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.
|Product Name||Bank of Queensland Clear Path Variable Rate Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$350|
|Ongoing Fees||$10 monthly ($120 p.a.)|
- No application fees
- 100% offset account
- Free redraws
- Monthly fees of $10 per month
- Settlement fee of $150
Details to consider about this loan
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.
If you're a self-employed borrower, Bank of Queensland offers low doc loan options.
The Clear Path Variable Rate is not available for business purposes, nor for those buying a property through their self-managed super funds.
Features 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.
- 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.
Calculate your repayments by filling in some of your details
Applying for the Clear Path Variable Rate Home Loan
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.
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Bank of Queensland Clear Path Variable Rate Home Loan Interest Rate History vs RBA Cash Rate Graph
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