BOQ has been helping Aussies with their finances since 1874 and now has over 159 branches across Australia. It remains one of the major competitors to the big four banks.
As one of Australia’s largest challenger banks, BOQ also owns and operates Virgin Money Home Loans, and ME Bank.
Colin Li, the bank’s Head of Retail Product - Home Buying, told savings.com.au BOQ believes Australians should have choice when it comes to their money.
“Our mission is to provide our customers with a compelling alternative to the big banks,” Mr Li said.
“Two-thirds of our branches are operated by owner managers, who are small business owners themselves and challenge the way Australians experience banking.
“Our innovative owner manager operating model ensures our communities are provided with the security of a national bank, coupled with local know-how and a personalised experience with a banker who is with them for the long haul.”
What home loans does BOQ offer?
Check out some of BOQ’s home loans for owner occupiers in the table below.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.24% p.a. | 5.83% p.a. | $2,758 | Principal & Interest | Fixed | $10 | $150 | 90% | |||||||||||||
5.34% p.a. | 5.91% p.a. | $2,789 | Principal & Interest | Fixed | $10 | $150 | 95% | |||||||||||||
5.34% p.a. | 5.86% p.a. | $2,789 | Principal & Interest | Fixed | $10 | $150 | 95% | |||||||||||||
5.34% p.a. | 5.97% p.a. | $2,789 | Principal & Interest | Fixed | $10 | $150 | 90% | |||||||||||||
5.34% p.a. | 5.91% p.a. | $2,789 | Principal & Interest | Fixed | $10 | $150 | 90% | |||||||||||||
5.44% p.a. | 6.00% p.a. | $2,267 | Interest-only | Fixed | $10 | $150 | 90% | |||||||||||||
5.44% p.a. | 6.05% p.a. | $2,820 | Principal & Interest | Fixed | $10 | $150 | 90% | |||||||||||||
5.54% p.a. | 6.07% p.a. | $2,308 | Interest-only | Fixed | $10 | $150 | 90% | |||||||||||||
5.54% p.a. | 5.89% p.a. | $2,852 | Principal & Interest | Fixed | $10 | $150 | 90% | |||||||||||||
5.54% p.a. | 5.86% p.a. | $2,852 | Principal & Interest | Fixed | $10 | $150 | 90% |
How can BOQ help customers save money?
Mr Li said at BOQ staff are passionate about helping customers reach their financial goals.
“We offer competitive discounts on our interest rates across basic and full featured products, which are often lower than the major banks, and for borrowers looking for a basic loan to purchase a home, we currently offer our lowest ever advertised rate on our Economy Home Loan,” he said.
“We know it’s important to our customers to keep ongoing expenses low, which is why most of our home loan products have no application fees and a low $10 monthly fee.
“In addition to this, customers can take advantage the offset facility feature on our clear path variable home loan to reduce the interest they pay on their loans.
“We also understand the decision to refinance is a major one, so we seek to provide every advantage to customers choosing to do so with us. We offer additional savings to customers refinancing to BOQ with a $3,000 cashback to assist them in the process.”
Home loan features
Mr Li said BOQ has a number of home loan features with some ‘fantastic’ benefits our customers can take advantage of including:
-
Mortgage Offset Facility which helps customers reduce the interest charged on their home loan by offsetting funds in a transaction account against a loan balance.
-
Unlimited free redraw which is available on all variable home loans so that customers can access extra repayments anytime they need it.
-
Flexible repayments. In addition to fixed or variable loan options, customers can select their repayment frequency or make extra repayments to help pay down their loan faster.
-
For home loan customers, in addition to discounted rates, BOQ offer fee free offset accounts for eligible loans with unlimited transactions and no annual fee on BOQ Blue and Platinum credit cards as long as they have a home loan with BOQ.
Why should customers refinance to BOQ?
Mr Li said BOQ two-thirds of branches are operated by owner-managers.
“As small business owners themselves, they have a unique understanding of our customers’ needs,” he said.
“We pride ourselves on building long-term customer relationships that are based on mutual respect and understanding.
“We’re passionate about helping customers achieve their financial goals with our competitive rates, low fees, flexible home loan features and offers.”
How to apply
To begin an application, you will need the following things:
-
Proof of identity
-
Employment details
-
Financial details such as:
-
Income;
-
Assets;
-
Expenses;
-
and Liabilities.
-
Am I eligible for a BOQ home loan?
To be eligible for a BOQ home loan you must:
-
Be 18 years of age or over
-
Have never been bankrupt
-
Be an Australian citizen or permanent resident
-
Earn a regular income
Image by Luisa Denu via Unsplash
Ready, Set, Buy!
Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!
With bonus Q&A sheet and Crossword!
Harry O'Sullivan
Harrison Astbury
Denise Raward
Brooke Cooper
