Finty
Bank of Queensland

Bank of Queensland Clear Path Variable Home Loan

Variable rateOffsetRedraw

If you're looking for a fully featured, home loan with a low rate, our Clear Path Variable Rate Home Loan is for you.

Written byDavid Boyd
Interest rate a year, from
6.39%
Comparison rate
6.51%
Upfront fees
$400
Annual fee
Not published
Monthly fee
$10

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.39% (variable, live in, principal and interest), including the monthly fee. The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,759
Total repayments
$1,353,279
Interest and monthly fees
$753,279

Rates

Every rate Bank of Queensland publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interestUp to 80%6.39%6.51%
VariableLive inPrincipal and interest80% to 90%6.54%6.66%
VariableLive inPrincipal and interest90% to 95%6.84%6.96%
VariableLive inPrincipal and interestAny8.49%8.60%
VariableLive inInterest onlyUp to 80%7.89%7.16%
VariableLive inInterest only80% to 90%8.14%7.36%
VariableLive inInterest onlyAny8.88%8.78%
VariableInvestmentPrincipal and interestUp to 80%6.54%6.66%
VariableInvestmentPrincipal and interest80% to 90%6.79%6.91%
VariableInvestmentPrincipal and interest90% to 95%7.24%7.36%
VariableInvestmentPrincipal and interestAny9.12%9.23%
VariableInvestmentInterest onlyUp to 80%6.64%6.70%
VariableInvestmentInterest only80% to 90%7.04%7.01%
VariableInvestmentInterest onlyAny9.37%9.35%

Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fees and features

Fees

Upfront fees
$400
Annual fee
Not published
Monthly fee
$10

Features

Offset account
Yes
Redraw
Yes
Highest LVR
95%
Loan amount
Not published

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Variable rate

6.39%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

6.51%

For the same rate. Typical is 6.70%.

Upfront fees

$400

Typical upfront fees are $600.

Smallest deposit

5%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
  • Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.

Cons

  • A $30 late payment fee. Setting up automatic repayments avoids it.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.