Bank of Queensland
Lender Overview
Bank of Queensland (BOQ) is an ASX-listed regional bank headquartered in Brisbane. BOQ also owns ME Bank and Virgin Money Australia. It operates a distinctive owner-managed branch model in many locations, giving it a community banking feel. BOQ has been investing in its digital capabilities and competitive product pricing.
Loan Products Offered
Clear Path Variable Home Loan
No-frills variable rate product with unlimited extra repayments and redraw. No annual fee.
Economy Variable Home Loan
BOQ's most competitive variable rate product for borrowers who do not need offset functionality.
Fixed Rate Home Loan
Fixed terms of 1 to 5 years with limited extra repayments during the fixed period.
Pros and Cons
Pros
- +Owner-managed branches provide a personalised service experience
- +Owns ME Bank and Virgin Money, which may offer more competitive pricing
- +Competitive rates on the Economy Variable product
Cons
- -Smaller branch network than the major banks
- -Processing speed can be variable depending on branch workload
Typical Rates
| Loan Type | Indicative Rate |
|---|---|
| Owner-Occupier Variable (P&I) | RBA cash rate + 2.55% to 3.10% (indicative) |
| Owner-Occupier Fixed | Market rate at time of fixing, varies by term |
| Investor Variable (P&I) | RBA cash rate + 2.85% to 3.45% (indicative) |
Confirm current BOQ rates directly or through a broker. ME Bank and Virgin Money may offer different pricing.
Application Process
- 1
Apply online, through an owner-managed branch, or via a broker
- 2
Standard documentation including income evidence and identification
- 3
Valuation ordered by BOQ
- 4
Approval typically 3 to 7 business days
Who Bank of Queensland Suits Best
- ✓Borrowers in Queensland who prefer a community banking relationship
- ✓Those who want the option of a personalised owner-managed branch experience
