Bank of Queensland home loan review
Also known as Bank of Queensland Limited
BOQ is a reasonable choice for borrowers who want a straightforward variable loan with a 100% offset, no application fee and a free valuation. It owns ME Bank, which sells its own loans. BOQ isn't on the 5% Deposit Scheme lender list.
This review covers BOQ's three loans, their fees, and how BOQ compares with ME and Suncorp Bank.
By Better Rate Mate Editorial Team · Last reviewed · Checked against BOQ's own website
Latest BOQ variable rate change
On 30 September 2026 BOQ announced 0.25% p.a. rises in variable rates for new and existing customers. They took effect on 2 October 2026 on BOQ Classic home loans (excluding commercial-rate loans) and on 3 October 2026 on myBOQ Essential and Plus home loans. BOQ's announcement (checked 10 October 2026). For today's rates, see BOQ's rates page.
BOQ home loans at a glance
| Feature | BOQ |
|---|---|
| Offset account | 100% offset on Clear Path (personal names only) |
| Redraw | Unlimited and free; $100 minimum on Clear Path |
| Split loans | Yes, fixed and variable |
| Fixed terms | Up to 5 years |
| Fees (Clear Path) | No application fee, $10 a month, $150 settlement fee |
| Valuation | One free valuation per Clear Path application |
| Ways to apply | Enquire online with BOQ |
| 5% Deposit Scheme | Not a participating lender |
BOQ mortgage and home loan repayment calculator
Enter the rate for the BOQ loan you're considering (from its rates page), your loan amount and term. The calculator uses the standard principal and interest formula lenders use, so for the same rate, amount and term it gives the same repayment as BOQ's own calculator. It doesn't include fees or future rate changes. For the maths and assumptions, see our mortgage repayment calculator page, and test your buffer with the stress test calculator. If you're buying, you can also estimate your stamp dutyand work out how much you can borrow.
Mortgage repayment calculator
Repayments and total interest, with optional extra repayments, an offset account or an interest-only period.
Monthly repayment
$2,997.75
| Loan amount | $500,000 |
|---|---|
| Interest rate | 6.00% a year |
| Time to repay | 30 years |
| Total repayments | $1,079,191 |
| Total interest paid | $579,191 |
Year-by-year balance
| Year | Interest | Principal repaid | Balance |
|---|---|---|---|
| 1 | $29,833 | $6,140 | $493,860 |
| 2 | $29,454 | $6,519 | $487,341 |
| 3 | $29,052 | $6,921 | $480,420 |
| 4 | $28,625 | $7,348 | $473,073 |
| 5 | $28,172 | $7,801 | $465,272 |
| 6 | $27,691 | $8,282 | $456,990 |
| 7 | $27,180 | $8,793 | $448,197 |
| 8 | $26,638 | $9,335 | $438,862 |
| 9 | $26,062 | $9,911 | $428,951 |
| 10 | $25,451 | $10,522 | $418,429 |
| 11 | $24,802 | $11,171 | $407,257 |
| 12 | $24,113 | $11,860 | $395,397 |
| 13 | $23,381 | $12,592 | $382,805 |
| 14 | $22,605 | $13,368 | $369,437 |
| 15 | $21,780 | $14,193 | $355,244 |
| 16 | $20,905 | $15,068 | $340,176 |
| 17 | $19,975 | $15,998 | $324,178 |
| 18 | $18,989 | $16,984 | $307,194 |
| 19 | $17,941 | $18,032 | $289,162 |
| 20 | $16,829 | $19,144 | $270,018 |
| 21 | $15,648 | $20,325 | $249,693 |
| 22 | $14,395 | $21,578 | $228,115 |
| 23 | $13,064 | $22,909 | $205,205 |
| 24 | $11,651 | $24,322 | $180,883 |
| 25 | $10,151 | $25,823 | $155,060 |
| 26 | $8,558 | $27,415 | $127,645 |
| 27 | $6,867 | $29,106 | $98,539 |
| 28 | $5,072 | $30,901 | $67,638 |
| 29 | $3,166 | $32,807 | $34,831 |
| 30 | $1,142 | $34,831 | $0 |
Stress test this loan at higher rates, or see how much you can borrow.
An estimate: interest is charged at the repayment frequency and the rate never changes. It leaves out fees, redraws and rate changes, and assumes the lender accepts extra repayments. Check fixed rate loans for an extra repayment limit, and confirm figures with your lender.
