BOQ Personal Loans
Find out if you can benefit from a personal loan from BOQ.
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If you're struggling to repay your personal loan, you can get in touch with the bank directly or read our guide.
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
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
$3,000and 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 yearsand 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
$25,000and interest is set at a competitive 4.78% 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 to 7 yearsin weekly, fortnightly or monthly installments. You can borrow from as little as $3,000, or $5,000for a car loan, and you can borrow up to $40,000if 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
- 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:
- Proof of employment
- Financial details
- Proof of assets and liabilities
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Personal Loan OffersImportant Information*
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants. Note: These rates are available until 2 February 2021. Credit, eligibility criteria and terms & conditions apply.
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
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