RateCity.com.au
powering smart financial decisions

Pros and cons

  • Competitive interest rates.
  • Wide range of flexible home loan products.
  • Sizeable branch network.
  • 24/7 call centre.
  • Many loan accounts have ongoing monthly fees.

Owner occupied products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
2 Year Intro Rate Variable Home Loan (Min Deposit 20%)
2.49% p.a.
3.13% p.a. Comparison rate
2.94% p.a.
3.21% p.a. Comparison rate
2 Year Intro Rate Variable Home Loan (Min Deposit 10%)
2.69% p.a.
3.17% p.a. Comparison rate
3.32% p.a.
3.28% p.a. Comparison rate
1 Year Fixed Rate Home Loan (Min Deposit 20%)
2.39% p.a.
3.19% p.a. Comparison rate
3.84% p.a.
3.32% p.a. Comparison rate
2 Year Fixed Rate Home Loan (Min Deposit 20%)
2.34% p.a.
3.13% p.a. Comparison rate
3.59% p.a.
3.34% p.a. Comparison rate
Clear Path Variable Home Loan (Min Deposit 20%)
2.69% p.a.
2.84% p.a. Comparison rate
3.39% p.a.
3.35% p.a. Comparison rate
3 Year Fixed Rate Home Loan (Min Deposit 10%)
2.99% p.a.
3.23% p.a. Comparison rate
3.84% p.a.
3.44% p.a. Comparison rate
Clear Path Variable Home Loan (Min Deposit 10%)
2.94% p.a.
3.09% p.a. Comparison rate
3.64% p.a.
3.45% p.a. Comparison rate
4 Year Fixed Rate Home Loan (Min Deposit 20%)
3.19% p.a.
3.29% p.a. Comparison rate
3.84% p.a.
3.5% p.a. Comparison rate
5 Year Fixed Rate Home Loan (Min Deposit 20%)
3.29% p.a.
3.33% p.a. Comparison rate
3.84% p.a.
3.55% p.a. Comparison rate
Economy Variable Home Loan (Min Deposit 20%)
2.03% p.a.
2.2% p.a. Comparison rate
3.8% p.a.
3.67% p.a. Comparison rate
Personal Line of Credit (Min Deposit 20%)
n/a
4.78% p.a.
4.94% p.a. Comparison rate
Economy Variable Home Loan (Min Deposit 30%)
1.98% p.a.
2.15% p.a. Comparison rate
n/a
3 Year Fixed Rate Home Loan (Min Deposit 20%)
2.79% p.a.
3.18% p.a. Comparison rate
n/a
2 Year Fixed Rate Home Loan (Min Deposit 10%)
2.69% p.a.
3.19% p.a. Comparison rate
n/a
1 Year Fixed Rate Home Loan (Min Deposit 5%)
3.64% p.a.
3.3% p.a. Comparison rate
n/a
2 Year Fixed Rate Home Loan (Min Deposit 5%)
3.54% p.a.
3.33% p.a. Comparison rate
n/a
4 Year Fixed Rate Home Loan (Min Deposit 10%)
3.39% p.a.
3.35% p.a. Comparison rate
n/a
3 Year Fixed Rate Home Loan (Min Deposit 5%)
3.64% p.a.
3.39% p.a. Comparison rate
n/a
5 Year Fixed Rate Home Loan (Min Deposit 10%)
3.49% p.a.
3.41% p.a. Comparison rate
n/a
4 Year Fixed Rate Home Loan (Min Deposit 5%)
3.64% p.a.
3.43% p.a. Comparison rate
n/a
5 Year Fixed Rate Home Loan (Min Deposit 5%)
3.64% p.a.
3.47% p.a. Comparison rate
n/a

