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Bank of Queensland
Bank of Queensland Flex Their Fixed Rate Loan
Bank of QueenslandDoes talk of interest rate rises send chills down your spine? With a fixed rate loan, you can have some control over the rate of interest you pay on your home loan and know exactly what your repayments will be for the fixed period.
A fixed rate loan offers an unchanging interest rate that is generally locked in for a period of between one and five years. Bank of Queensland offer this standard option of a one to five year fixed rate and after this time the loan converts to the relevant Standard Variable Housing Loan Rate.
The monthly repayments for those with variable rate loans will fluctuate according to interest rate changes, but a fixed interest rate, and therefore the monthly repayments, will not change for the term of the fixed period.
The Cost Of Convenience: BOQ Low Doc Home Loans
Bank of QueenslandEver wondered what is meant by a Low Doc home loan? Low Doc is short for low documentation. Applicants go through the normal home loan application process, but instead of a supply of pay slips and statements, the only documentation required to show proof of income is a signed declaration. Bank of Queensland offer Low Doc options on their variable, fixed rate and line of credit loans.
Low Doc loans, such as the Bank of Queensland options could be useful for borrowers who are contractors, self employed or have a small business. That is, borrowers who have an income and assets but don't always have the necessary paperwork to qualify for a standard home loan could benefit from a Low Doc loan.
BOQ In The Smart Start Home Loan Race
Bank of QueenslandRemember the story of the hare and the tortoise? The hare gets off to a racing start, while the tortoise plods along comfortably and ends up winning. When shopping for a home loan, a good start is important, but you need to look at the long term consequences.
Exclusive to existing Bank of Queensland borrowers, the Smart Start Home Loan offers a discounted variable rate for the first 12 months of the loan. After this time, the interest rate will revert to whatever the standard variable rate is at that time.
The Smart Start loan can lend Bank of Queensland borrowers up to 95% of the value of their property for owner-occupied situations, or up to 90% of the value for investment properties. If you do borrow more than 80% of the value of your property, you will also need to cover the cost of Lender's Mortgage Insurance, which protects the bank if you happen to default on any home loan repayments.
No Frills With Bank of Queensland's Economy Loan
Bank of QueenslandIf you're looking for a variable rate home loan with just the basics, maybe you're wondering whether a "no frills loan" might be for you.
A basic home loan, such as the Economy Home Loan offered by the Bank of Queensland, is attractive because of its lower standard variable rate. Be aware that what a bank deems as a "lower" rate is generally only measured against the rates offered through their other home loan product, and the same rate may not be considered low when compared with non-bank lenders.
The advantage of a relatively low rate of interest is that you have more of a chance to repay your home loan sooner as if rates fall, your minimum repayments will be less. Conversely, if the interest rate rises, the amount your repay will also increase, so be sure to account for some fluctuations in the interest rate when budgeting for your home loan.
