Bank of Queensland is one of Australia's larger banks. It owns several smaller lenders. BOQ offers a large range of fixed and variable rate loans. Check out the full table of Bank of Queensland products below or read more about the lender and its loans.
Compare Bank of Queensland home loans for January 2024
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Bank of Queensland has some competitive interest rates, especially on its fixed rate loans. Most of its loans have an upfront application fee.
The bank offers fixed and variable rate loans, including introductory variable rate loans.
You need at least a 10% deposit to qualify for some Bank of Queensland home loans, but many require a 20% deposit or even higher. Borrowers with small deposits should research carefully to avoid applying for a rate they cannot get.
Here are the key features and details you need to know about Bank of Queensland's mortgage products.
Feature
Details
Minimum deposit
While some Bank of Queensland loans have 90% maximum LVRs, meaning you can get them with 10% deposits, many don't. Some of the bank's lowest rates are for borrowers with 20% deposits.
Offset account?
Some Bank of Queensland loans come with offset accounts. You won't find this feature on BOQ's fixed rate loans.
Fees
Application fees are common across most Bank of Queensland loans.
When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.
Eligibility
Each Bank of Queensland product has specific eligibility criteria, but some will apply to all products. For example:
Age. You must be over 18 years of age.
Residency. You should be a resident of Australia.
Employment. You should have a regular source of income.
Documents required
When you apply for a mortgage with Bank of Queensland you are required to provide certain information, so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:
📄 Property details. You can start a loan enquiry before you've bought a property, but to complete an application, you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (such as savings accounts or investments) and liabilities (for example, your outstanding debt).
If you're looking for a home loan from a similar lender to the Bank of Queensland, you could look at the Big Four or some of Australia's other mid-sized lenders.
Big Four banks. Check out home loans from Australia's Big Four banks.
AMP. AMP is a large Australian lender and financial services provider.
Suncorp Bank. This Queensland-based lender also provides insurance and superannuation services.
Macquarie Bank. This retail and investment bank is one of Australia's largest.
ING. This online bank is part of the global, Dutch-based financial group of the same name.
Looking for more mortgage options?
Online lenders. Compare more mortgages from online lenders.
Mortgage brokers. Still confused? Get free, expert guidance from a qualified mortgage broker.
More home loan questions
To make sure you find the right Bank of Queensland loan, you need a clear idea of what you're looking for in a mortgage. These simple questions can help:
What's your deposit size? Many of Bank of Queensland's most competitive rates are available to borrowers with 20% deposits, but some are available with just a 10% deposit. This is important to consider if you haven't saved a large deposit.
What is the purpose of the loan? If you're buying a home to live in, you need an owner-occupier loan. Property investors need an investment loan rate. Bank of Queensland offers various options for both borrower types.
Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period so you can forget about rate changes altogether?
What features do you need? You need to decide whether you need features like a 100% offset account, the ability to make extra repayments and the option to split your rate.
Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power.
Most Australian borrowers bank with one of the Big Four banks (Commbank, ANZ, Westpac and NAB). You might have some concerns about getting a loan from a smaller lender you've never heard of. But there's no reason to worry just because you've never heard of a lender before.
In Australia, banks and lenders are regulated by the Australian Prudential Regulation Authority (APRA) or the Australian Securities and Investments Commission (ASIC) and must comply with the National Consumer Credit Protection Act.
The Bank of Queensland is an authorised deposit-taking institution (ADI). This means customers with money deposited in a Bank of Queensland savings account benefit from the deposit guarantee scheme. This federal government scheme guarantees a customer's savings up to $250,000, even if the bank itself collapses.
Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.
A fixed rate loan offers total certainty about your rate, for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates you won't benefit either. Refinancing a fixed rate loan means breaking the loan, because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee.
Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically charges you no fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.
It looks like the amount has been cut off. But you can use Finder’s borrowing power calculator to get a quick estimate of how much you may be eligible to borrow for your home loan. Simply enter a few details about your income, debt, and expenses to get an estimate.
