Enjoy a home loan with all the bells and whistles, a competitive rate and no application fee
A home loan with a range of features such as an offset account can lead you to thousands of dollars worth of savings over the course of your loan and also gives you the opportunity to shorten your loan term. These types of features are generally offered on a loan with high application fees in addition to a monthly fee. The Bank of Queensland Clear Path Variable Rate Home Loan is a loan with an offset account, free redraw facility and much more but without an application fee.
It should be noted that Bank of Queensland also offer a range of other home loans, including fixed rate loans, line of credit facilities, bridging finance, low doc options and more.
|Product Name||Bank of Queensland Clear Path Variable Rate Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Ongoing Fees||$10 monthly ($120 p.a.)|
- No application fees
- 100% offset account
- Free redraws
- Monthly fees of $10 per month
- Settlement fee of $150
Things to consider about this loan
The Clear Path Variable Rate Home Loan is a full documentation loan available for new purchases or refinances (although refinances can't be made from existing BOQ home loans). Those buying a home and investors can take this loan out and it can be used to buy land or to construct a property on vacant land.
If you're a self-employed borrower, Bank of Queensland offers low doc loan options.
The Clear Path Variable Rate is also not available for business purposes, nor for those buying a property through their self-managed super funds.
Read on to learn more about how the Clear Path Variable Rate works.
Features of the Clear Path Variable Rate Home Loan
As mentioned above, the Clear Path Variable Rate Home Loan has a number of features which help you better manage your loan and make savings. These include:
- Offset account. An offset account is an account linked to your home loan. Any money in the offset account cancels out the interest payable on your home loan for that same amount. For example, having a balance of $10,000 in your offset account on a home loan of $100,000 would see you pay interest on only $90,000.
- Redraw facility. The Clear Path Variable Rate has a free redraw facility, so if you make additional repayments you can get access to them again if need be. There's a minimum of $100 per redraw with this loan.
- Maximum LVR. You can borrow up to 95% of the value of a property, even if you're constructing a property. If you're buying vacant land you're only able to borrow up to 90% of the value of the land. There's also no minimum loan amount or term for this loan and there's a maximum loan term of 30 years.
- Repayment options. You can pay off this loan in weekly, fortnightly or monthly instalments. You're also able to pay both the principal and interest with each repayment, or pay interest only, although you can only do this for five years.
- Split rate options. You can split this loan into both a variable rate and fixed rate loan. This will come with a fixed loan application fee.
- Accessibility. You can manage this loan over the phone or using internet banking.
Fees you can avoid
- Application fee. Most home loans have an application fee which covers the cost of legally processing your loan and settling your funds. This loan doesn't charge one.
- Valuation fee. There's one free valuation with this loan.
- Redraw fee. Some loans charge a fee for redraws. This one doesn't, although there's a minimum redraw amount of $100.
- Lender's Mortgage Insurance (LMI). This is a one-off payment charged if you borrow over 80% of the value of property.
Fees you can't avoid
- Service fee. You'll be charged $10 monthly for this loan.
Calculate your repayments by filling in some of your details
Applying for the Clear Path Variable Rate Home Loan
If you would like to apply for this loan, please click 'go to site' to be safely redirected to the enquiry page. Please note that this loan is only available for new loans and excludes refinancing, or restructure of existing BOQ facilitates.
- Personal identification. If you're a new customer, you'll need to provide photo identification, your birth certificate or Medicare card
- Information about your income. You'll need to provide two of your most recent payslips and three consecutive months banks statements. Please note that a low doc version of this loan is not available.
- Information about your savings. Including statements from the last three months.
- Information about your expenses. Such as your credit card statements, rental payments, bills, etc.