Bank of Queensland Home Loan Review

Bank of Queensland (BOQ) is one of Australia’s oldest regional banks. It prides itself on its business structure, with most branches run by local owner-managers.

BOQ has been helping Australians with their finances since 1874 and now has over 159 branches across Australia. It remains one of the main competitors of the big four banks.

As one of Australia’s largest competitor banks, BOQ also owns and operates Virgin Money Home Loans and ME Bank.

Colin Li, the bank’s Head of Retail Products – Home Buying, told saving.com.au BOQ believes Australians should have a choice when it comes to their money.

“Our mission is to provide our customers with a compelling alternative to big banks,” Mr. Li said.

“Two-thirds of our branches are run by owner-managers, who are small business owners themselves and challenge the way Australians experience banking.

“Our innovative manager-owner operating model guarantees our communities the security of a national bank, combined with local know-how and a personalized experience with a banker who accompanies them over the long term. »

What home loans does BOQ offer?

Check out some of BOQ’s home loans for homeowners in the table below.

Find out how BOQ homeowner loans compare to others in the table below.

Lender

Rate Type Gap Redraw Ongoing charges The initial costs LVR Lump sum reimbursement Additional refunds Pre-approval

Variable More details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable – 2 years (LVR
  • Fast turnaround times, can meet 30 day settlement
  • For purchase and refinancing, down payment min 20%
  • No ongoing or monthly fees, add 0.10% compensation

Variable More details
100% COMPLETE CLEARING ACCOUNTNO APPLICATION FEES OR ON-GOING FEES

Low Rate Home Loan – Premium (Principal & Interest) (Owner Occupant) (LVR
  • No upfront or ongoing fees
  • 100% cleared account
  • Additional refunds + withdrawal services

Fixed More details
USE AN INDUSTRY-LEADING APP TO HELP YOU PAY OFF YOUR LOAN EARLIER

Fixed mortgage 1 year (capital and interest) (LVR
  • Make up to $20,000 in additional repayments per fixed term
  • Redraw available – allows you to access any additional loan repayments you have made
  • Choose to lock rates for 90 days (fees apply)

Variable More details
REFINANCING IN MINUTES, NOT WEEKS

Nano Home Loans Owner Occupied Variable, Principal & Interest (Refinance Only)

  • No application or ongoing fees.
  • 100% free clearing sub-account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
Variable More details
ZERO APPLICATION FEESCOMPENSATION WITHOUT COST

Homeowner Accelerates – Celebrate (LVR
  • We lower your rate based on the amount you have repaid on your loan
  • Automatic Rate Matching
  • No upfront or ongoing fees

How can BOQ help customers save money?

Mr. Li said BOQ staff are passionate about helping clients achieve their financial goals.

“We offer competitive discounts on our basic and comprehensive interest rates, which are often lower than the big banks, and for borrowers looking for a basic loan to buy a home, we offer currently our lowest ever advertised rate on our Economy Home. Ready,” he said.

“We know it’s important for our clients to keep day-to-day expenses low, which is why most of our home loan products have no application fee and a low monthly fee of $10.

“In addition to this, clients can take advantage of the offset feature of our Clear Path Variable Home Loan to reduce the interest they pay on their loans.

“We also understand that the decision to refinance is a big decision, so we seek to provide every benefit to customers who choose to do so with us. We offer additional savings to customers who refinance with BOQ with cash back $3,000 to help them through the process.

Features of the home loan

Mr. Li said BOQ offers a number of home loan features with “fantastic” benefits that our customers can enjoy, including:

  • Mortgage offset facility that helps customers reduce the interest charged on their home loan by offsetting funds in a transaction account against the loan balance.

  • Unlimited free withdrawal that is available on all variable home loans so customers can access additional repayments anytime they need them.

  • Flexible repayments. In addition to fixed or variable loan options, customers can choose their repayment frequency or make additional repayments to help pay off their loan faster.

  • For home loan customers, in addition to reduced rates, BOQ offers fee-free clearing accounts for qualifying loans with unlimited transactions and no annual fees on BOQ Blue and Platinum credit cards as long as they have a home loan. with BOQ.

Why should customers refinance with BOQ?

Li said two-thirds of BOQ branches are operated by owner-managers.

“As small business owners themselves, they have a unique understanding of our customers’ needs,” he said.

“We pride ourselves on building long-term relationships with our customers based on mutual respect and understanding.

“We are passionate about helping customers achieve their financial goals through our competitive rates, low fees, features, and flexible home loan offerings.”

How to register

To start an application, you will need the following:

Am I eligible for a BOQ home loan?

To be eligible for a BOQ home loan you must:


Image by Luisa Denu via Unsplash

The whole market has not been taken into account in the selection of the above products. Instead, a reduced portion of the market was considered. Products from some vendors may not be available in all states. To be considered, the product and price must be clearly published on the product supplier’s website. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interest of full disclosure, Savings Media Group is associated with Firstmac Group. To learn how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.

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