Is BOQ good for home loans?
BOQ is a reasonable choice for borrowers who want a straightforward variable loan with a 100% offset, no application fee and a free valuation.
Pros
- +100% offset on Clear Path
- +No application fee and a free valuation
- +Free redraw
- +Split loans available
Cons
- -Not on the 5% Deposit Scheme lender list
- -$10 monthly fee and $150 settlement fee on Clear Path
- -Offset only for loans in personal names
Who BOQ suits
- Borrowers who want a straightforward variable loan with a 100% offset
- Investors and owner-occupiers who want to split fixed and variable
About BOQ
Bank of Queensland is an APRA-regulated bank and the parent of ME Bank since 2021. It sells home loans for owner-occupiers and investors.
The range is the Economy Variable Home Loan (lower rate, simpler), the Clear Path Variable Home Loan (with offset) and the Fixed Rate Home Loan.
- Ownership
- An Australian bank. BOQ also owns ME Bank.
- Lender and licence
- Bank of Queensland Limited ABN 32 009 656 740, Australian credit licence 244616
BOQ home loan products
Economy Variable Home Loan
BOQ's lower-rate variable loan with unlimited extra repayments and unlimited free redraw.
Clear Path Variable Home Loan
Variable loan with a 100% mortgage offset account (for loans in personal names), unlimited free redraw (minimum $100), the ability to split between fixed and variable, and a free valuation by a BOQ-approved valuer. No application fee; $10 monthly fee; $150 settlement fee.
Fixed Rate Home Loan
Fix for up to five years, with principal and interest or interest-only repayments.
BOQ home loan rates: how they are set
BOQ prices by product, purpose and repayment type, with a discounted two-year fixed rate as its usual headline fixed offer. Economy Variable is the lower-rate loan; Clear Path costs more but includes the offset.
Clear Path's $10 monthly fee is part of its comparison rate. Work out whether your likely offset balance saves more interest than the rate difference plus $120 a year.
For a benchmark, the RBA's average rate on new owner-occupier variable loans across all lenders was 6.23% in August 2026, and 6.40% for investors (published 8 October 2026). The RBA's cash rate target was 4.60% as at 10 October 2026, after a 0.25 point rise effective 30 September 2026; its next decision is due on 3 November 2026.
BOQ vs ME Bank
ME has been part of the BOQ Group since 2021 but sells its own loans. ME's EconoME has no annual fee; its CompleteME has a $395 annual fee with up to 10 offset accounts. BOQ's Clear Path has one 100% offset for $10 a month. If you want several offsets, ME is the group's option; if you want a single offset at a low monthly cost, BOQ is. See our ME Bank review.
BOQ vs Suncorp Bank
Neither is on the 5% Deposit Scheme list. Suncorp's $375 package waives its establishment, account-keeping and offset fees; BOQ doesn't charge an application fee on Clear Path. See our Suncorp Bank review.
How to apply for a BOQ home loan
- 1
Choose Economy, Clear Path or Fixed
- 2
Enquire online with BOQ
- 3
BOQ assesses serviceability and arranges the free valuation (Clear Path)
- 4
Approval, then sign the documents
- 5
Settlement ($150 settlement fee on Clear Path)
Check how much you could borrow with our borrowing power calculator; BOQ's own calculator applies its own lending policy, so its figure can differ.
Budget for stamp duty: NSW stamp duty calculator · VIC stamp duty calculator · QLD stamp duty calculator · WA stamp duty calculator · SA stamp duty calculator · TAS stamp duty calculator · ACT stamp duty calculator · NT stamp duty calculator
Before you apply, ask for the key facts sheet for your loan amount. Every lender must provide one in the same format, which makes loans easy to compare side by side.
BOQ home loan questions
Does BOQ have an offset account?
Yes. The Clear Path Variable Home Loan can be linked to a 100% Mortgage Offset Account, for loans in personal names.
What fees does BOQ Clear Path charge?
No application fee, a $10 monthly fee, a $150 settlement fee and no redraw fee (minimum $100 withdrawal). One valuation is free.
Is ME Bank part of BOQ?
Yes. ME became part of the Bank of Queensland Group in 2021 and is described as a division of Bank of Queensland Limited.
Is BOQ part of the 5% Deposit Scheme?
No. BOQ isn't on Housing Australia's participating lender list.
