Bank of Queensland Economy Home Loan

Take advantage of a basic no-frills home loan with the BOQ Economy Home Loan

The BOQ Economy Home Loan is a basic home loan that does away with features you may not use, but still offers fee-free redraw and the ability to make extra repayments.

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Richard Whitten

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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) and a Tier 1 Generic Knowledge certification (RG 146).

Expert review

This loan is available for new lending for owner occupiers or investors whether they are individuals, companies or trusts. It is not suitable for self-managed super funds or borrowers needing a construction loan. This loan cannot be used for refinancing or restructuring of your existing BOQ home loan.

About this loan

What are the features and benefits of the BOQ Economy Home Loan?

  • Loan-to-Value Ratio (LVR). You are allowed to borrow up to 80% of the value of the property for investment purposes or as an owner-occupier. You will be required to pay lenders mortgage insurance (LMI) if your loan is more than 80% of the property's value.
  • Loan terms. This is a 30-year home loan, although the fixed terms you can choose from range from one to five years.
  • Repayment frequency. Choose from weekly, fortnightly or monthly repayments.
  • Repayment types. Principal and interest repayments are allowed. There is also an interest-only repayment are for up to five years, subject to approval. You may also make additional repayments.
  • Redraw facility. You are able to redraw on any of the additional repayments you have made but must make a minimum redraw of at least $100.

What fees and charges come with this loan?

  • Monthly fees: $10 a month. This fee is charged for the maintenance of your accounts
  • Application fee: $300 There is a $300 charge payable to the bank for the cost of the preparation of you loan documentation.
  • Settlement fee: $150. This is charged when you complete settlement.
  • Discharge fee: $350. This is charged when you close your home loan accounts and discharge your mortgage.
  • Legal fees: $350. This fee is charged to help with the setup of your home loan accounts and the fees incurred by Bank of Queensland.

How to apply

If you would like to apply for BOQ Economy Home Loan, click 'Go to Site' and you will be securely directed to a loan enquiry page with the Bank of Queensland. From here, you'll be able to get in touch with a bank representative to discuss your loan options.

Before you can begin an application for a BOQ home loan, you will be asked if you meet certain eligibility requirements:

  • Driver's license. You will need to be able to present photo identification along with another form of ID.
  • Income. You will need to be able to produce proof of income, either in the form of pay slips or tax returns. If self-employed you will be asked for profit and loss statements.

You will be asked to provide your contact information along with your employment type. In addition, Bank of Queensland will want a phone number and time that is best for a representative to reach you. Be sure to include the state that you are in to allow for any time differences.

When preparing for the appointment, have the following documentation ready:

  • Financial history. All account statements for the last three months including credit cards.
  • Property. A signed copy of the contract of sale and contact details for your solicitor and conveyancer.

If you think the BOQ Economy Home Loan might be right for you look at the rates and fees carefully when deciding on this type of loan and remember to compare it to other loans in the market to make sure it is the most suitable for your needs.

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