Bank of Queensland (BOQ) is a regional bank with 200 branches located across Australia. In business since 1874, BOQ offers customers a variety of financial products for online, personal and business banking.
They offer business term loans, business overdrafts, business first lending packages, business lines of credit and commercial loans. Apart from the BOQ Business Term loan, which has a credit ceiling of $3,000,000, there’s no maximum loan amounts for the other loans. Loan terms vary based on product, with a maximum of 5 years for commercial loans. All the products have an application fee of 0.75% the total loan amount. Interest rates vary based on product.
New and existing customers can choose between five business loan products, from lines of credit to term loans and business overdrafts. Interest rates and repayment schedules differ depending on the product.
Overdraft. This loan type provides liquidity when you have limited access to your business's working capital. You can use the loan for any business-related purpose and you can also link this loan to a Business Visa debit card for easy access to your money.
Line of credit. This is a drawdown facility available with a minimum loan amount of $50,000. A variable interest rate applies and you can make interest-only or lump-sum payments. A monthly fee of $25 applies.
Term loan. This loan is available from a minimum of $200,000. You can borrow for a maximum of 30 years if the loan is secured with residential property (15 years maximum for non-residential or mixed security). You can make interest-only repayments up to a maximum of five years.
Commercial rate loan. This loan is suited to property purchases and investments and is available for a minimum of $500,000. You can choose an interest rate type for periods of one, two or three months. Application and monthly fees apply.
Debtor finance. This is similar to invoice factoring, with debtor finance letting you borrow against outstanding invoices. BOQ will finance 80% of the total value of the invoices within 24 hours with no security required.
What features are on offer with BOQ business loans?
If you're interested in applying for one of BOQ's business loans, here are some of the features to keep in mind.
Package option. If you apply for a term loan or a line of credit, you can package it with an Everyday Business or Business Management account in the Business First Lending Package. You will receive an interest rate discount of 0.15%, with an additional 0.85% discount if you add two optional products to the package.
Interest rates. Interest is charged monthly in arrears, except for the commercial loan where charge periods vary.
Property purchases. The commercial rate loan product is suited for business property purchases and is available for a minimum amount of $500,000. Interest rates vary based on the interest rate type and period, and you can make repayments over a maximum of 5 years.
Minimum amounts. You can borrow from as little as $10,000 with overdrafts and term loans.
Repayment options. For the overdraft and line of credit products, you make interest-only repayments in arrears. You can choose to repay the principal and interest on the term and commercial rate loans. Fees apply for early repayment and settling the loan amount before the end of the loan period.
What other products does BOQ offer?
Besides business loans, BOQ also offers the following financial products:
Savings and investment accounts. Choose between three savings and investment accounts, a self-managed superannuation account or investment in BOQ bonds.
Everyday accounts. BOQ offers five transaction accounts, including a Pension Plus account and an offset account for home loan customers.
Credit cards. You can choose between a Platinum, Blue or Low Rate Visa credit card.
Home and personal loans. BOQ has nine home loan products and four personal loans in its portfolio, including a car loan and a line of credit facility.
Insurance. You can apply for insurance to cover your car, your home and its contents, your business or travel. You can also purchase credit protection and life insurance through BOQ.
How can you apply for a business loan from BOQ?
If you'd like to apply for one of the business loan products, you have to do it in person at a BOQ branch or by phoning the customer service line. You have the option to make a joint application.
BOQ will need to know the following:
Whether or not the loan will be held by a trust
Details of all signatories
Financial proof that your business is able to repay the loan
Elizabeth Barry is the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review.
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