This was posted 9 months 26 days ago, and might be an out-dated deal.

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$2000 Home Loan Refinance Cashback (Min Loan $250,000), Owner Occupied Rates from 5.79% (CR 6.33%) @ Bank of Queensland (BOQ)

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$2000 Home Loan Refinance Cashback (Min Loan $250,000), Owner Occupied Rates from 5.79% (CR 6.33%) @ Bank of Queensland (BOQ)
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AssociatedWilson Heroes HL @ Heroes Home Loans on 25/02/2024 - 16:31 boq.com.au (1460 clicks)

ello OzBargainers,

Thank you for your support so far!

Bank of Queensland (BOQ) is offering $2000 cashback incentive, when you refinance your home loan or investment property loan, with only $250K minimum loan amount!

Principal and Interest Owner Occupied HOME LOAN
Variable - 6.18% (CPR 6.33%) FOR LVR <70%
Variable - 6.23% (CPR 6.38%) FOR LVR <80%

BOQ website**
2 year fixed - 5.79% (CPR 6.39%) FOR LVR <80%
3 year fixed - 5.79% (CPR 6.39%) FOR LVR <80%

Principal and Interest INVESTMENT HOME LOAN
Variable - 6.34% (CPR 6.48%) FOR LVR <70%
Variable - 6.39% (CPR 6.53%) FOR 70% <LVR <80%

2 year fixed - 5.94% (CPR 6.58%) FOR LVR <80%
3 year fixed - 5.94% (CPR 6.63%) FOR LVR <80%

Also currently we can get the $300 application fee waived on the Economy product.

Terms & Conditions of the $2000 Cashback Offer:
• Minimum total new lending of at least $250,000.
• Maximum loan-to-value ratio (LVR) of 80%.
• Loan must settle within 120 days of the application date.
• This offer is open to Australian residents aged 18 and over who are personal customers taking out a new home loan with BOQ, refinanced from another financial institution.
• Not available for the refinance, restructure or switches of home loans within BOQ Group, which includes BOQ, BOQ Specialist, ME Bank and Virgin Money (Australia).
• Offer available on BOQ's Clear Path, Economy, or Fixed Rate home loan products.
• An applicant will be eligible for a maximum of one refinance cashback payment, regardless of the number of loan applications they are party to, provided the total amount drawn at settlement across all loans is at least $250,000.
• Customers who have received a refinance cashback payment from within the BOQ Group within the 12 months prior to their loan application date will be ineligible for this offer.
• The cashback will be paid to the applicant's BOQ transaction account within 30 days of the settlement date.
• For multiple home loan applicants the BOQ account needs to be in the name of at least one of the home loan applicants and the cashback will be paid only once to the applicants jointly.
• If you do not already have one, an eligible BOQ transaction account is required to be established.
• Ongoing offer but may be withdrawn or varied at any time.

We're a mortgage broker and also work with other banks, if BOQ doesn't suit.

Please feel free to email me at [email protected] or text/call me on 0477 200 670 and I would be happy to answer all finance related questions

Wilson Yuan
Managing Director
Credit Representative Number is 530101 under Australia's Services Australian Credit License (ACL) 389328 © 2021 HEROES HOME LOANS AUSTRALIA PTY LTD
http://heroeshomeloans.com.au/

Financial Cashback Home Loan Investment Loan Loan Refinance

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Bank of Queensland
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closed Comments

  • freedomofspeech on 25/02/2024 - 17:03
    -1

    why is variable higher than fixed?

    • diguinBR on 25/02/2024 - 17:06
      +12

      Might be because we are at the end of interest rates increase, and now it tends to drop

      • Fuzor on 25/02/2024 - 20:01

        Doubt its at the end. The RBA literally just said this month further increases cannot and should not be ruled out.

        • mousie on 25/02/2024 - 20:24
          +1

          No the mining sector is getting a little spooked with resource prices plus contractory conditions in China. They may lower interest rates to encourage local consumption more.

        • USER DC on 25/02/2024 - 22:13
          +3

          RBA is one of the least realiable source of information, they only know how to stuff up

        • xavster on 26/02/2024 - 00:20
          +4

          I feel like people don't understand the role of the RBA, and unfortunately, they themselves give that impression.

          Their job is to NOT give guidance to the market, because they must let the market perform price discovery on their own, giving guidance will distort the market. If the RBA ever tells you clearly what they're going to do, then they stuffed up royally.

          Which is exactly what happened with Phillip Lowe.

