based on 3430 Bank of Queensland banking product reviews as rated by Mozo community

Bank of Queensland home loans

Since 1874, Bank of Queensland (BOQ) has been one of Australia’s leading regional banks. With more than 160 branches across Australia, BOQ’s services are available to all Australians - not just those that live in the sunshine state. BOQ is completely independent of the big banks and has an extensive range of home loans including variable, fixed, package and line of credit options.

You'll also be pleased to know BOQ took out a Mozo Experts Choice Home Loan Award in 2021 in the Fixed Rate Home Loan category.

What home loans do Bank of Queensland offer?

Rates and fees verified as correct at 20 September, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

BOQ’s fixed rate home loan allows you to choose from a range of fixed terms starting from 2 years up to a 5 year fixed period. You’ll be able to borrow up to 95% LVR with the principal and interest repayments. With BOQ’s fixed rate home loan, you’ll be able to make up to $5,000 p.a. in additional repayments, but you won’t have the luxury of a redraw facility. There is also a monthly account maintenance fee to consider. 

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

2.49% p.a.

3.10% p.a.

$10.00 monthly

$450

2.19% p.a.

3.03% p.a.

$10.00 monthly

$450

p.a.

n/a

$10.00 monthly

$450

3.84% p.a.

3.44% p.a.

$10.00 monthly

$450

3.64% p.a.

3.39% p.a.

$10.00 monthly

$450

2.74% p.a.

3.30% p.a.

$10.00 monthly

$450

3.24% p.a.

3.79% p.a.

$10.00 monthly

$450

2.59% p.a.

3.26% p.a.

$10.00 monthly

$450

4.29% p.a.

3.69% p.a.

$10.00 monthly

$450

4.04% p.a.

3.63% p.a.

$10.00 monthly

$450

Variable Rate Home Loans

Bank of Queensland offers three variable rate home loans ranging from a no frills, basic home loan to a full featured home loan called Clear Path. Depending on which BOQ variable rate loan you pick, you could borrow up to 80%, 90% or 95% of your property's value. Because they all have a monthly account maintenance fee, it’s a good idea to take advantage of all the loan’s features such a split loan account, the ability to make unlimited additional repayments, and a redraw facility ($100 minimum). With the standard variable 2 year intro rate and Clear Path home loan options, you’ll get the extra benefit of a 100% mortgage offset facility which can help you to save on interest over the life of your loan.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

3.32% p.a.variable for 24 months and then 3.09% p.a.

3.28% p.a.

$10.00 monthly

$150

2.94% p.a.variable for 24 months and then 3.09% p.a.

3.21% p.a.

$10.00 monthly

$150

2.69% p.a.variable for 24 months and then 3.09% p.a.

3.17% p.a.

$10.00 monthly

$150

2.49% p.a.variable for 24 months and then 3.09% p.a.

3.13% p.a.

$10.00 monthly

$150

4.38% p.a.

3.76% p.a.

$10.00 monthly

$150

3.99% p.a.

4.13% p.a.

$10.00 monthly

$150

3.64% p.a.

3.45% p.a.

$10.00 monthly

$150

3.39% p.a.

3.35% p.a.

$10.00 monthly

$150

2.94% p.a.

3.09% p.a.

$10.00 monthly

$150

2.69% p.a.

2.84% p.a.

$10.00 monthly

$150

3.80% p.a.

3.96% p.a.

$10.00 monthly

$450

2.03% p.a.

2.20% p.a.

$10.00 monthly

$450

1.98% p.a.

2.15% p.a.

$10.00 monthly

$450

3.19% p.a.variable for 24 months and then 3.27% p.a.

3.40% p.a.

$10.00 monthly

$150

2.94% p.a.variable for 24 months and then 3.27% p.a.

3.36% p.a.

$10.00 monthly

$150

3.04% p.a.variable for 24 months and then 3.27% p.a.

3.37% p.a.

$10.00 monthly

$150

2.74% p.a.variable for 24 months and then 3.27% p.a.

3.32% p.a.

$10.00 monthly

$150

4.87% p.a.

4.07% p.a.

$10.00 monthly

$150

4.62% p.a.

4.75% p.a.

$10.00 monthly

$150

3.39% p.a.

3.46% p.a.

$10.00 monthly

$150

3.14% p.a.

3.36% p.a.

$10.00 monthly

$150

3.24% p.a.

3.38% p.a.

$10.00 monthly

$150

2.89% p.a.

3.04% p.a.

$10.00 monthly

$150

2.89% p.a.

3.52% p.a.

$10.00 monthly

$450

2.74% p.a.

2.91% p.a.

$10.00 monthly

$450

2.69% p.a.

2.86% p.a.

$10.00 monthly

$450

Bank of Queensland home loan features in a glance

Repayment Icon

Additional repayments

If you’re looking to pay off your home loan sooner, BOQ’s home loans gives you the flexibility to make extra repayments whenever you like and without penalty with the exception of the fixed loan which caps additional repayments at $5,000 p.a.

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No application fees

With a number of BOQ's home loans, you will not have to pay any loan application fees, although generally there will be an ongoing service fee to factor in. 

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Maximum 95% LVR

For owner-occupiers, many of BOQ’s variable and fixed rate loans allow you to borrow up to 90% or 95% of the property’s value which means you’ll only need to save a small deposit of 10% or 5%. Keep in mind though, all loans over an 80% LVR will require lenders mortgage insurance.

Offset icon

Offset facility

if you're opt for any BOQ variable home loan (excluding the Economy option), you'll have access to a 100% offset account which gives you the ability to reduce how much principal you're paying interest on, helping you save big on interest costs in the long run.

