Real Estate Trust Accounts

For Real Estate Agents in QLD/NSW for holding clients money in trust

We offer investment and statutory trust accounts for real estate agents who are licensed to operate in Queensland or New South Wales, who hold money in trust on behalf of clients.

 

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Real Estate Investment Trust Account

Real Estate/Agents Investment Trust Account allows real estate and other agents to open an interest-bearing account to hold trust money which they hold on behalf of a client. These accounts are used when agents will hold trust money for an extended period (generally a period greater than 60 days).

Account Features 

  • Accounts established under the exclusive control of the eligible Real Estate/Agent
  • All statements and account correspondence sent directly to the eligible Real Estate/Agent
  • Fixed term accounts are available with our Premier Investment Account
  • At-call accounts are available with our Business WebSavings Account
  • Cash, ATM/EFTPOS and telephone banking withdrawals or transfers are not permitted

Interest Rates

View interest rates applicable to the Business WebSavings Account here.

View interest rates applicable to the Premier Investment Account here.

 

Statutory Trust Accounts

QLD PAMD (Property Agents & Motor Dealers) Trust Account

  • Available to licensed property agents and motor dealers to hold funds in trust for clients in QLD only
  • Complies with trust account legislative requirements in the Property Occupations Act 2014, Agents Financial Administration Act 2014, Motor Dealers and Chattel Auctioneers Act 2014, and Trust Accounts Act 1973 (QLD)
  • Standard monthly account maintenance fee of $6.00 is waived whenever you hold a minimum monthly balance of $5,000.
  • Access the account via cheque book, in-branch or through Internet Banking.

 

NSW Agents Trust Account

  • Available to Real Estate Agents, Stock and Station Agents, Business Agents, Strata Managing Agents, Community Managing Agents and On-site Residential Property Managers in NSW only
  • Complies with trust account legislative requirements in the Property Stock and Business Agents Act (NSW) 2002
  • Standard monthly account maintenance fee of $6.00 is waived whenever you hold a minimum monthly balance of $5,000.
  • Access the account via cheque book, in-branch or through Internet Banking.

 

How to Apply

To apply for a Statutory Trust Account, gather the required information listed below and visit your nearest branch:

  • A copy of your Agent's licence (If you are in NSW, you must provide BOQ with a unique identifying number, via the prescribed from of notice provided by the NSW Office of Fair Trading)
  • your name, address, date of birth and occupation
  • details of the name of the account
  • details of all signatories to the account
  • any other name by which you or any signatories may be known (such as a maiden name)
  • the name, address and date of birth of any director, officer or authorised person of the company that the account is held in
  • your Tax File Number (TFN) (not compulsory)

 

If you or any signatories on your Account are not already a customer, please contact one of our branches to determine what identification is required to open your Account.  Generally you can satisfy our identification requirements by providing the following:

 

1. A current Australian driver's licence; and

2. A valid Australian passport.

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Important Information

Please view the terms and conditions and fees and charges listed below on the Terms and Conditions page:

Approval of an application for a Real Estate Agents Investment Trust Account is at the discretion of the Bank.