        • mingjuitsai on 26/02/2024 - 10:23

          We're closer to the end of rate hike than it is to the beginning of rate hike

        • Flintz on 26/02/2024 - 10:26

          The same RBA that said they weren't increasing interest rates until 2024? Don't bother listening to their guidance, they've been consistently wrong even before the pandemic. But yea anything can happen in the future

    • Hunter80 on 25/02/2024 - 17:09
      +5

      Bank's actuaries are betting on interest rates dropping over the "fixed" period, not that straightforward either as it also includes you will likely be unable to refinance over the "fixed" period due to break cost.

  • stuntman on 25/02/2024 - 17:11
    +2

    What are the features of Clear Path, Economy, or Fixed Rate products? Is it part offset, no offset, full offset? What about redraw?

  • Brianqpr on 25/02/2024 - 17:12
    +8

    Those fixed interest rates tell a story.

  • mulimulix on 25/02/2024 - 17:12
    +2

    First major bank I can see whose fixed rates are lower than current variables 👀👀

    • Smitty1997 on 25/02/2024 - 17:42

      Aus mutual 5.53

  • hamzie on 25/02/2024 - 17:14
    +3

    Any idea when the rates will start to decline
    Also those variable rates aren't good

    • Puglife on 25/02/2024 - 17:15
      +18

      Also this bank isn't good.
      Poor rates, poor customer service, the app is extremely basic, bank transfers take days (No Osko).
      Honestly I wouldn't trust them with my kid's money box.

      • willyroo on 25/02/2024 - 17:45

        The app is simply horrible…

        • Mr Frodo on 25/02/2024 - 17:53
          +1

          I'm with MeBank. They're effectively BoQ. The app isn't horrible, but yeah no Osko payment, so can't do PayID.
          Can receive, can't send. Stupid.

      • WoodYouLikeSomeCash on 25/02/2024 - 19:37

        That’s pretty much most banks these days that have decent deals on mortgages in terms of interest rates. Bankwest and Me Bank are the same.

      • bogstation on 25/02/2024 - 21:45

        They do have the new 'My Boq' app now that does offer OSKO. you need all new accounts specific to the app though.

  • stingy-oz on 25/02/2024 - 17:26
    +5

    BOQ bank system is one of the worst system I've every used, closedly followed by Westpac.

  • JohnHowardsEyebrows on 25/02/2024 - 18:02
    +6

    So maybe $1.3k better off after all the hassle, and rates higher than most currently available. Not going to neg, but this is a hard pass.

  • Exorcist on 25/02/2024 - 18:21
    -7

    OZB now allows people promoting their business? The offer is BOQ’s offer and the 300 fee waiver is not a bargain

    • dosada on 25/02/2024 - 18:30
      +13

      This may surprise but most bargains here a promotion of a business. Do you know of a better offer? If not why neg it?

  • bargaineer on 25/02/2024 - 18:40
    +12

    Yeah I don’t think mortgage brokers should be able to post deals and advertise like this. They get significant kick backs, sometimes ongoing commission long after sign up.

    • OzBerghainer on 25/02/2024 - 20:18

      Yes, upfront commission of a few thousand depending on loan amount, and trail commission for the life of the loan. (Could be around 0.2%p.a)

    • mousie on 25/02/2024 - 20:25

      I agree. Not a deal, it's a pitch

  • Hotwheels on 25/02/2024 - 18:50
    +12

    Worst bank to deal with. We almost lost the house deposit because of these idiots. Applied 2 months before settlement (our mortgage broker insisted to go with boq, probably he gets more commission) they dragged the application up until a week before settlement and finally didn't approve the loan. Went with our bank and got it approved just before settlement.

    • zealmax on 25/02/2024 - 19:09

      Which bank? The conolwelth bank?

    • scud70 on 25/02/2024 - 19:50
      +1

      Sounds like virgin money (which unsurprisingly seems to be part of this group) and what they did to us… Switched to NAB and had no problems… Thanks for the heads up I won't bother with these guys if I refinance…

    • amsaini15 on 25/02/2024 - 19:57

      Loans. Com. Au did the same to me.

    • Navgsc on 25/02/2024 - 20:31

      NAB did the same to us.

  • oO0Dam0Oo on 25/02/2024 - 19:15

    No offset no deal?

  • tg786 on 25/02/2024 - 19:18

    Wilsons team are great ive used them for a few years. Genuinely helps you get the right deal for you. Doesnt just push you to one thats easier to get the loan approved etc

    • bargaineer on 25/02/2024 - 20:36
      -2

      If you didn’t pay him money upfront, then he definitely wasn’t getting the right deal for you.

