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BOQ Discount Variable Rate Home Loan

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A premium home loan with an interest rate discount for larger loan amounts

The Bank of Queensland (BOQ) Discount Variable Rate home loan offers an interest rate discount for loans above $1,000,000 but with all the flexibility you need. Includes features such as a 100% offset account, extra repayments and a redraw facility.

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Details

Pros & Cons

Pros

  • 100% offset account available
  • Unlimited extra repayments
  • Redraw facility
  • Split your loan
  • No application fee
  • No monthly fee

Cons

  • Annual fee of $395
  • Legal fee of $350
  • Settlement fee of $150
  • Discharge fee of $320

About this loan

What are the features and benefits of the BOQ Discount Variable Rate Home Loan?

  • Loan term. There is a minimum term of 2 with this loan.
  • Loan amounts. You can borrow a minimum of $1,000,000 and there is no maximum loan amount for this loan.
  • Loan to Value Ratio. You can borrow up to 80% of the property's value with this loan.
  • Mortgage offset account. A 100% offset account is available for personal customers only. This is not available for companies, SMSFs and trusts. This account acts as a linked transaction account, and any funds in it are used to offset the interest due on your home loan. An offset account with $50,000 in it on a home loan of $400,000 will see your interest calculated on $350,000 only.
  • Additional repayments. You can make unlimited extra repayments with this loan, which can help you to pay your loan off sooner and save on interest.
  • Redraw facility. You can withdraw extra repayments you've made using this redraw facility, meaning you can put any extra funds into your home loan without having to lock it away in the event a sudden expense crops up. It's free to make redraws, though a minimum redraw amount of $100 applies.
  • Repayment flexibility. You have a choice of principal and interest repayments, or interest-only, giving you the flexibility to match this loan to your property ownership strategy. You can also repay on a weekly, fortnightly or monthly basis to suit your salary cycle.
  • Split loan facility. You can choose to split portions of your loan with a fixed or variable interest rate. This gives you the advantages of fixed and variable rates.
  • Online banking. Have on-demand access to your home loan account with BOQ electronic banking.

How to apply

If you would like to apply or find out more information about this loan visit the Bank of Queensland website where you can start your online application online or request a callback from BOQ at a time that suits you.

What are the loan requirements?

  • You'll need to qualify for the Home Loan Privileges Package - this is available to both individual and joint borrowers, trusts and companies that have a housing loan. You will need to maintain an approved transaction account from BOQ though this is not required if you have an existing Line of Credit facility
  • You'll need to have a total combined loan amount of $1,000,000 or more
  • The maximum LVR available for this loan is 80%

Am I eligible?

  • You're at least 18 years old
  • You have never been bankrupt
  • You're a permanent Australian resident
  • You're earning a regular income

What documents do I need to provide?

  • Proof of your identity
  • Details about your employment
  • Information about your financial details, income, assets, expenses and liabilities
  • Information about any loan requirements you may need

Home Loan Offers

Important Information*
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Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback. A competitive variable rate loan from St.George. Refinancers borrowing $250,000 or more can get $4,000 cashback (Other terms, conditions and exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate
UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate

Take advantage of a low-fee mortgage with a special interest rate of just 2.49% p.a. and a 2.49% p.a. comparison rate.

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