With a range of personal loans, including fixed or variable and secured or unsecured, the Bank of Queensland can help you bridge the gap between what you have and what you want. Here you can compare all the options and find the right Bank of Queensland personal loan that suits you. Or, you can view offerings from other banks with our peronal loan comparison tools. Click here.
Rates and fees verified as correct at 26 January, 2020. Other information correct at the time of writing.
|Product||Interest rate from||Comparison rate from*||Upfront fee|
Car Loan (Fixed, Secured)
Bank of Queensland
8.19% p.a.based on $30,000
Unsecured Personal Loan (Fixed)
Bank of Queensland
11.71% p.a.based on $30,000
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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.
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.
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.
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.
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.
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.
You can choose your loan payment frequency to tie in with your salary payments as BOQ offer weekly, fortnightly or monthly repayment options.
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.
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.
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.
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.
Whether you decide to apply for a loan online or at a BOQ branch, you’ll need to show: