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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Pros and cons
- Flexible repayment options
- Additional repayments allowed
- No early exit penalty
- Minimum loan amount
- Ongoing fees
- No online application
BOQ personal loans rates
based on $30,000 loan amount for 5 years at 11.71%
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based on $30,000 loan amount for 5 years at 13.01%
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based on $30,000 loan amount for 5 years at 13.66%
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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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Where can I get a personal loan?
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
What are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
What do single mothers need to apply for a personal loan?
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.