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 between 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 Name||BOQ Unsecured Fixed Personal Loan|
|Interest Rate (p.a.)||9.99% (fixed)|
|Comparison Rate (p.a.)||10.5%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$3,000|
|Max. Loan Amount||$40,000|
- Choose between fixed or variable rates
- No early payout fee
- Access a higher limit by securing your property
- Lower limit if you opt for unsecured
- $7.50 monthly fee
Main points 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.
For a limited time you can also take advantage of a discounted fixed interest rate and a $0 application fee.
Features of the Bank of Queensland Personal Loan
- $0 application fee. If you apply for this loan before 25 February 2018 you will pay no application fee. The loan needs to be settled by 18 March 2018 to be eligible for this offer.
- Discounted fixed interest rate. You can also take advantage of a discounted interest rate of 9.99% p.a., a saving of 2% p.a.
- Variable interest rate. The unsecured loan has a variable interest rate of 12.95% 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..
- 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 5 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.