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BOQ Privileges Package Loan

Features

The BOQ Privileges Package Loan is a package option that can be taken out in addition to a number of the BOQ home loan and line of credit loan products.

By taking out a package, borrowers must bundle the loan with a BOQ mortgage and transaction account to be eligible for several perks, such as fee waivers and discounts.

For instance, if a borrower were to take out the BOQ standard variable rate home loan alone then a monthly service fee applies. However, when the BOQ Privileges Package Loan is applied, the ongoing fee is waived for the remainder of the loan term.

In terms of interest rates, the BOQ Privileges Package offering is competitively-low. Note, however, that the interest rate varies depending on the loan type. For instance, fixed rates range from very low, while variable rates range from moderately-low.

The BOQ Privileges Package Loan allows borrowers to make repayments as interest and principal or interest-only payments. Repayments can be made weekly, fortnightly or monthly.

Customers can also make unlimited additional repayments but there is a minimum loan amount in order to qualify.

A redraw facility is also available to those who wish to later draw on those additional funds.

There is also the option to have a 100 per cent offset account for personal customers under the variable rate and fixed rate options. 

Who is the BOQ Privileges Package Loan good for?

The BOQ Privileges Package Loan may suit borrowers which prefer to bundle their banking products with the one lender for convenience.

This loan package option is available for both owner-occupier and investor borrowers as well as those looking to draw on equity in their home via a line of credit loan. 

Review - What RateCity says

With low to moderate fixed and variable rates available, this home loan package may be a good option for owner-occupier and investor borrowers, as well as those looking to draw on equity via a line of credit loan.

It offers competitive interest rates and a number of fee-waivers, which may appeal to a variety of borrowers. However, this does come at a cost; an annual package fee applies.

BOQ Privileges Package Loan Options

The BOQ Privileges Package Loan offers a range of options. To find out more information about each of the options, click the links below.

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Advertised rate
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Fixed Rates from

3.85%

Advertised rate

5.17%

Comparison rate

Variable Rates from

4.09%

Advertised rate

4.71%

Comparison rate
Pros
  • Low to moderate fixed and variable interest rates.
  • 100 per cent offset account available.
  • Redraw facility available.
Cons
  • Annual package fee applies.
  • Must maintain an approved BOQ transaction account or choose the line of credit option.
  • Minimal upfront and discharge fees apply.
Eligibility

Must maintain an approved BOQ transaction account or choose the line of credit option.

Must be able to provide proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $0 - $150.00
  • Discharge fees: $150
  • Ongoing fees: $395 annually

A moderate annual package fee is charged for this home loan.

Minimal upfront fees also apply, as does a discharge fee which is charged when the loan is closed.

Break fees may also apply to fixed home loans, if you opt out of the home loan before it is completed.

There is also a fee for converting your loan into a different loan type and a fee charged for construction loans.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Bank of Queensland

BOQ is a regional Australian bank that is independent from any of the big banks. BOQ has 200 branch locations throughout Australia and offers internet and telephone banking on a range of financial products.

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