25 Jul 2019

Does an interest rate less than 3% sound good to you? We thought so. It seems Bank of Queensland is serious about offering a market leading product as they have just rolled out their 3-year Fixed Rate Loan at a low 2.99% interest rate. (*Comparison Rate 4.09%) Now that’s something to get excited about!

Available for owner occupier loans with a loan to value ratio of 80% or under, this product offers a great rate, but for those who still want some flexibility, don’t forget there is the option of keeping some variable so you can hedge you bets and enjoy the freedom a variable product allows. It’s also worthwhile noting that there is the capacity to pay up to $5000 extra on your fixed rate loan with Bank of Queensland, giving you a little bit of flexibility.

It’s not just low rates that have customers looking towards BOQ for their next loan. For those seeking finance to purchase a property with little deposit, BOQ will consider applications with a loan to value ratio up of 95%, plus they will also capitalise the Lender’s Mortgage Insurance up to a total loan amount of 98% of the property value. For those with a parent who is willing to offer their home as security, BOQ also have a Family Guarantee option which is another way they are helping those with little or no deposit.

Considering Bank of Queensland but not sure how your equity position stacks up?

Not a problem. We now have the capacity to order upfront valuations with BOQ, so if you are unsure about how much your property is worth and if it’s enough to make an application viable, we can find out where you stand right out of the gate. This is a great tool to not only have a clearer picture going into an application, but it expedites the process once an application is submitted, eliminating the need for the bank to organise a valuation as part of their process.

If you are one of the many mortgage holders keen to look beyond the major lenders then BOQ is a worthwhile consideration, just ask you Blackburne Mortgage Broker for more information.

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