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BOQ Personal Overdraft

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Get access to funds with a secured or unsecured personal overdraft linked to a BOQ everyday account.

If you need to borrow up to $50,000 and have a residential property to use as security, you can consider the BOQ Personal Overdraft. You can also apply for up to $40,000 with the unsecured option. The overdraft facility can be used as a regular transaction account when linked to one of two BOQ everyday accounts. Repayments are flexible, meaning you can make payments of any amount as long as your balance is within the credit limit.

From 12.79% (variable)

Interest Rate (p.a.)


Min Loan Amount

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Product NameBOQ Unsecured Variable Personal Overdraft
Interest Rate (p.a.)
From 12.79% (variable)
Interest Rate TypeVariable
Min Loan Amount$3,000
Max. Loan Amount$40,000
Loan SecurityUnsecured

Things to consider about the BOQ Personal Overdraft

This loan product can be used for any purpose and you can apply for as little as $3,000 with the unsecured option. Besides the convenience of being able to access your overdraft funds through an everyday account, you also have access through Internet banking, EasyPhone banking, a cheque book and ATMs. If you’d like to secure the overdraft, you will have to offer residential property as a guarantee. It’s important to remember that the fees associated with the overdraft facility must be paid in addition to those of the everyday account.

Features of the BOQ Personal Overdraft

If you’d like to take advantage of the convenience of an overdraft facility, these are some of the features you’ll be able to access with BOQ.

  • Convenient. When linked to a BOQ transaction account (Day2Day Plus or Reverse Charges account), you can withdraw from the overdraft facility as you would from an everyday account.
  • Security. You can apply for this overdraft with or without security. If you’d like to offer security, BOQ will accept residential property as a guarantee.
  • Access. Besides access through a transaction account, you can also access funds through ATMs, BOQ branches, Internet banking, EasyPhone banking and Bank@Post.
  • Loan amounts. This overdraft facility is available from $3,000 up to a maximum of $40,000 with the unsecured option. If you secure the overdraft with residential property you can borrow between $5,000 and $50,000.
  • Interest. The interest rate is variable, starting at 6.86% p.a. for the secured option and 12.79% p.a. with the unsecured option.
  • Flexible repayments. The repayment structure for this product differs from a regular loan in that you can make payments of any amount as long as you stay within the credit limit.
  • Additional repayments. Unlimited additional repayments are allowed.
  • Fees. You will be charged an establishment fee of $495 for the secured option and $150 for the unsecured option. An agreed credit advance fee also applies, amounting to 0.25% of the agreed-upon credit limit. Besides the overdraft fees, you will also be liable for any fees associated with the linked everyday account.

How to apply for the BOQ Personal Overdraft

You can apply for this overdraft facility online.

Keep in mind that you’ll need to meet the following criteria before you submit your application:

  • You must be at least 18 years old.
  • The loan amount must be $3,000 or higher.
  • You must not have a history of bankruptcy.
  • You must be an Australian permanent resident.
  • You must be employed and earn a regular income.

You’ll also be asked to submit the following:

  • Identification
  • Proof of employment
  • Financial details
  • Proof of assets and liabilities

An overdraft facility is convenient when you need additional funds, but it’s not a bottomless pit of money. If you’ve secured the overdraft with property, you risk losing your asset if you don’t make payments to stay within your credit limit. Try comparing other loan options before submitting your application.

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