Finty
Bank of Queensland

Bank of Queensland Economy Variable Home Loan

Variable rateRedraw

A simple home loan doesn't mean you have to compromise on its features. With our Economy Home Loan, you'll enjoy an ongoing low variable interest rate with free redraw and flexible repayment options.

Written byDavid Boyd
Interest rate a year, from
6.28%
Comparison rate
6.42%
Upfront fees
$700
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 6.28% (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
$3,716
Total repayments
$1,337,766
Interest and monthly fees
$737,766

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 70%6.28%6.42%
VariableLive inPrincipal and interest70% to 80%6.33%6.47%
VariableLive inPrincipal and interest80% to 90%6.44%6.58%
VariableLive inPrincipal and interestAny7.82%7.96%
VariableLive inInterest onlyAny8.30%8.17%
VariableInvestmentPrincipal and interestUp to 70%6.38%6.52%
VariableInvestmentPrincipal and interest70% to 80%6.44%6.58%
VariableInvestmentPrincipal and interest80% to 90%6.69%6.83%
VariableInvestmentPrincipal and interestAny8.17%8.31%
VariableInvestmentInterest onlyUp to 70%6.64%6.63%
VariableInvestmentInterest only70% to 80%6.64%6.66%
VariableInvestmentInterest only80% to 90%6.84%6.89%
VariableInvestmentInterest onlyAny8.52%8.46%

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
$700
Annual fee
Not published
Monthly fee
$10

Features

Offset account
No
Redraw
Yes
Highest LVR
90%
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

6.33%

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

Comparison rate

6.47%

For the same rate. Typical is 6.70%.

Upfront fees

$700

Typical upfront fees are $600.

Smallest deposit

10%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • A lower variable rate. 6.33%, below the typical 6.62%. On a $600,000 loan, every 0.10% less saves about $600 a year in interest.
  • 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

  • No offset account. Your savings can't reduce the interest unless you pay them into the loan.
  • 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.