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Fixed Rate Home Loan from 5.98% (CR 6.40%) 3-Year or 6.09% (CR 6.45%) 2-Year OOC | 6.14% (CR 6.62%) 2-Year INV P&I @ BOQ

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Fixed Rate Home Loan from 5.98% (CR 6.40%) 3-Year or 6.09% (CR 6.45%) 2-Year OOC | 6.14% (CR 6.62%) 2-Year INV P&I @ BOQ
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AssociatedMortgage Broker @ Lending Clinic on 24/01/2024 - 07:16 boq.com.au (102 clicks)
Last edited 24/01/2024 - 11:01 by 1 other user

Hello OzBargainers,

Bank of Queensland (BOQ) has just reduced some of their fixed rates, making their fixed rate offering extremely attractive compared to other banks.

For a loan of at least $150K, with the loan being no more than 80% of the property value, they're now offering the following fixed rates:

  • Owner Occupied P&I 2-Year Fixed Rate: 6.09% (CR 6.45%)
  • Owner Occupied P&I 3-Year Fixed Rate: 5.98% (CR 6.40%)
  • Investment P&I 2-Year Fixed Rate: 6.14% (CR 6.62%)
  • Investment P&I 3-Year Fixed Rate: 6.14% (CR 6.58%)
  • Investment I/O 2-Year Fixed Rate: 6.29% (CR 6.65%)
  • Investment I/O 3-Year Fixed Rate: 6.29% (CR 6.63%)

Not available for refinance or restructure of existing BOQ Group lending (which includes BOQ, BOQ Specialist, ME Bank and Virgin Money (Australia).

Indicative BOQ fees:

  • $0 application fee
  • $150 settlement fee
  • $10 monthly fee ($0 annual fee)
  • One free property valuation
  • Optional Rate Lock fee 0.15% of the loan amount (valid for 100 days)

They are also offering $2000 refinance cashback, with minimum $250K loan amount.
Plus for a limited time, we're also offering up to $3000 bonus broker cashback, with minimum $500K loan amount.

We are a mortgage broker and work with many banks. Please feel free to reach out if you have any home loan requirements.

We look forward to hearing from you.

Kind regards,

Arman Soetanto
M: 0431 825 128
E: [email protected]
W: www.lendingclinic.com.au
Lending Clinic Pty Ltd (Credit Representative Number 511270) is authorised under Australian Credit Licence Number 384704

Financial Home Loan Investment Loan Loan Refinance

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closed Comments

  • AngryMan on 24/01/2024 - 07:40
    +1

    Variable rates at BoQ seem high at 6.39 for OO P/I with an offset. Are they doing any better than that? Even ANZ is doing 6.09 for 1M+ loans.

    • AssociatedMortgage Broker @ Lending Clinic on 24/01/2024 - 08:55
      -1

      We can request best pricing for you, will need some details to negotiate the best outcome, but should be able to get a bit lower than website rate.
      Please contact us or let me know your contact details and I will reach out.
      Also BOQ has the basic variable rate loan at 6.09% for 70% LVR.

  • Wiadro on 24/01/2024 - 07:42
    +2

    6.45% comparison rate isn’t great.
    If you have a vanilla mortgage just go with Unloan

    • AssociatedMortgage Broker @ Lending Clinic on 24/01/2024 - 08:56
      -1

      The revert variable rate is a bit high, but we can negotiate for you 2-3 years from now (after the fixed rate has expired). A lot of our customers only pay the revert variable rate for a short time, then they get a further discount or refinance elsewhere.

      • Wiadro on 24/01/2024 - 09:00
        -4

        It doesn’t matter what the actual rate is, we we use the comparison rate to see who has the best value and you don’t

        • WoodYouLikeSomeCash on 24/01/2024 - 09:25
          +1

          we we use the comparison rate to see who has the best value

          Not sure what you are on about? Comparison rates are useless, you need to run your own calculations based on your own circumstances and loan amount to compare different loans.

          https://www.finder.com.au/home-loan-comparison-rates

          Secondly, back when comparison rates were introduced in July 2003, these figures made much more sense. Today, the average loan size is much more than the $150,000 they're based on: the latest stats put the current average loan size above $500,000.

          The average loan term for the majority of borrowers is also 30 years, not 25 years.

          It's important to be aware of this when looking at the comparison rate, because if your loan is more than $150,000, the comparison rate won't be a true reflection of the actual costs of your loan.

          • SlickMick on 25/01/2024 - 15:35

            @WoodYouLikeSomeCash: It doesn't need to be a true reflection, it just needs to weed out who are adding fees. The comparison rate does the job it's meant to.

  • kyle on 24/01/2024 - 07:50
    +5

    Is it such a good idea to go fixed right now if rates may be coming down?

    • SlickMick on 25/01/2024 - 15:37

      When are they coming down, and by how much?

      Serious question (I know it would only be your guestimate), but it seems to me that a year or 2 at 1% below the variable rate is a safe bet??

