BOQ 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'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.59 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

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

BOQ home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.59%

Variable

$800

2.76%

$10 monthly
Bank of Queensland
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2.64%

Variable

$800

2.81%

$10 monthly
Bank of Queensland
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2.99%

Variable

$800

3.16%

$10 monthly
Bank of Queensland
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3.04%

Variable

$800

3.20%

$10 monthly
Bank of Queensland
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2.54%

Fixed - 5 years

$800

3.34%

$10 monthly
Bank of Queensland
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2.25%

Fixed - 3 years

$800

3.41%

$10 monthly
Bank of Queensland
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2.54%

Fixed - 4 years

$800

3.41%

$10 monthly
Bank of Queensland
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2.99%

Fixed - 5 years

$800

3.51%

$10 monthly
Bank of Queensland
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2.29%

Fixed - 2 years

$800

3.52%

$10 monthly
Bank of Queensland
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2.74%

Fixed - 5 years

$800

3.52%

$10 monthly
Bank of Queensland
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2.99%

Fixed - 4 years

$800

3.55%

$10 monthly
Bank of Queensland
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2.89%

Fixed - 3 years

$800

3.57%

$10 monthly
Bank of Queensland
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2.74%

Fixed - 4 years

$800

3.59%

$10 monthly
Bank of Queensland
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2.79%

Intro 24 months

$500

3.59%

$10 monthly
Bank of Queensland
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2.59%

Fixed - 3 years

$800

3.63%

$10 monthly
Bank of Queensland
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2.89%

Fixed - 2 years

$800

3.63%

$10 monthly
Bank of Queensland
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2.99%

Intro 24 months

$500

3.63%

$10 monthly
Bank of Queensland
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2.99%

Intro 24 months

$500

3.63%

$10 monthly
Bank of Queensland
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2.39%

Fixed - 1 year

$800

3.64%

$10 monthly
Bank of Queensland
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3.80%

Variable

$800

3.67%

$10 monthly
Bank of Queensland
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3.42%

Intro 24 months

$500

3.70%

$10 monthly
Bank of Queensland
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2.59%

Fixed - 2 years

$800

3.72%

$10 monthly
Bank of Queensland
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3.24%

Fixed - 5 years

$800

3.72%

$10 monthly
Bank of Queensland
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2.99%

Fixed - 3 years

$800

3.73%

$10 monthly
Bank of Queensland
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2.99%

Fixed - 1 year

$800

3.74%

$10 monthly
Bank of Queensland
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2.94%

Fixed - 2 years

$800

3.78%

$10 monthly
Bank of Queensland
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3.74%

Fixed - 2 years

$800

3.78%

$10 monthly
Bank of Queensland
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3.89%

Fixed - 1 year

$800

3.78%

$10 monthly
Bank of Queensland
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3.24%

Intro 24 months

$500

3.79%

$10 monthly
Bank of Queensland
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3.09%

Intro 24 months

$500

3.79%

$10 monthly
Bank of Queensland
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3.84%

Fixed - 2 years

$800

3.79%

$10 monthly
Bank of Queensland
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3.34%

Intro 24 months

$500

3.81%

$10 monthly
Bank of Queensland
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3.19%

Intro 24 months

$500

3.81%

$10 monthly
Bank of Queensland
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4.19%

Fixed - 1 year

$800

3.81%

$10 monthly
Bank of Queensland
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2.64%

Fixed - 1 year

$800

3.83%

$10 monthly
Bank of Queensland
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3.89%

Fixed - 4 years

$800

3.85%

$10 monthly
Bank of Queensland
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3.99%

Fixed - 3 years

$800

3.85%

$10 monthly
Bank of Queensland
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3.89%

Fixed - 5 years

$800

3.87%

$10 monthly
Bank of Queensland
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4.19%

Fixed - 3 years

$800

3.91%

$10 monthly
Bank of Queensland
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4.09%

Fixed - 4 years

$800

3.92%

$10 monthly
Bank of Queensland
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3.84%

Fixed - 2 years

$800

3.94%

$10 monthly
Bank of Queensland
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3.84%

Fixed - 2 years

$800

3.94%

$10 monthly
Bank of Queensland
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4.04%

