Bank of Queensland Clear Path Variable Rate Home Loan
The Bank of Queensland Clear Path Variable Rate Home Loan offers a competitive rate and no application fee
The Bank of Queensland Clear Path Variable Rate Home Loan offers a range of fee-free features, such as an offset account and redraw facility.
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).
The Bank of Queensland 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). It's available to owner occupiers or investors, and it can be used to buy land or to construct a property on vacant land.
The Clear Path Variable Rate is not available for business purposes, nor for those buying a property through their self-managed super funds.
About this loan
What are the features and benefits of the Clear Path Variable Rate Home Loan?
- 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 access them if you need extra funds. 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.
- Loan term. There's 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. Repayments can be principal and interest or interest-only, with an interest-only period of up to 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.
What fees and charges come with this loan?
- Application fee. The Bank of Queensland Clear Path Variable Rate Home Loan has no application fee.
- Valuation fee. There's one free valuation with this loan.
- Redraw fee. There is no fee for redraws, 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.
- Service fee. You'll be charged a monthly fee of $10.
How to apply
If you would like to apply for this loan, please click 'go to site' to be safely redirected to the enquiry page. 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 of bank 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.