Investment purpose products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
1 Year Fixed Rate Home Loan (Min Deposit 10%)
4.04% p.a.
3.5% p.a. Comparison rate
2.49% p.a.
3.24% p.a. Comparison rate
Clear Path Variable Home Loan (Min Deposit 20%)
2.69% p.a.
2.84% p.a. Comparison rate
2.94% p.a.
3.28% p.a. Comparison rate
2 Year Fixed Rate Home Loan (Min Deposit 20%)
2.59% p.a.
3.31% p.a. Comparison rate
3.84% p.a.
3.53% p.a. Comparison rate
2 Year Intro Rate Variable Home Loan (Min Deposit 20%)
2.74% p.a.
3.32% p.a. Comparison rate
2.94% p.a.
3.36% p.a. Comparison rate
3 Year Fixed Rate Home Loan (Min Deposit 20%)
2.89% p.a.
3.34% p.a. Comparison rate
4.29% p.a.
3.69% p.a. Comparison rate
Clear Path Variable Home Loan (Min Deposit 10%)
3.04% p.a.
3.19% p.a. Comparison rate
3.19% p.a.
3.38% p.a. Comparison rate
2 Year Intro Rate Variable Home Loan (Min Deposit 10%)
3.04% p.a.
3.37% p.a. Comparison rate
3.19% p.a.
3.4% p.a. Comparison rate
Economy Variable Home Loan (Min Deposit 20%)
2.44% p.a.
2.61% p.a. Comparison rate
2.74% p.a.
3.46% p.a. Comparison rate
1 Year Fixed Rate Home Loan (Min Deposit 20%)
2.64% p.a.
3.38% p.a. Comparison rate
4.29% p.a.
3.52% p.a. Comparison rate
5 Year Fixed Rate Home Loan (Min Deposit 20%)
3.39% p.a.
3.48% p.a. Comparison rate
4.19% p.a.
3.8% p.a. Comparison rate
4 Year Fixed Rate Home Loan (Min Deposit 20%)
3.29% p.a.
3.44% p.a. Comparison rate
4.19% p.a.
3.74% p.a. Comparison rate
Personal Line of Credit (Min Deposit 20%)
n/a
5.22% p.a.
5.37% p.a. Comparison rate
Economy Variable Home Loan (Min Deposit 30%)
2.39% p.a.
2.56% p.a. Comparison rate
n/a
2 Year Fixed Rate Home Loan (Min Deposit 10%)
3.84% p.a.
3.53% p.a. Comparison rate
n/a
3 Year Fixed Rate Home Loan (Min Deposit 10%)
4.04% p.a.
3.63% p.a. Comparison rate
n/a
4 Year Fixed Rate Home Loan (Min Deposit 10%)
4.09% p.a.
3.7% p.a. Comparison rate
n/a
5 Year Fixed Rate Home Loan (Min Deposit 10%)
4.09% p.a.
3.76% p.a. Comparison rate
n/a

Home loan repayment calculator

Thinking about taking out a home loan with BOQ? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how BOQ home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 1.98%

Total interest payable

$0

Total loan repayments

$0

Contact a mortgage broker

BOQ homeloans are vailable through brokers who can help find the right loan and manage your application at no charge.

Bank of Queensland customer service

Bank of Queensland operates a 24/7 call centre for customer enquires. There is no Live Chat service but you can access the BOQ property app when you are considering your property purchase. Home loan applications and regular banking can be done online.

  • Customer service centre operates 24/7
  • Mobile app
  • Online banking
  • Email
  • Branch
  • Mobile banking staff
  • BOQ property app

How to Apply

Customers can apply for a Bank of Queensland loan online. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:

  • Personal identification material.
  • Proof of income and other earnings.
  • Proof and type of employment.
  • Details of current loans, debts and liabilities.
  • Personal insurance documents.

About Bank of Queensland home loans

Bank of Queensland tends to offer a slightly thinner range of mortgage options than Australia’s big four banks. However, Bank of Queensland still caters to a variety of home loan customers. Their offering includes:

  • Owner-occupier home loans
  • Investor home loans
  • Lines of credit
  • Self-employed (low-doc) loans

Bank of Queensland customers are free to choose from several interest rate options, including:

  • Variable interest rates
  • Fixed interest rates
  • Principal-and-interest home loans
  • Interest-only home loans

Bank of Queensland home loans may also offer specific features, such as internet banking, ATM access, mortgage offset facility and redraw facility.

Customers who bundle transaction and home loans products can enjoy discounted rates and fee waivers on their home loan.

Bank of Queensland home loans tend to charge moderately low interest rates and moderate upfront and monthly fees.

Bank of Queensland home loan rates

Bank of Queensland mortgage rates differ from product to product, but in general their interest rates tend to be moderately low for both owner-occupiers and investors.

As a general rule, owner-occupiers are charged lower interest rates than investors, and borrowers who choose to pay principal-and-interest get lower rates than interest-only borrowers.

Bank of Queensland home loan rates can be categories into four clear tiers:

  1. Owner-occupiers with principal-and-interest mortgages (lowest rate)
  2. Investors with principal-and-interest mortgages (second-lowest rate)
  3. Owner-occupiers with interest-only mortgages (second-highest rate)
  4. Investors with interest-only mortgages (highest rate)

Bank of Queensland home loans also charge differently for variable loans and fixed loans. The interest rate charged on fixed loans varies with the term length. Customers can fix their rate for up to five years, though rates tend to go up as the term lengthens.

