BOQ`s fixed home loan allows you to choose from a range of fixed terms ranging from 2 years to a fixed term of 5 years. You can borrow up to 95% LVR with principal and interest repayments. BOQ`s fixed-rate home loan allows you to make up to $5,000 a year in additional repayments, but you don`t have the luxury of a redesign facility. There are also monthly account maintenance fees to consider. If you are a first-time home buyer applying for the First-Time Homeowners Subsidy, you will need identification and all supporting documents. They have some special products such as IMT waiver for professionals, which is offered by the QLD Bank specialist, and a bridge loan for people who sell and buy a new home. The Bank of Queensland offers a wide range of mortgages for first-time buyers, investors, upgraders and those who want to refinance their homes. Bank of Queensland home loans tend to charge interest rates below the market average. For homeowners, many of BOQ`s variable and fixed rate loans allow you to borrow up to 90% or 95% of the property`s value, meaning you only have to save a small down payment of 10% or 5%. However, keep in mind that all loans above an 80% LVR require mortgage insurance from the lender. Refinancing? If you are refinancing, you will need to provide the latest home loan statements and credit card statements with repayment history. Our Clear Path personal line of credit is a flexible loan where you can use your available line of credit as many times as you want without having to reapply. This can be a great way to use your home equity for home renovations, investments, vacations, or even peace of mind in an emergency.
BOQ is trying to increase its market share, so it offers special discounts to get customers to refinance with BOQ. If you buy or refinance a home at the right time, you can get a good price for a variable interest rate or a lower fixed interest rate than the big banks can offer. You must provide BOQ with the standard documentation you need for each home loan. This information includes: Your most popular product is their Clear Path Variable Home loan, a complete home loan with a competitive interest rate. Mozo users have rated Bank of Queensland home loans on price, features, convenience, trust and customer service so you can see what real Australians have to say about their experiences. If you want to pay off your home loan sooner, BOQ home loans give you the flexibility to make additional repayments whenever you want and without penalty, with the exception of the fixed loan, which limits additional repayments to $5,000 per year. Since 1874, the Bank of Queensland (BOQ) has been one of Australia`s leading regional banks. With over 160 branches across Australia, BOQ`s services are available to all Australians – not just those living in the Sunshine State. BOQ is completely independent of the major banks and has a wide range of home loans, including variable, fixed, global and line of credit options. The Bank of Queensland offers three variable-rate home loans, ranging from a simple no-frills home loan to a full home loan called Clear Path.
Depending on the variable rate BOQ loan you choose, you can borrow up to 80%, 90% or 95% of the value of your property. Since they all have a monthly account maintenance fee, it`s a good idea to take advantage of all the features of the loan such as a shared credit account, the ability to make unlimited additional repayments, and a re-draw option (at least $100). With the standard 2-year variable introductory rate and Clear Path home loan options, you get the added benefit of a 100% mortgage clearing facility that can help you save interest throughout the life of your loan. A number of BOQ home loans do not require you to pay a loan application fee, although there are usually ongoing service fees. If you opt for a variable BOQ home loan (with the exception of the economy option), you will have access to a 100% cleared account that will allow you to reduce the principal amount on which you pay interest. helps you save significant interest costs in the long run. Are you planning to take out a home loan with BOQ? Use our home loan calculator to see how much you would have to repay in different loan scenarios. You can also see how BOQ home loans compare to other options. BOQ has a number of comprehensive home loans like their Clear Path variable and professional package, as well as some no-frills home loans like their budget home loan and fixed rate home loan. A good mortgage broker can also do a price survey to see what BOQ is willing to offer to win your business.