Fixed - 1 year

$800

3.95%

$10 monthly
Bank of Queensland
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4.09%

Fixed - 5 years

$800

3.95%

$10 monthly
Bank of Queensland
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4.02%

Variable

$800

3.97%

$10 monthly
Bank of Queensland
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4.29%

Fixed - 1 year

$800

3.98%

$10 monthly
Bank of Queensland
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4.04%

Fixed - 3 years

$800

4.00%

$10 monthly
Bank of Queensland
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4.09%

Fixed - 4 years

$800

4.04%

$10 monthly
Bank of Queensland
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4.38%

Variable

$500

4.05%

$10 monthly
Bank of Queensland
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4.09%

Fixed - 5 years

$800

4.06%

$10 monthly
Bank of Queensland
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4.29%

Fixed - 3 years

$800

4.06%

$10 monthly
Bank of Queensland
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4.19%

Fixed - 4 years

$800

4.07%

$10 monthly
Bank of Queensland
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4.19%

Fixed - 5 years

$800

4.10%

$10 monthly
Bank of Queensland
More details

3.99%

Variable

$500

4.13%

$10 monthly
Bank of Queensland
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4.87%

Variable

$500

4.36%

$10 monthly
Bank of Queensland
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4.62%

Variable

$500

4.75%

$10 monthly
Bank of Queensland
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4.78%

Variable

$500

4.94%

$10 monthly
Bank of Queensland
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5.22%

Variable

$500

5.37%

$10 monthly
Bank of Queensland
More details

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 BOQ

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.

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.

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

What is the difference between fixed, variable and split rates?

Fixed rate

A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.

Variable rate

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Split rates home loans

A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

What is the best interest rate for a mortgage?

The fastest way to find out what the lowest interest rates on the market are is to use a comparison website.

While a low interest rate is highly preferable, it is not the only factor that will determine whether a particular loan is right for you.

Loans with low interest rates can often include hidden catches, such as high fees or a period of low rates which jumps up after the introductory period has ended.

To work out the best value for money, have a look at a loan’s comparison rate and read the fine print to get across all the fees and charges that you could be theoretically charged over the life of the loan.

How can I calculate interest on my home loan?

You can calculate the total interest you will pay over the life of your loan by using a mortgage calculator. The calculator will estimate your repayments based on the amount you want to borrow, the interest rate, the length of your loan, whether you are an owner-occupier or an investor and whether you plan to pay ‘principal and interest’ or ‘interest-only’.

If you are buying a new home, the calculator will also help you work out how much you’ll need to pay in stamp duty and other related costs.

What is a comparison rate?

The comparison rate is a more inclusive way of comparing home loans that factors in not only on the interest rate but also the majority of upfront and ongoing charges that add to the total cost of a home loan.

The rate is calculated using an industry-wide formula based on a $150,000 loan over a 25-year period and includes things like revert rates after an introductory or fixed rate period, application fees and monthly account keeping fees.

In Australia, all lenders are required by law to publish the comparison rate alongside their advertised rate so people can compare products easily.

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

What is an interest-only loan? How do I work out interest-only loan repayments?

An ‘interest-only’ loan is a loan where the borrower is only required to pay back the interest on the loan. Typically, banks will only let lenders do this for a fixed period of time – often five years – however some lenders will be happy to extend this.

Interest-only loans are popular with investors who aren’t keen on putting a lot of capital into their investment property. It is also a handy feature for people who need to reduce their mortgage repayments for a short period of time while they are travelling overseas, or taking time off to look after a new family member, for example.

While moving on to interest-only will make your monthly repayments cheaper, ultimately, you will end up paying your bank thousands of dollars extra in interest to make up for the time where you weren’t paying off the principal.

What is a guarantor?

A guarantor is someone who provides a legally binding promise that they will pay off a mortgage if the principal borrower fails to do so.

Often, guarantors are parents in a solid financial position, while the principal borrower is a child in a weaker financial position who is struggling to enter the property market.

Lenders usually regard borrowers as less risky when they have a guarantor – and therefore may charge lower interest rates or even approve mortgages they would have otherwise rejected.

However, if the borrower falls behind on their repayments, the lender might chase the guarantor for payment. In some circumstances, the lender might even seize and sell the guarantor’s property to recoup their money.

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.