BOQ Standard Home Loan


BOQ’s Standard Variable Home Loan offers borrowers several features, including a 100 per cent offset account, whereby your savings in your offset account reduce your home loan principal and help cut interest costs payable on the loan.

There is no limit on additional repayments, so you make as many extra repayments as you like without penalty and pay off your loan sooner and save on interest. There is also a free online redraw facility, so you have access to any excess repayments, though there is a minimum amount that must be redrawn. While these features are all attractive, be aware that BOQ’s standard variable rate is high so you will be paying for it in increased interest.

Bank of Queensland’s Fixed Rate loan offers borrowers competitive fixed rates for terms of up to five years. While the rates are relatively low, there are noticeably less features – including no offset account, with the exception of the 1 year fixed rate, limited extra repayments and no redraw facility.

For both the fixed and variable products, BOQ allows weekly, fortnightly or monthly repayments, giving you control and flexibility over your finances. More regular payments will also allow you to minimise interest costs.

Owner-occupiers can borrow up to 95 per cent of the property's value with lenders mortgage insurance, which is required for loan amounts over 80 per cent. Investors can borrow up to 90 per cent.  Note that even though you pay for the LMI, it protects the lender, not you, against loan default.

You can also make interest only repayments (for a maximum of five years) as well as principal and interest repayments. With interest only loans, you don’t pay off any of the principal during the loan period.

Another bonus is that BOQ also offers its Low Documentation option on this loan. This is a very flexible financing solution for the self-employed who have income and assets, but may not have the usual paperwork like financial statements or tax returns ready at the time of application. 

Who is the BOQ Standard Variable Loan good for?

The BOQ Standard Home Loan may suit established owner-occupiers or first home buyers, investors or the self-employed. 

Review - What RateCity says

BOQ’s Standard Loan offers plenty of features however prospective customers should be aware that the interest rate on the variable loan is high and there are some hefty fees on both the variable and fixed products.

It is worth sitting down and working out the total cost of the loan before you sign up for it, to make sure all the extra features are worth it.

BOQ Standard Home Loan Options

Have a look at BOQ’s Standard Loan options for the home loan to suit you.

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  • Flexible payment options.
  • Low minimum deposit.
  • Low doc option for the self-employed.
  • High upfront fees.
  • High variable rates.
  • Discharge fees apply.

BOQ standard lending criteria applies.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $800.00 - $995.00
  • Discharge fees: $150
  • Ongoing fees: $10 monthly

BOQ’s Standard Variable Home Loan has some notable fees, including high upfront and monthly fees. However, the discharge fee is relatively low. 

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

One of Australia’s leading regional banks, Bank Of Queensland has been offering financial products and solutions since 1874. With over 200 branches available to customers, BOQ also offers telephone access and internet banking alternatives.

BOQ prides itself on providing fair and equitable banking and financial products, served with a regional bank’s customer focus.

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