Bank of Queensland is one of Australia’s leading regional banks. Established in 1874 as the Brisbane Permanent Benefit Building and Investment Society, the institution became a trading bank in 1942 and adopted the Bank of Queensland name in 1970.
Bank of Queensland offers a wide range of mortgages for first time home buyers, investors, upgraders and those looking to refinance their home. Bank of Queensland home loans tend to charge rates below the market average.
BOQ home loans rates
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- Competitive interest rates.
- Wide range of flexible home loan products.
- Sizeable branch network.
- 24/7 call centre.
- Many loan accounts have ongoing monthly fees.
Bank of Queensland operates a 24/7 call centre for customer enquires, as well as a phone banking service. 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
- 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:
- Owner-occupiers with principal-and-interest mortgages (lowest rate)
- Investors with principal-and-interest mortgages (second-lowest rate)
- Owner-occupiers with interest-only mortgages (second-highest rate)
- 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.
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Most comparison sites give you information about rates, fees and features, but expect you’ll pay more with a low advertised rate and $400 ongoing fee or a slightly higher rate and no ongoing fee. The answer is different for each borrower and depends on a number of variables, in particular how big your loan is. Comparisons are either done based on just today or projected over a full 25 or 30 year loan. That’s not how people borrow these days. While you may take a 30 year loan, most borrowers will either upgrade their house or switch their home loan within the first five years.
You’re also expected to know exactly which features you want. This is fine for the experienced borrower, but most people know some flexibility is a good thing, but don’t know exactly which features offer more flexibility than others.
What is the flexibility score?
Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.
They’re not always timely
In today’s competitive home loan market, lenders are releasing new offers almost daily. These offers are often some of the most attractive deals in the market, but won’t get rated by traditional ratings systems for up to a year.
The assumptions are out of date
The comparison rate is based on a loan size of $150,000 and a loan term of 25 years. However, the typical loan size is much higher than that. Million dollar loans are becoming increasingly common, especially if you live in metropolitan parts of Australia, like Sydney and Melbourne. It’s also uncommon for borrowers to hold a loan for 25 years. The typical shelf life for a home loan is a few years.
The other problem is because it’s a percentage, the difference between 3.9 or 3.7 per cent on a $500,000 doesn’t sound like much, but equals around $683 a year. Real Time Ratings™ not only looks at the difference in the monthly repayments, but it will work out the actual cost difference once fees are taken into consideration.