Bank of Queensland home loans review

While Bank of Queensland is based in Queensland, they have 190 bank branches across Australia, making it easy for all Australians to access their home loans, no matter where they call home.

Though Bank of Queensland may not offer the same variety as Australia’s big four banks, customers still have several options when it comes to finding the right home loan. Customers can choose between principal-and-interest and interest-only loans, and between variable-rate and fixed-rate mortgages.

In terms of interest rates, Bank of Queensland tends to charge moderately low rates. While they may not charge the lowest home loan rates, their interest is reasonable when compared with current home loan interest rates on the market.

Bank of Queensland home loan fees tend to be moderate in both their upfront and ongoing costs.

Learn more about home loans

What are the different types of home loan interest rates?

A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

Fixed rates

These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

Variable rates

With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments. 

How do you compare home loans?

To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.

Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.

Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.

Do you compare mortgages using the comparison or advertised rate?

A lot of Australians compare home loans using the advertised interest rate, which indicates how much interest you’ll be charged on your mortgage repayments. The lower your rate, the cheaper your home loan should be.

However, interest charges aren’t the only cost associated with home loans. Most mortgage lenders also charge fees on their home loans. A mortgage with a low interest rate and high fees can sometimes cost more than a mortgage with a high interest rate and low fees.

A home loan’s comparison rate combines the cost of interest with the cost of standard fees and charges into a single percentage rate. Mortgage lenders are required to display a comparison rate alongside their advertised rate to better indicate the home loan’s overall cost.

Keep in mind that to ensure consistency, all comparison rates are calculated assuming a $150,000 principal and interest mortgage with a 25 year term. As your home loan may be different, the comparison rate may not accurately reflect exactly how much your home loan may cost. Also, the comparison rate doesn’t include every home loan fee and charge, so it’s still important to compare home loans and read the fine print before you apply.

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

Are fixed rates or variable rates cheaper?

Fixed and variable home loan interest rates are discretionary based on the lender’s decision. They will also be influenced by the Australian economy, as well as the Reserve Bank of Australia’s cash rate. The specific interest rate you may be offered will also depend on your credit history and financial situation.

Whether a fixed or variable rate home loan is the cheaper option for you will depend on all the above, and may still fluctuate over a 25-year home loan term. Therefore, it’s worth comparing your loan options with our comparison tables to see how the rates compare, based on your specific financial needs.

What is a home loan?

A home loan is a finance product that allows a home buyer to borrow a large sum of money from a lender for the purchase of a residential property. The home is then put up as "security" or "collateral" on the loan, giving the lender the right to repossess the property in the case that the borrower fails to repay their loan.

Once you take out a home loan, you'll need to repay the amount borrowed, plus interest, in regular instalments over a predetermined period of time.

The interest you're charged on each mortgage repayment is based on your remaining loan amount, also known as your loan principal. The rate at which interest is charged on your home loan principal is expressed as a percentage.

Different home loan products charge different interest rates and fees, and offer a range of different features to suit a variety of buyers’ needs.

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

Is the lowest home loan rate always the cheapest?

The home loan with the lowest interest rate may not always be the cheapest mortgage option for you. Sometimes a home loan with a low interest rate may charge high fees, which may cost more in total than a mortgage with a higher interest rate and no fees.

Consider checking the comparison rate, which combines interest and standard fees, to get a better idea of the overall cost of different home loan options.

How do you find cheap home loans?

With so many interest rate options and repayment types available, finding the cheapest home loan may depend on the type of loan you choose.

Whether you’re looking for an owner-occupier or investor loan, with interest-only or principal and interest repayments, on a fixed or variable interest rate, the cheapest home loan rate available may vary greatly.

One way to find the cheapest option for you is to narrow down your search and compare the options that best suit your individual requirements. RateCity’s home loan comparison tables can help you get started on your search and take the hassle out of shopping around.

How can I apply for a first home buyers loan with Commonwealth Bank?

Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.

You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.

You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.

CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property.  The link to download this app is available on the same webpage.

If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.

How to apply for a pre-approval home loan from Bendigo Bank?

Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork. 

Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home. 

With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances. 

To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.

If a mortgage rate changes, will it affect your repayments?

If you have a variable rate home loan, changes to your mortgage rate may affect the cost of your repayments. Rising interest rate could cost you more in interest charges, while interest rate cuts could see you paying less interest on your home loan.

If you have a fixed rate home loan, your interest charges will stay the same during the fixed interest period, regardless of whether the lender’s variable rates rise or fall. Once the fixed rate term expires, your loan will revert to a variable rate, so be prepared in case of bill shock.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.