      • MadgeH on 25/02/2024 - 20:55

        Why?

        • bargaineer on 26/02/2024 - 07:41
          -1

          Because unless they are incentivised financially by you directly to give the best deal and advice, they being incentivised by the bank to get you the deal that makes them the most money.

          • iambRad on 26/02/2024 - 09:09

            @bargaineer: This is incorrect.

            Mortgage Brokers have a legal obligation to work in your best interests: ASIC: Best Interest Duty

            They can not simply take you to a lender because it makes them more money. In saying that, I don't believe there is that much of a big commission difference between the banks anyhow.

      • io on 25/02/2024 - 21:50

        You are wrong. I also can say that he and his team was great help to me. I refinanced with him twice once to ANZ and then to St George. Also got the first portion of broker rebate. They are very professional and quite helpful to be honest. Will definitely deal with them again.

        • bargaineer on 26/02/2024 - 07:43

          If you’re happy with their service and convenience that’s fine. You are not getting the best deal you can though.

  • Repstar on 25/02/2024 - 19:27

    Currently getting:

    Variable 5.94% P&I Owner
    Variable 6.24% IO Investment

    Suncorp

    • Tuttorix on 25/02/2024 - 20:54

      This is a great interest rate. I think the lowest i've seen is about 5.44% for P&I Owner.

      • Kvothe on 25/02/2024 - 21:39

        Who is that with?

  • Fuzor on 25/02/2024 - 20:07
    +2

    They were 6.09% just last week…Anyone know the reason for increase? It wasn't through the RBA this year

  • Smol Cat on 25/02/2024 - 20:20
    +10

    $2k cash back really is jack all considering the hassle you have to go through as well as the legal and settlement fees for switching.

  • Wiadro on 25/02/2024 - 20:48
    +4

    Meh not a deal given it’s BOQ is horrible to deal with and Wilson drags his feet too

  • DullestSpark on 25/02/2024 - 21:19
    +2

    Will second, third and fourth the comments left above. Unless you plan on basically minimally using your accounts through BOQ, avoid. Both the app and the internet portal looks straight out of Netscape Navigator days and have the functionality to prove it. Currently with them with fixed rate of absolutely bugger all until June, then you cant get me out of there fast enough.

  • Vvat on 25/02/2024 - 21:33

    Bendigo will smash those rates, 2k would cover fees etc involved and give yiu a little pocket money but why bother for rates not even close to market leading.

  • ronburgundy11 on 25/02/2024 - 21:36

    Needs to be at least $3k, preferably $4k to make it worthwhile (hassle and costs of switching).

  • tomclancy on 25/02/2024 - 22:17

    Holy crap those interest rates are terrible. A fool and their money are easliy parted!

    • io on 25/02/2024 - 22:32
      +1

      2 year fixed - 5.79%. Why is it a terrible rate? Can you kindly show a better 2 year rate?

      • tomclancy on 26/02/2024 - 11:08
        +1

        A kind OzBargainer has a live, updated rates spreadsheet —> https://www.ozbargain.com.au/node/653711

        Australian Mutual is 5.53% fixed for 2 years.

        Further, the variable rates in this deal are ~0.25% higher than what is available in the market, even at the major banks.

        • XabiFernando on 14/04/2024 - 11:48

          TBH it's horses for courses. I'm using that exact spreadsheet and after factoring in some additional info like my loan size and cashback offered by my broker BoQ comes out cheapest for me over the course of 2 years (which is my usual refinance timing).

  • Royale with cheese on 25/02/2024 - 22:33

    I agree. Some banks are offering 3k so 2k is nothing after the fees.

    • io on 25/02/2024 - 23:09

      Those who are offering 3k either are for first home buyers or have min loan greater than 250k or have a 6.XX% interest rate. Please specify which offer is at least equal in competition.

      • Royale with cheese on 25/02/2024 - 23:55

        Most people would have more than 250k loan. And my current interest rate is 6.03 variable so essentially people are saying that they would not get much cashback but end up with a higher ongoing interest rate with your offer while you make money off them so how is that a bargain?

        • DoctorArd on 26/02/2024 - 05:48

          Who is your 6.03 with?

        • io on 26/02/2024 - 08:50

          What am I missing? This deal is for 5.79% fixed for two years. You are paying 6.03% which is likely to increase more. The cashback of $2000 is fully covering your refinance cost plus giving you $1000 to spare (assuming it will cost you less than $1000 to refinance). This is a fixed loan so there won’t be 100% offset account though. So where are you loosing?