  • Pascawali on 24/01/2024 - 07:55
    +1

    Ozvertise

  • HomebrewFC on 24/01/2024 - 07:58
    +5

    This isn't a deal:

    • $10 monthly fee x 12 months = $120 annual fee lol. Not sure how you can state it's $0.
    • Fixing for 3 years to save a ~0.05% on your interest rate is almost certainly going to be against the borrowers best interest.
    • What happens after you use your "one free property valuation"? How much are the subsequent valuations?
    • AssociatedMortgage Broker @ Lending Clinic on 24/01/2024 - 09:12
      -1

      Thanks for raising your concerns.

      We generally try to avoid predicting future interest rate movements, and think of fixed rates similar to buying a home/car insurance. It could be an unnecessary cost, but it can save a lot of money and provides peace of mind.

      The free valuation is ordered by the bank after the application is submitted. Basically this means if you're applying for a loan for 1 property, the valuation is free.
      If you have 2 properties, you can submit 2 separate applications with 1 property each, and the valuation can be free for both properties. The loan(s) under each application must be no more than 80% of the property value linked to that application.
      Additional valuation fee (if applicable) is charged at cost, will be quoted when it's ordered.

      • damnable on 24/01/2024 - 10:56
        +3

        Your analogy regarding fixed interest rates and insurance is misleading.

        Insurance helps prevent a loss. Fixing an interest rate prevents a loss AND a gain (a change in interested rates in the borrower's favour). Glossing over this is misleading.

        If there is no evidence presented to make this a deal, then it's an advertisement, and an advertisement of a financial product. And it might be good to look over the rules regarding advertising financial products or services.

    • WoodYouLikeSomeCash on 24/01/2024 - 09:27

      What happens after you use your "one free property valuation"? How much are the subsequent valuations?

      You can get free ones from a REA.

      • Omarko on 24/01/2024 - 10:17
        +1

        REA are meaningless when it comes to banks and loans, they have to do their own as part of the due diligence.

  • damnable on 24/01/2024 - 08:06
    +1

    Where is the deal?
    Home loans shouldn't be up here unless it gives all the information on how to actually get the price listed, really just like any deal. This would also be things like what LVR you actually need for some of these rates as it can change.
    And the free valuation - is this the one the bank does to cover their own asses?

    • AssociatedMortgage Broker @ Lending Clinic on 24/01/2024 - 09:13

      LVR is up to 80% for these fixed rates :)
      Yes the free valuation will be ordered by the bank.

  • HamWallet on 24/01/2024 - 08:25
    +1

    This isn't a deal, it's just an advert.

  • Repstar on 24/01/2024 - 08:27
    +1

    Currently getting a better deal than this with Suncorp.

    Also monthly fees here. Lol.

    • AssociatedMortgage Broker @ Lending Clinic on 24/01/2024 - 09:24

      Fixed rate? The Suncorp website is showing 6.44% as the lowest fixed rate, and 6.18% as the lowest variable rate. Mind if I ask how long ago you got the loan, and what rate you're getting?

  • samfisher5986 on 24/01/2024 - 09:39
    +2

    This is Ozbargain not Ozadvertising.

    Come back when you have an actual bargain.

    Your post history is honestly disgusting. Why are you spamming a nice community run website with your junk? Post a good deal or get out.

  • ozbargainerlife1 on 24/01/2024 - 10:15

    Any other banks offering cashbacks?

    • AssociatedMortgage Broker @ Lending Clinic on 24/01/2024 - 10:52

      Yes there are a few… we've got ME Bank $2k-$3k depending on loan amount, ANZ $2k refinance/$3k first home buyer, St George $2k, BankSA $2k, Bank of China $2k

  • alvian on 24/01/2024 - 11:04

    So your professional advice is to fix the home loan interest rate at the top (or near the top) of an interest rate cycle? Please justify your advice.

    • AssociatedMortgage Broker @ Lending Clinic on 24/01/2024 - 16:24
      -2

      We actually don't recommend whether to go fixed rate or not. We'll discuss the borrower's requirements and preferences. Just merely highlighting there is a bank who just dropped their fixed rates and they're much lower than other fixed rates on the market.
      It seems the prediction on interest rates are constantly changing, and different experts have different predictions, so we try to not get too involved with it. Fixed rate might be desired for certainty and ease of budgeting. Variable rate for flexibility.

      • HomebrewFC on 24/01/2024 - 21:10

        they're much lower than other fixed rates on the market.

        A quick google finds this. 3 years fixed rate at 5.80%, with none of those "$0 annual fees". Nothing about what you posted benefits the community, it benefits you.

  • SlickMick on 25/01/2024 - 15:38

    Just posting that this isn't close to the best rates, so I can downvote

    • SlickMick on 25/01/2024 - 15:53

      ps. BTW I presume others come here because they're actually looking for a home loan at a good rate.
      Has anyone found good rates on investment loans with an offset account?

      My list so far is:
      * Regional Australia Bank 5.94% with 60% LVR + $250 documentation fee > 5.97% CR
      * Easy Street 6.04% + $500 application fee > 6.09% CR

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