Finty
BOQ Specialist

BOQ Specialist Basic Home Loan

Variable rateRedraw

The Basic Home Loan offers a low competitive interest rate, an optional One Account to support your everyday banking needs and a redraw facility to manage surplus funds.

Written byDavid Boyd
Interest rate a year, from
8.27%
Comparison rate
8.45%
Upfront fees
Not published
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 8.27% (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
$4,526
Total repayments
$1,629,374
Interest and monthly fees
$1,029,374

Rates

Every rate BOQ Specialist 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 90%8.27%8.45%
VariableLive inInterest onlyUp to 90%9.03%9.21%
VariableInvestmentPrincipal and interestUp to 90%8.34%8.52%
VariableInvestmentInterest onlyUp to 90%9.05%9.23%

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
Not published
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

8.27%

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

Comparison rate

8.45%

For the same rate. Typical is 6.70%.

Smallest deposit

10%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • 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 higher variable rate. 8.27%, above the typical 6.62%. On a $600,000 loan, every 0.10% more costs about $600 a year.
  • No offset account. Your savings can't reduce the interest unless you pay them into the loan.

Similar home loans

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