BOQ Discount Variable Rate Home Loan
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.
To get the great rate discounts of this loan you must qualify for the Home Loan Privileges Package which offers a range of benefits on fixed rate loans, bank accounts, credit cards and much more.
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|Pros & Cons|
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