You can speak with a professional mortgage broker for more help and to get personalised advice.
Thank you for your question and for contacting finder.com.au – we are a financial comparison website and general information service we are not mortgage specialists so can only offer general advice.
You may also want to speak to a mortgage broker. A mortgage broker is a professional who compares and helps you apply for home loans on your behalf. A good mortgage broker will give you personalised service all the way through to settlement.
You can compare lenders that offer vacant land home loans. Some of these loans may not be available for purchases of acreages or larger pieces of land. Please keep in mind that these types of loans typically have a lower loan-to-value (LVR) ratio due to the conservative approach that lenders have for vacant land loans.
If you would like to discuss your eligibility for a vacant land home loan, please get in touch with a mortgage broker to help you understand your financial position and they can leverage their panel of networks to find a lender that’s more inclined to review your application.
Keep in mind that lenders often take a conservative approach towards vacant land and construction home loans and they may offer a lower maximum LVR compared to traditional home loans. As a result, you may need to complete a larger deposit in order to be approved.
I also suggest to get in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that’s more inclined to review your application.
I’m looking for a suitable home loan as a first home buyer. Would a broker get a better deal if I use one or I can get the same deal if I do it myself direct to the bank?
Brokers can sometimes get access to special broker only rates, but on the flip side, some online lenders only deal with consumers, not brokers. It might be a good idea to compare rates and see what deals are available and then speak to a broker once you’re aware of the rates on offer. This way you can be sure you get the best deal for you.
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How much loan I can get for my taxable income of
$56357- First home buyer. Permanent part time nurse
Hi Amos,
It looks like the amount has been cut off. But you can use Finder’s borrowing power calculator to get a quick estimate of how much you may be eligible to borrow for your home loan. Simply enter a few details about your income, debt, and expenses to get an estimate.
You can speak with a professional mortgage broker for more help and to get personalised advice.
I hope this helps!
Cheers,
Sarah”
Hi i would like to know if you offer indigenous home loans?
Hi Carlie,
Thank you for your question and for contacting finder.com.au – we are a financial comparison website and general information service we are not mortgage specialists so can only offer general advice.
Please feel free to check the lenders that offer Indigenous Home Loans featured on our website.
You may also want to speak to a mortgage broker. A mortgage broker is a professional who compares and helps you apply for home loans on your behalf. A good mortgage broker will give you personalised service all the way through to settlement.
Hope this helps.
Cheers,
May
Hello,
I would like to apply for vacant land loan.
Could you please let me know if you offer such a loan and if yes how can I apply?
Thanks
Hi Jana,
Thanks for reaching out.
You can compare lenders that offer vacant land home loans. Some of these loans may not be available for purchases of acreages or larger pieces of land. Please keep in mind that these types of loans typically have a lower loan-to-value (LVR) ratio due to the conservative approach that lenders have for vacant land loans.
If you would like to discuss your eligibility for a vacant land home loan, please get in touch with a mortgage broker to help you understand your financial position and they can leverage their panel of networks to find a lender that’s more inclined to review your application.
All the best,
Belinda
I am looking for a land loan. Could you point me in the direction with information.
Thank you
Hi Rachel,
Thanks for getting in touch.
You can find our handy guide to compare financing options for vacant land.You may also want to learn more about construction loans to help you further.
Keep in mind that lenders often take a conservative approach towards vacant land and construction home loans and they may offer a lower maximum LVR compared to traditional home loans. As a result, you may need to complete a larger deposit in order to be approved.
I also suggest to get in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that’s more inclined to review your application.
All the best,
Belinda
Hi,
I’m looking for a suitable home loan as a first home buyer. Would a broker get a better deal if I use one or I can get the same deal if I do it myself direct to the bank?
Regards
Hi Ed,
thanks for the question.
Brokers can sometimes get access to special broker only rates, but on the flip side, some online lenders only deal with consumers, not brokers. It might be a good idea to compare rates and see what deals are available and then speak to a broker once you’re aware of the rates on offer. This way you can be sure you get the best deal for you.
I hope this helps,
Marc.