Bank Of Queensland Fixed Rate Home Loan

Rates and Fees verified correct on July 31st, 2016

Take advantage of a flexible fixed rate home loan with the BOQ Fixed Rate Home Loan

Having a fixed interest rate in the first years of moving into a new home affords you the stability you need to budget your finances. With a loan that gives you options with your repayments, you can easily find the money you need to buy new home essentials. Choose a short term fixed rate of just one year, and be afforded the additional benefit of an offset account to help pay off your interest quicker.

For a full featured variable rate home loan package consider the BOQ Clear Path Variable Home Loan. You get the benefit of competitive variable interest rates with a 100% offset account.

Interest Rate Max Insured LVR Max LVR
1 Year Fixed Rate (Investor)
4.65% p.a.
Comparison Rate
6.03% p.a.
95% 80%
1 Year Fixed Rate (Owner Occupier)
4.39% p.a.
Comparison Rate
5.63% p.a.
95% 80%
Interest Prepaid 1 Year Fixed (Investor)
4.45% p.a.
Comparison Rate
5.90% p.a.
95% 80%
2 Year Fixed Rate (Investor)
4.44% p.a.
Comparison Rate
5.87% p.a.
95% 80%
2 Year Fixed Rate (Owner Occupier)
4.19% p.a.
Comparison Rate
5.48% p.a.
95% 80%
3 Year Fixed Rate Discount Rate $150k+ <80% LVR (Owner Occupier)
3.69% p.a.
Comparison Rate
4.41% p.a.
80% 80%
3 Year Fixed Rate Discount Rate $150k+ <80% LVR (Investor)
3.89% p.a.
Comparison Rate
4.77% p.a.
80% 80%
3 Year Fixed Rate (Investor)
4.29% p.a.
Comparison Rate
5.69% p.a.
95% 80%
3 Year Fixed Rate (Owner Occupier)
4.29% p.a.
Comparison Rate
5.39% p.a.
95% 80%
4 Years Fixed Rate (Investor)
4.59% p.a.
Comparison Rate
5.66% p.a.
95% 80%
4 Year Fixed Rate (Owner Occupier)
4.59% p.a.
Comparison Rate
5.40% p.a.
95% 80%
5 Years Fixed Rate (Investor)
4.59% p.a.
Comparison Rate
5.56% p.a.
95% 80%
5 Year Fixed Rate (Owner Occupier)
4.59% p.a.
Comparison Rate
5.32% p.a.
95% 80%
Product NameBank of Queensland Fixed Rate Home Loan
Interest Rate TypeFixed
Comp Rate^ (p.a.)
Minimum Loan Amount$0
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Loan Redraw FacilityNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$300
Lender's Legal Fee$350
Valuation Fee$0
Ongoing Fees$10 monthly ($120 p.a.)
Settlement Fee$150
Discharge Fee$150
Pros
  • 100% offset account for those who fix for one year
  • Interest only options available
  • Borrow with as little as 5% deposit
Cons
  • Application fee of $300
  • Settlement fee of $150
  • Monthly fee of $10

Things to consider about the BOQ Fixed Rate Home Loan

Fixed rate terms for this loan are available for one to five years. Once the fixed rate period ends, the home loan interest reverts to the variable rate.

This is a good loan for small business owners to consider as it has a low doc option. Individuals who do not have steady income can apply this way using other forms of income verification. It may also be used towards an owner-occupied or investment loan, making it a good choice if you are looking to expand your income.

Features of the BOQ Fixed Rate Home Loan

  • Loan-to-Value Ratio (LVR). You are allowed to borrow up to 95% of the value of the property for investment purposes or as an owner-occupier. You may be required to pay Lender’s 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. Pick the option that coincides with your salary payment to ensure the repayment funds are always there.
  • Repayment types. Principal and interest repayments are allowed, where interest-only repayments are limited to five years and are subject to approval. You may also make additional repayments of up to $5,000 a year.
  • 100 % offset account. This is offered only to customers who have chosen the one year fixed rate term.

Fees

Fees you can avoid

  • Monthly fees. $10 a month. This fee is charged for the maintenance of your accounts.
  • Break cost fees. Amount varies. These fees are only charged if you pay off the loan before the terms expire. They will be based on the amount of interest you would have paid to the bank.
  • Rate lock fees. 0.15% of the loan amount. A rate lock eliminates the risk of you receiving a higher interest rate in the time it takes your loan to settle. This costs 0.15% of the approved loan amount and covers you for 100 days from the date your loan request is processed.

Fees you can’t avoid

  • 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.

How to apply for the BOQ Fixed Rate Home Loan

If you would like to apply for BOQ Fixed Rate 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.

A fixed rate option for your home loan allows you to avoid fluctuating repayments and create a budget for your household. Look at the rates and fees carefully when deciding on this type of loan to ensure that you are locking in a fair rate during your fixed rate period.


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Bank Of Queensland Fixed Rate Home Loan Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 8 July 2016 at 10:36.

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2 Responses to Bank Of Queensland Fixed Rate Home Loan

  1. Default Gravatar
    Allen | September 4, 2015

    Hello, I am inquiring on how much i can borrow to purchase a home thanks.Allen ward

    • Staff
      Belinda | September 4, 2015

      Hi Allen,

      Thanks for your enquiry.

      If you’re thinking of applying for a home loan with the Bank of Queensland (BOQ), they typically allow you to borrow between 80-95% loan-to-value-ratio (LVR) depending on the loan type.

      Keep in mind that if you borrow more than 80% LVR, you will generally need to pay Lender’s Mortgage Insurance (LMI) so it’s advisable that you try to at least complete a 20% deposit.

      If you’d like to apply for a BOQ loan, then you can click on the ‘go to site’ button at the top of this page to be redirected to their website.

      Thanks,
      Belinda

Bank of Queensland Fixed Rate Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $300 / $10

  • Max LVR

    80%

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