BOQ Business Loans

Bank of Queensland (BOQ) is a regional bank with 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 Lease Doc Business Loan, which has a credit ceiling of $5,000,000, 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% of the total loan amount. Interest rates vary based on product.

BOQ Business Loans offers

What types of business loans does BOQ offer?

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 that lets you access funds up to an approved limit. A variable interest rate applies and you can make interest-only or lump-sum repayments. Facility fees and minimum borrowing amounts vary depending on the product option and security provided.
• Term loan. This loan is available from a minimum of $10,000. 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?

You can start by submitting an enquiry through BOQ's website, and a member of its business lending team will get in touch to talk through your options. You can also contact BOQ directly or visit a branch.

When you apply, BOQ will usually ask for:

• Details about your business, including its structure (for example, whether the loan will be held by a trust)
• Details of all signatories to the loan
• Financial information showing your business can afford the repayments
• Proof of identity, such as an Australian driver's licence or passport

Three things in this I couldn't confirm: that the business lending team calls back after an enquiry, that you can visit a branch, and the exact ID requirements. They're standard for a bank, but get BOQ to confirm them before publishing, or cut that copy down to just "submit an enquiry through BOQ's website". I left out joint applications and the TFN, since BOQ doesn't mention either.

Compare other products from Bank of Queensland

• Bank of Queensland credit cards
• Bank of Queensland home loans
• Bank of Queensland savings accounts
• Bank of Queensland home insurance
• Bank of Queensland car insurance

Frequently asked questions

• Does BOQ offer unsecured business loans?

  Yes, BOQ provides unsecured business loans of up to $150,000 for eligible businesses that meet specific trading and turnover requirements.

• What is the minimum loan amount for a BOQ business loan?

  The minimum loan amount for a BOQ business term loan is $10,000.

• Can I get a BOQ business loan if my business has only been trading for six months?

  Yes, you can qualify for certain BOQ small business loans if you have at least six months of trading history and a monthly turnover of at least $5,000.

• What is the maximum term for a loan secured by residential property?

  You can secure a BOQ business loan for a maximum term of 30 years when the facility is 100% secured by residential property.

• Does BOQ offer interest-only repayments on business loans?

  Yes, BOQ offers interest-only repayment terms generally ranging from one to five years, with some eligible customers able to access a 10-year interest-only period.

• Can I redraw extra repayments made on a BOQ business loan?

  Yes, redraw facilities are available on variable interest rate business term loans for any funds paid in addition to the minimum required repayments.