BOQ (Bank of Queensland) Personal Loans

BOQ, aka Bank of Queensland, is a provider of personal loans, car loans, home loans, savings and transaction accounts, credit cards, and a range of personal insurance products.

What personal loans does BOQ offer?

At the time of writing, BOQ offers one personal loan product, in addition to its car loans. This is an unsecured fixed rate personal loan.

Features of BOQ’s personal loan include:

  • Loan amount between $3,000 and $40,000
  • Terms available between one and seven years
  • No additional repayment or early repayment fees (other fees apply – see below)
  • Repayment available weekly, fortnightly or monthly

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What can you use BOQ’s personal loans for?

Personal loans can typically be used for important life events and other big purchases, such as:

  • Buying a car
  • Debt consolidation
  • Holidays
  • Home renovations
  • Weddings and more

Read the product disclosure statement (PDS) from BOQ for any specific details on what you may or may not be able to take out a personal loan for.

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BOQ personal loans FAQs

According to BOQ, you can choose a loan term of between one to seven years.

There are a number of fees to be aware of when taking out a personal loan with BOQ.  At the time of writing the following fees are listed by BOQ:

  • Application fee of $150
  • Monthly maintenance fee of $7.50

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Yes, BOQ personal loans require minimum repayments either weekly, fortnightly or monthly. The repayment amount will vary depending on the length of your loan, the principal amount borrowed and your interest rate.

As previously mentioned, BOQ says you can make additional repayments and repay your loan early without penalty.

According to BOQ, to be eligible for its personal loans you must:

  • Be 18 years of age or older
  • By applying for a loan of $3,000 or more
  • Have never been bankrupt
  • Be an Australian citizen or permanent resident
  • Have a regular, permanent income

When applying for a personal loan, BOQ says you also need:

  • Proof of identity
  • Employment details
  • Financial details such as income, assets, expenses and liabilities

Established in 1874, BOQ says it is one of Australia’s leading regional banks. BOQ has over 180 branches across Australia with its headquarters in Brisbane. According to BOQ, most of its branches are run by local Owner-Managers. BOQ says it is one of the top 100 Australian companies ranked by market capitalisation on the Australian Securities Exchange.

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Written by: Tamika Seeto | Last updated: May 22, 2019