BOQ Personal Loan

Rates and Fees verified correct on December 10th, 2016

Enjoy the flexibility of fee-free early repayments and higher borrowing limits with a Bank of Queensland Personal Loan.

Bank of Queensland allows you to choose either an unsecured or mortgage-backed personal loan, with both having the option of a variable or fixed rate of interest. If you opt for a variable rate you have the ability to make unlimited extra repayments and pay your loan out sooner without incurring additional fees, which is a handy way to save on the cost of the loan. The mortgage-secured option gives you access to higher loan limits, which is useful for larger expenses or when you want to consolidate debts.

Product NameBOQ Unsecured Variable Personal Loan
Interest Rate (p.a.)From 12.95% (variable)
Comparison Rate (p.a.)15.57%
Interest Rate TypeVariable
Minimum Loan Term1 year
Maximum Loan Term7 years
Min Loan Amount$3,000
Max. Loan Amount$40,000
Application Fee$150
Monthly Service Fee$7.50

Pros

  • Repayment options of weekly, monthly and fortnightly
  • Free additional repayments

Cons

  • Minimum loan amount of only $3,000
  • An establishment fee of $150 applies
  • Monthly maintenance fee of $7.50

Things to consider about the Bank of Queensland Personal Loan

This is a standard personal loan which can be used for any worthwhile personal purpose. The loan does not have any particularly special features, but you can borrow larger amounts by securing the loan with your mortgage. An application fee, which is different for the secured and unsecured loans, and a monthly fee of $7.50 applies.

Features of the Bank of Queensland Personal Loan

  • Unsecured loan interest rate. The unsecured loan has a variable interest rate of 12.95% p.a. and fixed rate of 13.9% p.a..
  • Mortgage-secured interest rate. This loan comes with a variable rate of 9.54% p.a. and fixed rate of 10.99% p.a..
  • Application fees. The application fee for an unsecured loan is $150, and $195 for the mortgage-backed loan.
  • Monthly fees. Both loan options have a monthly maintenance fee of $7.50.
  • Unlimited additional repayments. You are able to make unlimited additional repayments on a variable interest rate loan.
  • No early payout fee. If you are making additional repayments, you will not have to pay a fee for paying off your loan before the original term.
  • Fixed rate interest. Have the security and comfort of knowing what your repayments will be by fixing your interest rate.
  • Loan term options. Loan terms are available from a minimum of 1 year to a maximum of 7 years.
  • Flexible repayment schedule. Repayments can be arranged to match your pay cycle at either weekly, fortnightly or monthly increments.
  • Phone and Internet banking. This provides a convenient way to check your statements and change repayment amounts.
  • Loan amounts. Borrow between $3,000 and $40,000 for unsecured loans and between $5,000 and $50,000 for mortgage-secured loans.

How to apply for a Bank of Queensland Personal Loan

If you decide that this loan is the right one for you, you must apply over the phone or in person at a branch.

Before you apply make sure you are eligible. You must:

  • Be 18 years of age or over
  • Never have been bankrupt
  • Be a permanent Australian resident
  • Earn a regular income

You will also need the following information to apply:

  • Proof of identity
  • Employment details
  • Personal financial details like proof of income and value of assets
  • Details of expenses, other loans and liabilities

The Bank of Queensland Personal Loan is a flexible product with the option to go unsecured or mortgage-secured. Make sure you compare personal loans from other lenders before deciding this product is right for you.

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This page was last modified on 16 November 2016 at 17:13.

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