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BOQ Business Term Loan

Borrow from $10,000 up to $3,000,000 with terms up to 30 years. Interest charges and fees apply.

This business loan from BOQ is secured and has borrowing amounts up to $3,000,000. The minimum term is 12 months, with the maximum terms depending on the type of security offered. This loan has principal and interest payments or interest-only repayments up to 10 years. You can choose between fixed or variable rates. The rate offered may vary depending on the size of your loan, security offered and a full credit assessment of your application for finance.

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0.75% application fee

Upfront Fee

$3,000,000

Max. Loan Amount

1 to 30 years

Loan Term

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Details

Product NameBOQ Business Term Loan
Min. Loan Amount$10,000
Max. Loan Amount$3,000,000
Loan SecuritySecured
Upfront Fee0.75% application fee
Loan Term1 to 30 years

How does the BOQ Business Term Loan work?

This loan can be used for any business-related purpose, from purchasing equipment to investing in property. Loan terms are up to 30 years for loans 100% secured by residential property. For non-residential property or mixed security, the loan term is up to 25 years. Interest rates will depend on the type of interest chosen and security offered.

What features does the BOQ Business Term Loan offer?

  • Secured. This loan can be secured with residential, non-residential or mixed security.
  • Fixed or variable rate. You can choose either a variable or fixed rate, depending on what suits your business.
  • Flexible repayment options. You can make principal and interest, or interest-only repayments for up to a maximum of 10 years. You can also make weekly, fortnightly or monthly repayments based on your business cash flow.
  • Unlimited additional repayments for variable rate. You can make as many additional repayments as you want with a variable rate loan. With fixed rate loans, you can make additional repayments of $5,000 every 12 months.
  • Redraw facility. You can redraw your additional repayments with the variable rate loan.

How much does the BOQ Business Loan cost?

The following costs apply for this loan:

  • Loan principal
  • Interest charges based on type of interest. The standard variable rate is 5.1% p.a. for residential property, or 5.5% p.a. for other types of security. Fixed rates vary based on the number of years the loan is fixed. A discounted variable rate may apply on new loans with a minimum lending amount of $200,000.
  • An application fee of 0.75% of the loan amount with a minimum of $750. A discount on the application fee is available for new applications received from 1 February 2022 to 31 March 2022, that are funded by 30 June 2022. The new borrowing has to be between $10,000 and $3,000,000.
  • Monthly service fee of $25 per month.

How to apply for the BOQ Business Term Loan

You can apply for the Business Term Loan by clicking "Go to Site" on this page. BOQ will request personal and company information as part of the application, as well as information about your assets, liabilities and existing loans.

You will be asked to supply the following information about the loan:

  • Whether or not the loan will be held by a trust
  • Details of all signatories and partners
  • Personal and company financial information

Other required documents include:

  • A current Australian driver's licence
  • A valid Australian passport
  • A tax file number (optional)

Applying for a business loan is a good way to progress your business without digging into working capital. However, it's important that the loan product you choose is suited to what your business can afford, especially if you're using commercial or residential property as collateral.

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