What is the maximum loan term available for a BOQ business term loan?

30 years is the maximum loan term available when the loan is fully secured by residential or non-residential property. For other security types or specific loan packages, the maximum term may be limited to 25 years or less depending on the asset being financed.

Can I redraw extra repayments from my BOQ commercial loan?

Yes, a redraw facility is available on variable interest rate business term loans and commercial rate loans for amounts of $100 or more. This feature allows you to access additional principal repayments you have made, provided the loan is not for a construction project or held within a Self Managed Super Fund (SMSF).

Are interest-only repayment options available for BOQ commercial loans?

Yes, you can choose interest-only repayments for a period of up to 10 years on eligible commercial loan products. After the interest-only period ends, the loan will typically revert to principal and interest repayments for the remainder of the term.

What is the minimum amount I can borrow for a BOQ commercial rate loan?

$500,000 is the minimum loan amount required for the specific BOQ Commercial Rate Loan product. If you require a smaller amount, the standard BOQ Business Term Loan offers a lower minimum entry point of $10,000.

Do I have to pay a fee if I repay my fixed rate commercial loan early?

Break costs may be payable if you repay a fixed rate commercial loan, or switch to a different interest rate, before the fixed term expires. These economic costs are calculated based on market interest rate movements and can be substantial, so it is recommended to request a quote before making an early repayment.

What types of security does BOQ accept for commercial lending?

BOQ accepts residential property, commercial property, business assets, director's guarantees and fixed or floating company charges as security. The type of security provided will directly influence your interest rate, with property-secured loans generally offering the most competitive rates.