BOQ personal loans
Bank of Queensland (BOQ) is one of Australia’s leading regional banks. Since first opening in 1874, Bank of Queensland has grown to a nationwide footprint of over 190 branches. They offer a variety of financial products including personal loans, home loans, personal banking and credit cards.
Bank of Queensland offer unsecured personal loans at both fixed and variable rates as well as a personal loan that can be secured against your mortgage. The minimum amount for these personal loans is $3,000 and there’s a maximum amount of between $40,000 to $50,000, depending on the loan type.
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Why choose BOQ
BOQ Personal Loans
Personal Loans calculator
Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.
Your estimated repayments
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- This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
- Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
- Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
- Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
- The calculation rounds of the personal loan repayment to the closest dollar value without decimals.
- All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
- Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
- Calculator does not include the cost of fees or other extra charges.
- Calculator does not account for changes to interest rates over time.
- This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.
Features of a Bank of Queensland personal loan
BOQ offers different personal loan products, however, they do have some features in common. For example, the minimum borrowing amount across all loans is $3,000. All BOQ personal loans also charge an upfront fee, as well as an ongoing monthly fee. The loans can be taken out across a loan term range of one to seven years.
In regards to features, all BOQ personal loans allow extra repayments without penalty which can help reduce the total amount of interest charged on the loan over time. The loans also have a flexible repayment schedule and can be repaid on a weekly, fortnightly or monthly schedule, depending on the borrower’s preference. If you do manage to pay out your BOQ personal loan early, there’s no penalty fee charged.
Bank of Queensland personal loans – customer service
Bank of Queensland has a personal banking general enquiries hotline which is available 24 hours a day, 7 days a week.
Customers can also contact the bank via:
- Online enquiry
- In branch
Who is eligible for a Bank of Queensland personal loan?
To be eligible for a Bank of Queensland personal loan, you need to meet the following criteria:
- Be 18 years or over
- Apply for a loan of $3000 or more
- Never been bankrupt
- Be a permanent Australian Resident
- Provide proof of income and employment
How to apply for a Bank of Queensland personal loan?
To apply for a Bank of Queensland personal loan, you must apply in person, at a branch or over the phone. While you can fill out an online enquiry form, there’s no option to apply online.
At the time of application you will need to provide Bank of Queensland with:
- Proof of identity
- Proof of employment
- Proof of income
- Details of any assets, expenses, loans and liabilities
Bank of Queensland personal loans review
BOQ personal loans typically offer average interest rates for unsecured loans. It’s also important to consider the comparison rate of these loans which is pushed up due to the application fee and ongoing fees associated with the loans.
These loans do, however, offer flexibility in terms of paying off the loan early and the repayment schedule. This can be beneficial to borrowers who will have the capacity to pay down their loan before the agreed loan term of between one and seven years. They can also help to minimise interest charges while the loan is being paid off.
Another upside to a BOQ personal loan is that you’ll have the full banking customer service suite at your disposal. BOQ offer branches, phone assistance and internet banking services to their customers.
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.
