BOQ Line of Credit Facility


BOQ’s Line of Credit Facility is a typical line of credit loan in that it allows you to draw down on your equity up until a certain pre-approved limit. The loan allows you to make repayments and draw against these, as long as you stay within the limit. Interest is only calculated on the amount of money you have used.  

BOQ’s Line of Credit Facility offers you all the flexibility you need to set your own repayment schedule. You can make extra repayments, you can make the required payments on a weekly, fortnightly or monthly basis. You can access funds any time you wish from an ATM, over the internet, or by EFTPOS. 

Who is the BOQ Line of Credit Facility good for?

With its low variable rate, BOQ’s Line of Credit Facility is good for owner-occupiers, refinancers, or investors who are looking for a flexible financial product, as it allows you to make unlimited extra repayments, and draw up to your limit whenever you need to. However, with so much flexibility, you’ll need to be good at budgeting.  If you apply as an investor, you will pay slightly higher interest, as the owner-occupier and investment rate are different.

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If you are looking for a flexible product that gives almost unlimited redraw and repayment options, and you are good at budgeting, a Line of Credit could be an option for you. BOQ’s Line of Credit facility gives you all the flexibility you need at a standard home loan rate, as well as the convenience of ATMs, EFTPOS, and internet banking.

BOQ Line of Credit Facility Options

BOQ has an option for both owner occupiers and investors, but investors have to pay a slightly higher rate. 

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  • Access to pre-approved funds.
  • ATM access available.
  • Valuation fee is waived.
  • Ongoing monthly fees.
  • No fixed term available.
  • No offset facility.

Must meet BOQ’s serviceability criteria.

Not available for self-managed super funds.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
  • Investors
  • Estimated upfront fees: $995.00
  • Discharge fees: $320
  • Ongoing fees: $10 monthly

This loan has a high amount of upfront costs payable at the start of the loan.  BOQ allows for one free valuation per application which assists in reducing the amount of costs but the overall start up amount is still high. You’ll also have to pay an ongoing monthly fee, and a fee to discharge the loan. 

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

Bank of Queensland is a retail bank based in Brisbane with over 200 branches throughout Australia. It offers everyday banking accounts, savings and investment products, credit cards, and personal and home loans. 

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