Bank of Queensland home loans review

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on January 19, 2022 Fact Checked
Bank of Queensland home loans review

Bank of Queensland (BOQ) is one of Australia's oldest regional banks which prides itself on its business structure, with most branches being run by local owner-managers.

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

Variable
More details

Economy Home Loan (Principal and Interest) (LVR < 80)

    Fixed
    More details

    Standard Fixed Rate Home Loan (Principal and Interest) (New Customer) 2 Years ($150k+, LVR < 80%)

      Variable
      More details

      Economy Investment Loan (Principal and Interest) (LVR < 70)

        Fixed
        More details

        Standard Fixed Rate Home Loan (Principal and Interest) (New Customer) 1 Year ($150k+, LVR < 80%)

          Variable
          More details

          Economy Investment Loan (Principal and Interest) (LVR < 80)

            Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of June 25, 2022. View disclaimer.

            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

            Disclaimers

            The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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            author-avatar
            Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.

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