BOQ Home Loans

Read on to learn more about BOQ's key home loan interest rates and features.

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Compare BOQ home loan rates

The table below contains a selection of BOQ's latest home loan offers.

Summary:

About BOQ

BOQ, known as the Bank of Queensland, is one of the oldest banks in Australia, having formed as the Brisbane Permanent Benefit Building and Investment Society in 1874 - the first permanent building society in Queensland. It became known as Bank of Queensland in 1970, and now has over 250 branches and 3,000 ATMs across Australia, with almost $60 million in total assets, placing it among the largest financial institutions in the country.

Whether you're a first home buyer, a refinancer or a property investor, BOQ has plenty of home loan products to suit a variety of borrowers' needs.

What home loans does BOQ offer?

BOQ offers home loans to owner-occupiers and investors, including:

  • The Intro Rate Home Loan: A home loan with a lower introductory rate for two years, no valuation or application fees, and a number of useful features
  • The Economy Variable Home Loan: A simple, no-frills home loan that also has a free unlimited redraw facility and allows for flexible repayments
  • The Clear Path Home Loan: A fully featured home loan with a higher interest rate than BOQ’s other loans.
  • Fixed Home Loans: BOQ offers numerous fixed-rate home loans with set repayments for between one and five years.

BOQ also offers other types of loans, such as line of credit loans for things like renovations and construction loans for building a home. It also offers different types of repayments, like interest-only or principal and interest.

BOQ mortgage features

Accompanying BOQ's home loan products are the following features:

  • Fee-free: Some of BOQ’s home loans come without certain fees, such as application fees, ongoing fees, redraw fees, settlement fees and valuation fees.
  • Split loans: With BOQ, you can split your loan into different repayment types, such as 50:50 fixed and variable, depending on your preferences.
  • Offset account: Offset accounts up to 100% are available for certain home loans.
  • Redraw facility: Some home loans also come with a redraw facility, allowing you to withdraw extra repayments you’ve made. Certain loans allow fee-free redraws.
  • Additional repayments: Some BOQ home loans allow you to make unrestricted additional repayments into your home loan, allowing you pay it off faster. Others have restricted extra repayments.
  • More frequent repayments: You can choose to make repayments weekly, fortnightly or monthly.

Not all BOQ home loan products will have all of these features. Be sure to consult your broker or a mortgage specialist from BOQ for more details, and remember to check the Ts and Cs for more info on a loan’s fees, charges, interest rates and features.

You can also get up to $2,500 cashback when you refinance to a BOQ home loan (terms and conditions apply).

How to apply for a BOQ home loan

Eligibility criteria

To be eligible to apply for a BOQ mortgage you generally need to:

  • Be 18 years old or over
  • Be an Australian citizen or permanent resident
  • Have a regular source of income
  • Demonstrate your ability to service the loan
  • Have never been bankrupt (for certain loans)

You can apply for a BOQ home loan online and then following the prompts or by phone on 1300 79 56 12.

Documents and information needed

To ensure a straightforward application with BOQ you should have the following documents handy:

  • A form of identification document (e.g., driver's license, birth certificate, passport)
  • Your annual income and estimated assets
  • Your estimated expenses and liabilities
  • A current email address and mobile phone number

BOQ has a home loan application form here, which contains all the relevant information you’ll need to fill out.

BOQ Frequently asked questions

1. How long does it take for BOQ to process my home loan application?

The time it takes for an application to be processed can vary, but generally, it can take several weeks at least to be fully processed and approved, as BOQ needs to verify your identity, assess your application in terms of your finances and transfer security of the property.

Pre-approval generally takes less time than an unconditional approval, and you should receive a pre-approval within one business day of completing your application. A BOQ home loan expert can help tell you more.

2. How does BOQ verify my identity?

Lenders such as BOQ will verify your identity electronically or over the phone, using the personal details you provided during your application.

3. Why was my BOQ home loan application unsuccessful?

Your home loan application can be unsuccessful if you don't meet the eligibility criteria or haven't supplied all the documentation required for the process to move forward.

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