BOQ Review

Searching for an in-depth Bank of Queensland (BOQ) review? Look no further! Our comprehensive guide covers everything you need to know about BOQ, from loan options and interest rates to the ins and outs of customer service.

Best for

Personalised Local Service: BOQ provides a one-on-one banking experience, extending this service through its numerous BOQ branch locations.

Wide Range of BOQ Accounts: Be it a transaction account or a savings account, BOQ offers something for every customer.

Competitive Interest Rates: Particularly appealing are the rates for personal loan and home loan applications.

Online and Mobile Banking: Transactions are a breeze thanks to BOQ’s seamless digital platform, allowing customers to manage their BOQ accounts and track each transaction effortlessly.

Draw backs

Fees: Like many banks, BOQ has certain fees attached to its services. Always consult the fee schedule before making a decision.

Limited International Services: BOQ excels in localised services but doesn’t have a global reach, something potential customers may want to consider.

BOQ Overview

The Bank of Queensland (BOQ), a pillar in Australia's banking sector, has been in operation since 1874. It's a Queensland bank that has expanded its wings across Australia, providing diverse financial services including home loans, personal loans, business loans, and multiple types of bank accounts. With a commitment to localised, friendly service, BOQ distinguishes itself from larger, impersonal banks. Their BOQ branches are spread across the nation, making banking services easily accessible.

BOQ aims to offer a one-on-one banking experience, where customers aren't just numbers but valued clients. From savings and transaction accounts to a wide variety of loan products, they provide a myriad of solutions that cater to different financial needs and life stages. Funds are handled securely and efficiently, whether you are depositing into a bank account or finalising a home loan application.

You’ll also need a fairly clean credit history, with a minimum Equifax score of 500 and no tolerance for bankruptcies or unpaid defaults.

Lender Details

Interest Rates

Interest rates at BOQ are competitive but depend on the type of account or loan you're interested in. Particularly for personal loans and home loans, reviewing the specific terms is essential for understanding the interest you will pay.

Loan Amounts

BOQ offers a range of loan amounts tailored to meet the unique needs of its customers. Whether you're looking at personal loans for a holiday or business loans for expansion, BOQ has you covered.

Loan Terms

Loan terms are flexible at BOQ, with options that give you the freedom to choose a payment schedule that suits your financial goals. For those considering refinancing, BOQ is a viable option with competitive terms.


BOQ clearly outlines its fees for each product, including any account service fees or broker fees. Customers appreciate this level of transparency, as it allows for a full understanding of the financial commitment involved.

Loan Types

BOQ Personal Loans: These flexible loans are designed to meet various needs, from consolidating debt to planning holidays.

BOQ Home Loans: If you're a first-time homebuyer or considering refinancing, BOQ offers a variety of options. You can also go through a broker to facilitate your home loan application.

Business Loans: BOQ aims to support businesses in their growth phase, offering loans that can help cover everything from working capital needs to equipment purchases.

Big no-no's (automatic declines)

Poor Credit History: BOQ performs a credit check as part of its loan approval process. A poor credit history may result in the decline of your loan application.

Insufficient Documentation: Failure to provide required documentation can halt the loan process.

Bank of Queensland - Frequently Asked Questions