Does BOQ offer an unsecured business line of credit?

No, the BOQ Business Line of Credit is a secured facility that requires property to be provided as collateral. You must typically offer residential or commercial property to be eligible for this specific drawdown product.

What is the maximum Loan-to-Value Ratio (LVR) allowed for security?

BOQ accepts a maximum LVR of 80% when the facility is secured by residential property. If you provide non-residential or commercial property as security, the maximum LVR is generally limited to 70%.

How are interest charges calculated on the used balance?

Interest is calculated daily on the outstanding portion of your credit limit and charged monthly in arrears. This ensures you only pay for the funds you have actually used rather than the entire approved limit.

Are there ongoing monthly costs to maintain this credit line?

Yes, a monthly service fee of $25 applies to the BOQ Business Line of Credit regardless of your usage. This fee is in addition to the initial 0.75% establishment fee charged when the facility is first opened.

Can I access the funds through an ATM or business debit card?

Yes, you can access your line of credit through ATM transactions, internet banking and the BOQ mobile app. Keep in mind that a $5 transaction fee applies to each withdrawal or deposit after the first 10 transactions in a month.

What is the maximum term available for this facility?

The maximum term is 25 years when the facility is secured entirely by residential property. Facilities secured by non-residential or mixed assets typically have a lower maximum term of 15 years.