How are Bank of Queensland home loans rated?

Mozo users have rated Bank of Queensland home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
Bank of Queensland home loans
Overall
Price
Features
Customer service
Convenience
Trust

539 Reviews

Recent Bank of Queensland home loan reviews

Bank of Queensland Clear Path Variable Rate Home Loan
Overall 1/10
Unreliable, untrustworthy and inconvenient

We were selling our house and buying a different one a few years back and had everything sorted and dates lined up, then BOQ told us we had to sign a particular document which then had to be sent via courier up to Queensland then sent back again with a turn around of about 3 days. This delayed settlement and at the time we asked to be compensated for it, they said should be fine we'll deal with that later. Got the transfer done and suddenly BOQ claimed they had no intention of giving any compensation (I'd had to take days off work for the juggling around of paperwork etc). Reported them to the Financial Services Ombudsman and eventually got compensated. Combined with the fact that there are very few actual branches in Victoria, and the fact that having to send physical copies of documents to Queensland totally nullifies their promotional campaign of "owner managers" being able to solve all your problems and deal with you on a personal level.

Read full review

We were selling our house and buying a different one a few years back and had everything sorted and dates lined up, then BOQ told us we had to sign a particular document which then had to be sent via courier up to Queensland then sent back again with a turn around of about 3 days. This delayed settlement and at the time we asked to be compensated for it, they said should be fine we'll deal with that later. Got the transfer done and suddenly BOQ claimed they had no intention of giving any compensation (I'd had to take days off work for the juggling around of paperwork etc). Reported them to the Financial Services Ombudsman and eventually got compensated. Combined with the fact that there are very few actual branches in Victoria, and the fact that having to send physical copies of documents to Queensland totally nullifies their promotional campaign of "owner managers" being able to solve all your problems and deal with you on a personal level.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Less
Christopher, Victoria, reviewed 21 days ago
Bank of Queensland Home Loan
Overall 3/10
Happy to play a waiting game & interrogation?

I recently applied for a home loan through the Bank of Queensland. They have taken a ridiculous amount of time to complete the application, with very little contact made throughout the process, which in turn has created so much stress for me and the real estate agent holding the property. It is beyond me what they need when I have owned numerous properties, have an excellent credit history, and I've been in the same job for 33 years. I also have a substantial deposit. The stress is not worth it! It's changed my moods, my temperament around family, and my general concentration.

Read full review

I recently applied for a home loan through the Bank of Queensland. They have taken a ridiculous amount of time to complete the application, with very little contact made throughout the process, which in turn has created so much stress for me and the real estate agent holding the property. It is beyond me what they need when I have owned numerous properties, have an excellent credit history, and I've been in the same job for 33 years. I also have a substantial deposit. The stress is not worth it! It's changed my moods, my temperament around family, and my general concentration.

Price
10/10
Features
7/10
Customer service
2/10
Convenience
5/10
Less
Samantha, Victoria, reviewed 5 months ago
Bank of Queensland Fixed Rate
Overall 1/10
Avoid at all costs

Spent months back and forth,ridiculous paperwork requests. Rates ,charges ect. changed on every contact. Could not answer any questions. Requested business structure changes. No idea of what they required. Time wasters with no results. Avoid this bank. If they can't organise a applicant,god help you if they have your mortgage

Read full review

Spent months back and forth,ridiculous paperwork requests. Rates ,charges ect. changed on every contact. Could not answer any questions. Requested business structure changes. No idea of what they required. Time wasters with no results. Avoid this bank. If they can't organise a applicant,god help you if they have your mortgage

Price
3/10
Features
3/10
Customer service
1/10
Trust
1/10
Less
Nathan, Queensland, reviewed 5 months ago
Bank of Queensland Economy
Overall 10/10
Great staff, a few banks but lack ATMs.

Staff are great and cash back was awesome. Not many ATMs and the phone app was designed in 2001. Absolutely shocking. You can't name your accounts. You can't lock a card if it's lost or stolen. No chat to ask any questions.

Read full review

Staff are great and cash back was awesome. Not many ATMs and the phone app was designed in 2001. Absolutely shocking. You can't name your accounts. You can't lock a card if it's lost or stolen. No chat to ask any questions.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
2/10
Less
Dale, Victoria, reviewed 5 months ago
Bank of Queensland Home Loan
Overall 1/10
Worst bank ever.

Very much dislike this bank. We had a very bad experience recently. The bank did not listen to customers' needs and were very uncaring.

Read full review

Very much dislike this bank. We had a very bad experience recently. The bank did not listen to customers' needs and were very uncaring.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Gwynne, Queensland, reviewed 6 months ago

What do you need to apply for a Bank of Queensland home loan?

You’ll need to supply BOQ with the standard paperwork that you’ll need for any home loan. This information includes: 

  • Personal ID including driver’s license, passport, birth certificate and medicare card.
  • Income details such as latest payslips and bank statements, and the latest Tax Assessment Notices, tax returns and financial statements for both personal and business if self-employed.
  • Evidence of savings history, for example, account statements and credit card statements for the last three months.

Purchasing?
If you’re purchasing a property, you’ll need a copy of the signed Contract of Sale and details of your solicitor/conveyancer.

Refinancing?
If you’re refinancing, you’ll need to provide the latest home loan statements and credit cards statements showing repayment history. 

Eligible for FHOG?

If you’re a first home buyer applying for the First Home Owners Grant, you’ll need identification and any supporting documentation.

Home loan quick links