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About BOQ

Founded in 1874 as The Brisbane Permanent Benefit Building and Investment Society, BOQ became a trading bank in 1942 and will turn 150 in September 2024. BOQ bills itself as ‘one of Australia’s leading regional banks’ and has an extensive network of branches and mobile bankers.

BOQ home loans at a glance

Offset accounts available
Redraw facilities available
Line of credit available
Split rate option available
Green loan available
Ability to make extra repayments
Internet banking available
Salary crediting
Choice of repayment flexibility
Refinance available
Services first home buyers

What types of home loans does BOQ offer?

BOQ’s range of home loan products on offer currently includes:

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Who does BOQ lend to?

BOQ offers home loans that may suit first home buyers, refinancers, prospective home-builders, property investors, and more. BOQ offers fixed, variable, split, and interest-only borrowing solutions, but when it comes to what types of borrowers BOQ lends to, there are a few points to keep in mind.

The first is that BOQ has a maximum allowed loan-to-value ratio (LVR) of 95% for principal and interest home loans, meaning it is unlikely that you will be approved for a P&I home loan with BOQ if your saved deposit is less than 5% of your total proposed loan size. For interest-only loans, the maximum allowed LVR is 90%.

BOQ also likely won’t give you a home loan if you don’t have the capacity to repay your proposed home loan at a rate 3% higher than the advertised interest rate. This is because the Australian Prudential Regulation Authority (APRA) requires all lenders to assess an applicant’s ability to service their proposed home loan in the event of interest rate hikes.

Can I get a BOQ home loan as a first home buyer?

Yes, BOQ provides home loans to first home buyers. While they don’t have a specific home loan product designed for first home buyers, they have several tools and resources available to first home buyers to help them navigate the process of buying a home for the first time.

First home buyers seeking a BOQ home loan can choose from a fixed or variable-rate home loan, and may be able to add an offset account or redraw facility to their home loan.

Does BOQ offer the Home Guarantee Scheme?

No, BOQ is not one of the 33 participating lenders chosen by the Federal Government to offer the Home Guarantee Scheme. With this in mind, if you’re looking to access the scheme you may want to find a different lender to work with.

The Home Guarantee Scheme helps certain home buyers secure a home loan with a deposit smaller than 20%, without having to pay lenders mortgage insurance (LMI).

The Home Guarantee Scheme is made up of three separasste initiatives:

  • The First Home Guarantee, which allows eligible first home buyers to purchase a home with a deposit of as little as five percent.
  • The Family Home Guarantee, which allows eligible single parents to purchase a home with a deposit of as little as two percent, regardless of whether they’re a first home buyer or not.
  • The Regional First Home Buyer Guarantee, which allows eligible first home buyers to purchase homes in regional areas with a deposit of as little as five percent.

Applications for one of these schemes can only be made through a participating lender or a mortgage broker acting as an authorised representative of a participating lender.

Can you refinance your home loan with BOQ?

Yes, you can switch your home loan to BOQ from another bank by refinancing. Borrowers refinancing their loan with BOQ can choose either a fixed or standard variable rate to switch to and can add a redraw facility and/or an offset account to eligible loans.

Does BOQ charge Lenders Mortgage Insurance (LMI)?

BOQ advises that they require a borrower to take out lenders mortgage insurance (LMI) if the borrower’s deposit represents less than 20% of the total loan value. Additionally, they note that other circumstances may also require the borrower to pay LMI.

What home loan fees does BOQ charge?

As of May 14, 2024, BOQ charges the following fees across its range of home loan offerings:

  • Application fee ($300, Economy Home Loans only)
  • Home loan fee ($10 per month)
  • Fixed rate lock fee (0.15% of loan amount)
  • Break cost administration fee ($50)
  • Repayment default fee ($30)
  • Settlement fee ($150)
  • Security release fee ($350)
  • Substitution of security fee ($300)
  • Consent fee for substitution of security ($300)

Please note that these fees are subject to change without notice. Please check the Key Facts Sheet of any home loan you’re considering before applying to see which fees you may have to pay.

Interested in a BOQ home loan? Compare with us today!

If you want to learn more about BOQ home loans, you can use our home loan comparison tool to compare them against a wide range of other loan products from nearly 20 other lenders!

Comparing home loans with us means only being shown home loans you’re eligible to apply for, and having a dedicated team of Home Loan Specialists on-hand to help you with any questions you may have. And if you find a home loan that you think might be appropriate for you, you can apply for it then and there – entirely online, with no physical paperwork.

So, if you’re in the market for a home loan, compare your options today with Compare the Market.

Meet our home loans expert, Stephen Zeller

Stephen has more than 30 years of experience in the financial services industry and holds a Certificate IV in Finance and Mortgage Broking. He’s also a member of both the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Mortgage and Finance Association of Australia (MFAA).

Stephen leads our team of Home Loan Specialists, and reviews and contributes to Compare the Market’s banking-relating content to ensure it’s as helpful and empowering as possible for our readers.

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