BOQ Personal Loans

Rates and Fees verified correct on March 29th, 2017

Find out if you can benefit from a personal loan from BOQ.

BOQ is an independent financial services provider with a diverse portfolio of personal and business banking products. As a regional bank with 200 branches across Australia, BOQ places emphasis on providing a personal banking experience, so every branch is owned and run by a local manager.

Besides personal and home loans, BOQ also offers a range of business banking products, including loans, private banking, and merchant and payment products.

BOQ Personal Loans Products

Rates last updated March 29th, 2017
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
BOQ Car Loan
Apply for a loan from $5,000 and choose between a fixed or variable rate.
From 7.39% (fixed) 8.19% $5,000 1 to 7 years $195 More
BOQ Unsecured Fixed Personal Loan
Apply for up to $40,000 and have up to 7 years to repay.
From 12.39% (fixed) 15.01% $3,000 1 to 7 years $150 More
BOQ Unsecured Variable Personal Loan
Make extra repayments without penalty while repaying over a maximum 7 years term.
From 12.95% (variable) 15.57% $3,000 1 to 7 years $150 More
BOQ Secured Fixed Personal Loan
Apply for up to $50,000 and benefit from a competitive fixed rate.
From 10.99% (fixed) 15.72% $5,000 1 to 7 years $195 More
BOQ Secured Variable Personal Loan
Benefit from a lower rate and the ability to make repayments without penalty.
From 9.54% (variable) 14.3% $5,000 1 to 7 years $195 More
BOQ Secured Variable Personal Overdraft
Enjoy a competitive rate with this mortgage-secured overdraft, available up to $50,000.
From 6.46% (fixed) $5,000 $495
BOQ Unsecured Variable Personal Overdraft
Available for amounts over $3,000 with the option of a fixed or variable rate.
From 13.04% (fixed) $3,000 $150
BOQ Clear Path Line of Credit Loan
Access a convenient line of credit and a variable rate.
From 4.8% (variable) $25,000 $0 More

Types of personal loans from BOQ

Interested in applying for a BOQ personal loan? Below is a brief overview of the products offered.

  • Personal loan. You can apply for this loan as an unsecured option or with residential property as a guarantee. The minimum loan amount is $3,000 and interest can be fixed or variable.
  • Car loan. This is a secured loan with the vehicle offered as security. You can repay over a maximum term of 7 years and early repayments are allowed.
  • Personal overdraft. This product can be unsecured or guaranteed with residential property. Interest is variable and early repayments and payouts are allowed.
  • Line of credit. This is an ongoing facility with a fixed credit limit. It is a secured loan, which means that the amount is secured with an owner-occupied residential property. The minimum loan amount is $25,000 and interest is set at a competitive 4.8% p.a.

Features of a BOQ personal loan

Here are some of the features of BOQ’s personal loan products.

  • Flexible terms. Personal loans can be repaid between 1 and 7 year(s) in weekly, fortnightly or monthly installments. You can borrow from as little as $3,000, or $5,000 for a car loan, and you can borrow up to $50,000 if you can offer security.
  • Additional payments. These loans allow for additional repayments at no extra charge. This allows you to repay the loan sooner and save on interest. You can also pay off the whole amount without incurring a penalty fee.
  • Fixed or variable interest. With the exception of the personal overdraft product, you can choose between fixed and variable interest.
  • Option to secure the loan. If you’d like to secure your personal loan or overdraft, you can offer residential property as security. BOQ will lend up to 90% of the property value depending on your financial situation. Car loans are secured by the value of the vehicle.
  • Internet banking. All personal loans can be accessed and managed online.
  • Opportunity to invest. The line of credit is suited to individual or business investment purposes, and it’s the only personal loan product that doesn’t attract an establishment fee.

What other products does BOQ offer?

Below are some of the other financial products offered by BOQ.

  • Everyday accounts. There are five everyday accounts, including an option specifically for pensioners and a mortgage offset account linked to a home loan.
  • Savings accounts. Choose between five options depending on your savings goals. These include a simple savings account, BOQ bonds, a term deposit account and a superannuation account.
  • Home loans. BOQ offers a diverse range of home loan products for first-time buyers and investors. Most offer an interest-only option for a maximum of five years, along with flexible repayment terms and access through Internet banking.  
  • Business banking. Business owners have access to a separate portfolio of banking products designed to help small and medium businesses, both conventional and agricultural. Businesses can apply for loans, open business accounts, apply for business insurance and set up self-managed super funds.
  • Online trading. If you’d like to trade shares on financial markets, BOQ offers a trading platform for customers linked to a Money Market deposit account.

How to apply for a personal loan from BOQ

You can apply for a BOQ personal loan online. Keep in mind you’ll need to meet the following criteria before you submit your application:

  • You must be at least 18 years old.
  • The loan amount must be $3,000 or higher.
  • You must not be bankrupt, or have a history of bankruptcy.
  • You must be an Australian permanent resident.
  • You must earn a regular income.

You’ll also need the following documents on hand:

  • Identification
  • Proof of employment
  • Financial details
  • Proof of assets and liabilities
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This page was last modified on 15 March 2017 at 8:16pm.

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