          • Royale with cheese on 26/02/2024 - 11:18

            @io: Mate no offset means you lose thousands. Do we need to teach you basic maths? And who would lock at a higher rate for 2 years when the rates will go down in 6 months. You need a lesson in brokerage

            • io on 26/02/2024 - 13:20

              @Royale with cheese: May be. But you have the option to split the loan (fixed + variable). In the variable loan you have offset facility which is saving you thousands. You can put the major amount on fixed loan which you know that you cannot repay/offset on the next two years. The remaining amount you can put in variable which have offset facility. In this way you get repayment protection on your major loan while saving interest with a much lower rate. Also you get offset for variable portion (although a bit higher rate as you are enjoying offset) and put any money you save on the offset which saves you interest while you increase your savings.

            • io on 26/02/2024 - 13:26

              @Royale with cheese: Also how do you guarantee that rates will go down below 5.79% in 6 months. RBA once told the rates won’t go up till 2024, did that happen? You can only assume that the rate will go down below 5.79% but it may never happen in next 2 years.

            • tomclancy on 26/02/2024 - 14:30

              @Royale with cheese:

              And who would lock at a higher rate for 2 years when the rates will go down in 6 months. You need a lesson in brokerage

              In fairness, I think this commentor wants certainty around repayments, hence why they fixed. I agree that it would be unwise to fix at 5.79% for 2 years if you are looking to pay the least interest over those 2 years, but we must remember not everyone has the same financial goals/needs.

              • Royale with cheese on 26/02/2024 - 15:44
                +1

                @tomclancy: I like them variable so I can switch the ozbargainer way. But yes I think there are better deals out there than this one. Surely in Sydney or Melbourne, average mortgage is well over 250k and this logic that rates won't go down is the same as it was when people thought they won't go up. It was obvious back then and its obvious now

                • tomclancy on 26/02/2024 - 20:00
                  +1

                  @Royale with cheese: Yep - the entire market agrees that rates are heading south. Blind Freddy can see that they are. But if someone is desperate for certainty then they have to take what's being offered 🤷‍♂️

  • DoctorArd on 26/02/2024 - 05:51

    Variable - 6.18% (CPR 6.33%) FOR LVR <70%
    Variable - 6.23% (CPR 6.38%) FOR LVR <80%

    I'm currently on 6.2% variable with offset account through NAB with almost no fees, and I'll ring them six months into the term of the loan to get it reduced. I don't see a deal here.

  • sebasg91 on 26/02/2024 - 06:16

    It loos like RAMS still offer $3,000 cashback. I might look into this further. Anyone any experience with them?

    • io on 26/02/2024 - 08:44
      +1

      Higher minimum loan amount and higher fixed rate. The higher fixed rate will eat away the extra $1000 in no time.

  • sebasg91 on 26/02/2024 - 07:07

    And by the way, probably depending on personal circumstances, but having a broker between you and the bank can just complicate things. Few times dealing with brokers they didn't make things any easier (if not the opposite) and for obvious reasons they'll try to hook you up with any of their "convenient" options. Good to talk to them but obviously do your own research and shop around!

  • Frozensage on 26/02/2024 - 08:14
    +2

    Went after their $3000 cashback last year and all I got to show for it is a waste of 2 month continuously being asked to re submit document a b c. Then by the end their internal rate went up and it became higher than what I had with the current loan. The bank “specialist” didn’t seem to know what she was doing half of the time or what documents I needed. Each branch was a franchisee running its own operation in its own way, felt very unprofessional. I would avoid !

    • sebasg91 on 26/02/2024 - 09:00

      Good to know. Thanks for sharing. Might give it a miss.

  • motion2082 on 26/02/2024 - 10:30

    Would prefer affordable housing and abolishing negative gearing and capital gain discounts

    • AssociatedWilson Heroes HL @ Heroes Home Loans on 26/02/2024 - 15:22

      and I wish I could back in time and buy a home when I was 1 year old

  • kcome on 26/02/2024 - 17:09
    +2

    OZbargain should require "Fixed" to be written on title if variable is that much lower than Fixed. It's almost clickbait.

    • JohnHowardsEyebrows on 26/02/2024 - 17:24

      I didn't realise it was fixed. Am now in negging territory.

  • pandadude on 27/02/2024 - 10:44

    Any BOQ shareholder discount?

  • Enelass on 28/02/2024 - 14:01
    +1

    Quite average… I don't see any bargain here

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