 

You can choose your loan payment frequency to tie in with your salary payments as BOQ offer weekly, fortnightly or monthly repayment options.  

What happens if I miss a payment? 

There is a late payment fee of $10 so to avoid this, it is best to set up an automatic withdrawal from your account when you first take out the loan. Also be aware that any late payment will show up on your credit history so if you don’t think you are going to be able to make your payment in full by the due date, it is best to contact BOQ in advance of the due date to see if you can work out an alternative payment plan.

Also be aware that if you fail to meet your repayments on an ongoing basis and you’ve secured your car or home against the loan, BOQ could take you to court to repossess your car or home.

Are there fees associated with the loan?

You’ll be required to pay a loan application fee when you first apply. This fee usually covers off the admin for doing a credit check and getting the loan documentation ready. In addition to the set up fee, BOQ loans have a monthly service fee on top of the loan repayment.

What does the BOQ overall rating on your site mean? 

The overall rating at the top of this page is based on real customer reviews that we’ve collected from the Mozo community. We’ve asked people to rate BOQ on a range of criteria from customer service to pricing. If you’d like to read each individual review head over to our BOQ personal loan customer reviews page.

Am I eligible for a BOQ personal loan?

The eligibility criteria for a loan with BOQ requires you to be at least 18 years of age, have a regular income, a permanent resident of Australia and never have been bankrupt.

Prior to applying for a loan, it is a good idea to get a free copy of your credit report to ensure that all details are correct.

What info will I need to apply for a loan? 

Whether you decide to apply for a loan online or at a BOQ branch, you’ll need to show:

  • Proof of identity
  • Details of your employment (payslip etc)
  • Financial details such as income, assets, liabilities, expenses

How are Bank of Queensland personal loans rated?

Mozo users have rated Bank of Queensland personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
Bank of Queensland personal loans
Overall
6.7/10
Price
Features
Customer service
Convenience
Trust

88 Reviews

Recent Bank of Queensland personal loan reviews

Bank of Queensland Unsecured Personal Loan review
Overall 1/10
Disgraceful.

Disgraceful product. Had $90 left on my loan as I had been making extra payments. Instead of them taking the final payment - decided to leave it and only charge their $7.50 monthly account keeping fee. This was their plan for the term of the loan. What great value! I received no correspondence, ended up contacting them myself. I was told their system doesn't support courtesy emails in these situations. I work as an accountant - as if BOQ has nothing to do with the implementation of their own financial system. Corresponding with clients is a pretty basic function guys, but I'm assuming it would make your scam less lucrative. I will never use these guys again, they don't care about their customers. Not interested in helping anyone at all in the current financial climate.

Read full review

Disgraceful product. Had $90 left on my loan as I had been making extra payments. Instead of them taking the final payment - decided to leave it and only charge their $7.50 monthly account keeping fee. This was their plan for the term of the loan. What great value! I received no correspondence, ended up contacting them myself. I was told their system doesn't support courtesy emails in these situations. I work as an accountant - as if BOQ has nothing to do with the implementation of their own financial system. Corresponding with clients is a pretty basic function guys, but I'm assuming it would make your scam less lucrative. I will never use these guys again, they don't care about their customers. Not interested in helping anyone at all in the current financial climate.

Price
1/10
Features
1/10
Customer service
5/10
Convenience
5/10
Trust
1/10
Less
Samantha, Western Australia reviewed 26 days ago
Bank of Queensland Unsecured Personal Loan review
Overall 10/10
Excellent products and customer service

BOQ has the best customer service I have experienced in my 30 years of banking as an essential worker In the health sector. Great products and services and a branch near my home. Every time I have had to call for a general enquiry or to postpone a repayment my phone call has been answered within seconds. And the service has always been outstanding. I have high commendations for my bank & I highly recommend them to every Australian.

Read full review

BOQ has the best customer service I have experienced in my 30 years of banking as an essential worker In the health sector. Great products and services and a branch near my home. Every time I have had to call for a general enquiry or to postpone a repayment my phone call has been answered within seconds. And the service has always been outstanding. I have high commendations for my bank & I highly recommend them to every Australian.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Helen, Victoria reviewed 5 months ago
Bank of Queensland Personal Loan review
Overall 4/10
Premiums not competitive customer service needy.

The interest rates are too high and the bank is not flexible with payment dates as they charge fees every time the payment falls on a weekend.

Read full review

The interest rates are too high and the bank is not flexible with payment dates as they charge fees every time the payment falls on a weekend.

Price
4/10
Features
4/10
Customer service
4/10
Convenience
6/10
Trust
4/10
Less
Wilson, Queensland reviewed about 4 years ago
Bank of Queensland Unsecured Personal Loan review
Overall 7/10
The best

Great bank - friendly

Read full review

Great bank - friendly

Price
6/10
Features
5/10
Customer service
4/10
Convenience
9/10
Trust
7/10
Less
Sam, Queensland reviewed over 4 years ago

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