flagFounded: 1874

businessOwned by: ASX Listed

monetization_onFunded by: Retail deposits and wholesale capital markets

securityLMI Provider: Genworth

account_balanceLender type: Bank

Unlike most banks, Bank of Queensland has nearly two thirds of its branches “owner managed”. The franchise like structure, great interest rates and success with mortgage brokers has enabled BOQ to become one of the more popular banks in QLD.

BOQ has also purchased Virgin Money and Investec bank which has given it a large base of both young and professional customers such as doctors, accountants, engineers and lawyers.

How do BOQ’s home loans compare?

They’re great at

But they’ve got some drawbacks…

  • Their credit team are pedantic and ask unnecessary questions
  • They outdated systems which cause delays
  • They’re usually slow to assess loan applications
  • They don’t usually make exceptions to their lending policy

What home loans types do they have?

BOQ has a range of full feature home loans such as their Clear Path Variable and Professional Package as well as some no frills home loans like their Economy Home Loan and Fixed Rate Home Loan.

They have a few speciality products such as waived LMI for professionals that is offered through Bank of QLD specialist and a bridging loan for people who are selling and buying a new home.

Tips for getting a great rate with BOQ

It’s all about timing!

BOQ is trying to grow its market share so it’s offering special discounts to lure customers to refinance to BOQ. If you’re buying a home or refinancing at the right time, then you may get a great deal on a variable rate or fixed rate that is below what the major banks can offer.

A good mortgage broker can also put in a pricing request to see what BOQ is willing to offer to win your business.

Use BOQ Specialist’s home loan application form to prepare for your home loan application.

Note: This is the latest mortgage application form effective March 2017. Please refer to Bank of Queensland for their most up-to-date document requirements.

Compare BOQ to other lenders

Not sure which lender is right for you? Not sure which Bank of QLD home loan you should choose? Our Home Loan Experts can help!

Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.

  • mmki

    I may go for a business loan with BOQ so I’d like to know if we can negotiate the terms of the loan agreement at least to some extent or is it non-negotiable.

  • You can haggle the interest rates, fees and even annual review requirements. The business loan term sheet is essentially the bank’s initial offer to get your business. The bank wants your business so you do actually have the power to negotiate the terms of their business loan offer. Please check out the business loan agreement page for more info:

  • PoPo

    Hi, can you tell me the current fixed and flexible fixed interest rates that we can get right now?

  • Hi PoPo,
    You can check out the current fixed and flexible fixed rates on offer as well as other rates on the interest rates page. Here’s the link to that:

  • Tom C

    I’m a solicitor so are there any special home loan discounts available for my profession?

  • Hey Tom,

    Solicitors like lawyers and barristers can qualify for special discounts on their home loan. Other legal professionals are considered on a case by case basis. Please check out the home oan discounts for lawyers page to learn more:

  • gray

    I’m discharged bankrupt and I’m at a great position, financially, right now. The record should be gone off my credit file by this time next year but I’d really like to get a mortgage asap. Can BOQ accept my home loan application?

  • Hi gray,
    Unfortunately, BOQ can’t help people with bad credit so you’re only more likely to be accepted after you’ve had the bankruptcy check removed off your credit file. There are other lenders that can lend though and we can help you borrow up to 90% of the purchase price but do note that you’re generally required to have a 14% to 16% of the purchase price to cover your stamp duty, deposit and lenders mortgage insurance (LMI). Please feel free to call our office if you’d like a free quote from one of our mortgage specialists.

  • Sourabh

    Do BOQ accept Low credit score

  • Hi
    BOQ may consider a low credit score if you are borrowing less than 80% of the property value. However this would be on a case by case basis. There are other lenders with similar rates which are much more likely to consider someone with a low credit score for a loan of up to 90% of the property value.

  • Sourabh

    I am looking at 80% and my credit score is around 550

  • That should be fine with BOQ. 550 is average.
    You can read more about credit scoring here https://www.homeloanexperts.com.au/credit-score-home-loan/

  • Sourabh

    how long do BOQ take for approval.

  • They did take a long time early last year due to some internal processing issues (up to 8 weeks for approval). I think now they have sorted this out and should be relatively quick (1 week approx for approval). We’d have to call them and check during working hours to be sure of their current processing time.

  • Kylian

    I’m looking to get a home loan. I run a gym, but I’m behind with my tax returns. When I went to the Bank of Queensland, they knocked back my application. It’s weird because a self-employed friend of mine got approved with BoQ last year and I know his income evidence was a bit out of date. Please help!

  • Hi Kylian,
    Bank of Queensland has recently pulled out of low doc loans or lending to the borrowers with few income evidence. Still, we’ve other lenders on our panel who could do such loans and if you can provide other income documents such as BAS (Business Activity Statements) statements, or accountant’s declaration, you can still borrow up to 80% of the property value. You can find out more here: https://www.homeloanexperts.com.au/low-doc-loans/. Call us on 1300 889 743 and discover with which banks you can qualify with.