based on 3431 Bank of Queensland banking product 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 21 October, 2021. 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

What personal loans does Bank of Queensland offer? 

Unsecured Personal Loan 

With a fixed BOQ unsecured 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. Unlike a variable rate loan, your interest rate won’t go up or down depending on what’s happening with the market. This can make it easier to budget as your repayments won’t change over the life of your personal loan.

This loan is unsecured so you won’t need to put up any assets as security. Customers can borrow between $3,000 and $40,000 and choose a loan term between 1 and 5 years. There’s also the choice of repayment frequency: weekly, fortnightly or monthly, and extra repayments are allowed as well. Plus, there is no early repayment penalty if you pay down your entire loan before your term is up. Just remember, there is an upfront application cost, ongoing monthly service charge and late payment fee. 

Car Loan 

BOQ also offers a car loan option. It is a fixed rate loan that allows customers to borrow anywhere from $5,000 up to $80,000 on a set of wheels. Loan terms range from 1 to 7 years and there is the option to make weekly, fortnightly or monthly repayments. On top of that, borrowers can also make free extra repayments whenever they like, however there is no redraw facility. 

While there are no exit or early repayment fees attached to this loan, there are a few fees to budget for. These include an application fee, ongoing monthly fee and late payment penalty. 

Bank of Queensland personal loan features at a glance 

How do you apply for a Bank of Queensland 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.

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

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
Price
Features
Customer service
Convenience
Trust

89 Reviews

Recent Bank of Queensland personal loan reviews

Bank of Queensland Personal Loan
Overall 10/10
Fantastic staff, competitive rates

The pros of this bank is they are competitive with there interest rates, have fantastic staff that go beyond and above to help you.

Read full review

The pros of this bank is they are competitive with there interest rates, have fantastic staff that go beyond and above to help you.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Katie, Queensland, reviewed 9 months ago
Bank of Queensland Unsecured Personal Loan
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 12 months ago
Bank of Queensland Unsecured Personal Loan
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 over 1 year ago
Bank of Queensland Personal Loan
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 5 years ago

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