Bank Of Queensland Fixed Rate Home Loan

Take advantage of a flexible fixed rate home loan with the BOQ Fixed Rate Home Loan

Bank of Queensland's Fixed Rate Home Loan has something for almost every borrower, with rates for investors and home buyers, plus interest only options. Choose a short term fixed rate of just one year, and be afforded the additional benefit of an offset account to help pay off your interest quicker.

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Review by


Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.

Expert review

Bank of Queensland's Fixed Rate Home Loan has options for home buyers and investors. Once the fixed rate period ends, the home loan interest reverts to the variable rate.

Some rates are heavily discounted. Some one year terms come with an offset account.

About this loan

What are the features and benefits of the BOQ Fixed Rate Home Loan?

  • Loan-to-Value Ratio (LVR). Depending on the rate type, you can borrow up to 95% of the value of the property for investment purposes or as an owner-occupier. You may be required to pay Lender's Mortgage Insurance (LMI) if your loan is more than 80% of the property's value.
  • Loan terms. This is a 30-year home loan, although the fixed terms you can choose from range from one to five years.
  • Repayment frequency. Choose from weekly, fortnightly or monthly repayments. Pick the option that coincides with your salary payment to ensure the repayment funds are always there.
  • Repayment types. Principal and interest repayments are allowed, where interest-only repayments are limited to five years and are subject to approval. You may also make additional repayments of up to $5,000 a year.
  • 100 % offset account. This is offered only to customers who have chosen the one year fixed rate term.

What fees and charges come with this loan?

  • Application fee. $0 There is a $0 charge payable to the bank for the cost of the preparation of you loan documentation.
  • Settlement fee. $150. This is charged when you complete settlement.
  • Monthly fees. $10 a month. This fee is charged for the maintenance of your accounts.
  • Break cost fees. Amount varies. These fees are only charged if you pay off the loan before the terms expire. They will be based on the amount of interest you would have paid to the bank.
  • Rate lock fees. 0.15% of the loan amount. A rate lock eliminates the risk of you receiving a higher interest rate in the time it takes your loan to settle. This costs 0.15% of the approved loan amount and covers you for 100 days from the date your loan request is processed.

How to apply

If you would like to apply for BOQ Fixed Rate Home Loan, click 'Go to Site' and you will be securely directed to a loan enquiry page with the Bank of Queensland. From here, you'll be able to get in touch with a bank representative to discuss your loan options.

Before you can begin an application for a BOQ home loan, you will be asked if you meet certain eligibility requirements:

  • Driver's license. You will need to be able to present photo identification along with another form of ID.
  • Income documents. You will need to be able to produce proof of income, either in the form of pay slips or tax returns. If self-employed you will be asked for profit and loss statements.

You will be asked to provide your contact information along with your employment type. In addition, Bank of Queensland will want a phone number and time that is best for a representative to reach you. Be sure to include the state that you are in to allow for any time differences.

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6 Comments

    Default Gravatar
    Bradley
    May 9, 2023

    What am I missing? My son has just been quoted to refinance his home loan to a 2 year fixed rate of 5.89%. He is currently paying 7.79% variable with your bank. What am I not seeing?

      AvatarFinder
      Richard
      May 15, 2023

      Hi Bradley,

      This is Finder, a comparison site. We list interest rates from the banks but we are not Bank of Queensland.

      While we can’t speak to your son’s experience or the bank’s policies it is unfortunately common for borrowers on variable rate loans to see their interest rate creep up over time as the bank passes on rate rises. Sometimes banks and lenders do this even as they cut rates for new borrowers.

      Your son has done the smart thing by refinancing to a lower rate!

    Default Gravatar
    David
    July 11, 2019

    Is 100% offset account available if you fix for three years at 3.19%?

      AvatarFinder
      Jeni
      July 12, 2019

      Hi David,

      Thank you for getting in touch with Finder.

      The Bank Of Queensland fixed-rate home loan’s max LVR is 80%. I suggest that you contact BoQ directly if you wish to discuss your home loan option with them. Kindly seek help from a mortgage broker on finding banks/lenders that you may apply for a home loan with a cheaper rate.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    Allen
    September 4, 2015

    Hello, I am inquiring on how much i can borrow to purchase a home thanks.Allen ward

      Default Gravatar
      Belinda
      September 4, 2015

      Hi Allen,

      Thanks for your enquiry.

      If you’re thinking of applying for a home loan with the Bank of Queensland (BOQ), they typically allow you to borrow between 80-95% loan-to-value-ratio (LVR) depending on the loan type.

      Keep in mind that if you borrow more than 80% LVR, you will generally need to pay Lender’s Mortgage Insurance (LMI) so it’s advisable that you try to at least complete a 20% deposit.

      If you’d like to apply for a BOQ loan, then you can click on the ‘go to site’ button at the top of this page to be redirected to their website.

      Thanks,
      Belinda

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