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Review by

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

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.

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.

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.

Ask an expert

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    Default Gravatar
    October 25, 2018

    Hi there, I’m looking to buy a house with a few acres for $350,000 and have $20,000 saved up for a deposit.

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      October 26, 2018

      Hi Chris,

      Thanks for visiting our page!

      It’s nice to hear that you’re looking to buy a house. To get a quote and apply for a home loan with Bank of Queensland, simply visit their website.

      As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the product disclosure statement of the product and contact the lender should you need any clarifications.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.


    Default Gravatar
    June 19, 2015

    I am a casual and have been working in my current job for 2 and 3/4 months. Prior to this job I was between casual jobs for 2 days. Over the past 3 years I have only been a total of 2 weeks between casual jobs. Do you loan to someone in my job situation?

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      June 22, 2015

      Hi Steven,

      Thanks for your enquiry.

      Please note that the BOQ Clear Path Variable Rate home loan is a full documentation loan which means you will need to provide information about your income, which may include three consecutive bank statements from your employer, as well as information about your savings.

      You can learn more about home loans for casual employees and contact a mortgage broker to discuss your options.

      Kind regards,

      Default Gravatar
      January 30, 2016

      Please advise the current clear path variable interest rate for residential property investment ($800k), it appears to be on special at 3.99%?, thanks marc

      Default Gravatar
      February 2, 2016


      Thank you for reaching out to finder.com.au a financial comparison website and general information service.

      The 3.99% special offer is for owner occupier loans the current available rate for investors with loan amounts above $500k is 4.28% (4.41% comparison rate), as per the details above.


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    March 16, 2015


    I am looking for a construction loan for owner builder. Does BOQ provide these loans?

    The land I am building on is already paid off and I have about 150K in savings. My house will roughly cost me just over the 400k range.


      March 16, 2015

      Hi Samir,

      Thanks for your question.

      This loan can be used as an construction option. If you’d like to speak to a home loan specialist from BoQ about your eligibility or options, please click on ‘Go to Site’.


    Default Gravatar
    February 3, 2015

    Hi I am looking to take a loan to buy a vacant land. I am looking for 90% LVR. Could you please tell me which bank options do I have & at what rate ??

      February 4, 2015

      Hi Piyush,

      Thanks for the question.

      A large number of loans offer a maximum LVR of 90%. You can view our low deposit home loans and compare rates offered.

      I also recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that is more inclined to review your application.

      I hope this helps,

    Default Gravatar
    November 25, 2014

    do you accept additional payment and is there an early exit option ?

      November 26, 2014

      Hi Aaron,

      Thanks for your question.

      Additional repayments are available with this loan, there is an early exit option but there will be a fee involved for leaving the loan early. BoQ will be able to advise on what the fee is at the time.


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