Bank of Queensland is Australia's fastest growing retail bank, and has come a long way from its origins as a regional Queensland bank. Today, BOQ boasts a wide array of banking services and 200 branches around Australia. In 2020, Bank of Queensland was recognised as one of Australia’s favourites, taking out a Mozo People’s Choice Award for Excellent Customer Service.
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.
Disappointed with Lack of Communication on Home Loan Interest Rates : I’ve been a home loan customer with the Bank of Queensland (BOQ) since 2015, and while I initially had no concerns, my experience over the years has left me feeling disappointed, particularly regarding the lack of transparency around interest rates. What Happened For many years, I wasn’t aware that it was my responsibility to regularly check and request updates on my home loan interest rates. This was never communicated to me, and as a result, I was unknowingly paying higher interest rates compared to other customers. I only discovered this in 2022, after reaching out to BOQ with questions about my rate, and was shocked to find that I could have been paying much less. Financial and Emotional Impact Over time, this lack of transparency cost me thousands of dollars in unnecessary interest payments. Beyond the financial impact, the emotional strain of realizing I had been overpaying for so long was incredibly stressful. I felt like I was left in the dark as a customer, and this has taken a toll. BOQ’s Response When I raised the issue with BOQ, I was offered a small goodwill gesture, which, while appreciated, didn’t fully address the stress and anxiety I experienced. I expected a more proactive approach from the bank in notifying customers about rate reviews, especially when significant savings are possible. While they have apologized, it still feels like the system is set up in a way that leaves customers uninformed unless they actively chase the information. Why I’m Sharing This I’m writing this review to raise awareness for other customers who might be in the same situation. If you’re with BOQ or any other bank, make sure to regularly review your loan terms and ask about better rates. Don’t assume your bank will notify you of available rate reductions. Key Takeaways: BOQ doesn’t automatically inform customers when better rates are available. You must actively request interest rate reviews, or you could end up overpaying. While BOQ offers customer support, I feel there is room for improvement in their communication regarding loan management. I hope my experience can help other homeowners avoid the same pitfalls. It’s important to stay proactive with your finances, especially with long-term commitments like home loans. I hope to receive an automated message acknowledging my review as others have, but my main goal is to raise awareness and help others make informed decisions.
Convenient and good staff. Privately owned and not one of the big 4
High interest rates but a great rewards program. We generally pay off our monthly balance so the interest rate does not have a huge effect on us. The rewards are what attracts me.
For those in Queensland it’s wonderful to have a bank which still provides in-person support and decent returns a time when Australia’s ‘Big 4’ banks are removing services, staff, branches and support from customers to optimise profits. Having been so appreciative of BoQ’s branch customer service provided to my parents (especially when my mother started to forget how to use her computer and mobile) I chose BoQ for my young son’s first bank account as I want him to meet staff and deposit money directly. I’ve also set up a business account with my local branch. Thank you BoQ.
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