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  • They outdated systems which cause delays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

Coronavirus / COVID-19: BOQ mortgage relief

BOQ home loan customers facing financial pressure due to the coronavirus pandemic can opt to defer their home loan repayments or switch to interest-only for three months initially, with an option to further extend it subject to a review.

Remember, even though no repayments need to be made during this period, interest continues to accrue on your home loan. At the end of the repayment pause period, your home loan balance will have increased.

The Bank of QLD is also offering a ‘fast track hardship assistance’ to help customers who are in arrears, need early access to their term deposits and waived fees and charges related to non-payments.

To apply for a mortgage relief with BOQ, you can call 1800 079 866 or apply online.

Coronavirus / COVID-19 Temporary Policy Changes: BOQ

Effective immediately, BOQ has announced that they will no longer support home lending applications that fall into the following categories:

  • Applications with a DTI (debt-to-income) ratio greater than 8x; or
  • Non-PAYG applications with a DTI ratio greater than 6x; or PAYG applications with a DTI ratio greater than 6x, where the Loan to Value Ratio (LVR) is greater than 80 per cent.

This is a temporary adjustment to the bank’s risk appetite; there will be no change to BOQ’s existing credit 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.