Economy Variable Home Loan

Save on interest with a variable rate home loan that’s simple, flexible, and designed to give you control. {sub-heading}

  • Owner Occupier Principal and Interest Rate
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  • Comparison rate

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Enquire online

Call us

Why choose our Economy Variable Home Loan?

Keeps your costs low and options open so you can focus on your home, not on juggling your finances.

Split between fixed and variable

Lock in some certainty, keep some flexibility. A split loan gives you both.

Flexible repayment options

Choose weekly, fortnightly or monthly repayments — whatever works with your budget.

Unlimited free redraw

Made extra repayments on your loan? You can redraw via Internet Banking whenever you like, no need for fees or forms. Minimum $100.00.

Borrow up to 90%

Borrow up to 90% of the value of your Owner-Occupied or Investment property.

Mobile & online banking

Manage your money your way with 24/7 access to account balances and transactions.

Free property valuation

Save on costs. Get one free residential valuation from one of our approved valuers when you apply for an Economy Variable Home Loan.

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Features

Our Economy Variable Home Loan keeps things simple without compromise. You’ll enjoy lower variable rate compared to Clear Path Variable Rate Home Loan plus the flexibility to make extra repayments and redraw if you need. {sub-heading}

Enquire now

Call us 1300 641 725

Terms
Details
Loan purpose
Owner-Occupied and Investment housing
Mortgage offset
Not available
Unlimited free redraw

Minimum $100 redraw and no fees apply

Learn about redraw

Split loans
Yes
Repayment options
  • Principal and interest
  • Interest only (maximum term is 5 years - subject to approval)
Repayment frequency
Choose either weekly, fortnightly or monthly
Electronic banking
Internet banking and mobile banking
Maximum Loan to Value Ratio (LVR)
90%13
Construction home loans
Not available
Eligibility

New and existing customers for new lending only.

Not available for the refinance or restructure of existing BOQ lending.

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Interest rates

Owner-Occupier Fixed Interest Rates

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Investor Interest Rates

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All Owner Occupier Rates

All Investor Rates

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Fees

At BOQ, we keep our fees to a minimum and we’ll always show them upfront, so there are no surprises.

Other fees and charges may be payable. Please see the Personal Banking Guide to Fees and Charges and your Home Loan Schedule for fees.

Fee
Amount
Application fee
$300
Valuation fee
One free valuation for each home loan application31
Monthly fee (Charged to your loan account on each repayment date)
$10
Settlement fee
$15029
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Important information

Personal Banking Guide to Fees and Charges

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Personal Lending Supplementary Terms and Conditions

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Economy Variable Home Loan Overview

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Ready to apply?

Before we start, you’ll need your ID, employment and income details, and financial info such as what you own (assets) and what you owe (liabilities). {sub-heading}

Check your eligibility

To qualify for a home loan you must:

  • Be 18 years of age or over
  • Have never been bankrupt
  • Be an Australian citizen or permanent resident
  • Earn a regular income

Request a call back

You’ll hear from someone in our BOQ branches within 2 business days.

Enquire now{icon-button}

Chat to a lending expert

Call us on 1300 641 725

Find your nearest branch{icon-button}

Did you know you can split your home loan?

Love the security of a fixed rate but don’t want to miss out on the flexibility of a variable rate? A split home loan lets you have both. You decide how to divide it – half and half, mostly fixed, or mostly variable, it’s up to you.

Learn more about splitting your home loan

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Handy home loan tools

Home loan calculators

Find out how much you could borrow, what your repayments would be and more.

Find out more

Split loan calculator

See how what your repayments would be if you split your loan between variable and fixed rates.

Calculate

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You might also be interested in

Fixed Rate Home Loan

Lock in a rate for up to 5 years and know exactly what your repayments will be, with no worries about rate rises.

Discounted 2 year fixed rate4

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Comparison rate11

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For Owner Occupiers with Principal and Interest Repayments

Clear Path Variable Home Loan

Enjoy a variable rate loan that’s packed with smart features and gives you flexibility with your finances.

Clear Path variable rate9

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Comparison rate11

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For Owner Occupiers with Principal and Interest Repayments

Tips and guides

Buying your first home

We go the extra mile to help you buy your first home, with low rates and personalised support from start to finish.

Find out more

Buying your next home

Whether you’re upgrading, downsizing or buying a holiday home, we’re here to help you with your next move.

Find out more

Refinancing your home loan

Switch to a BOQ loan and enjoy great rates and offers, and a more personal approach to your banking.

Find out more

Buying an investment property

Whether you’re getting onto the property ladder, planning for retirement or building wealth, we’ll help guide your property investment.

Find out more

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Frequently asked questions

Didn’t find what you were looking for? Go to our help and support page to find out more. {sub-heading}

Help and support

What’s the difference between a fixed and a variable home loan?

If you place a high value on certainty, you might enjoy locking in a fixed rate home loan. As fixed rates don’t fluctuate with the market, it means you’ll pay the same monthly repayments for your fixed term. It certainly makes it easier to plan a budget, whether it’s for big ticket items or day-to-day expenses. At the other end of the rate spectrum are variable rates. These move with the market, so if variable rates decrease, your repayments do too.

What is redraw?

Redraw is a feature of a variable rate loan that enables you to make additional repayments into your home loan, above the minimum payment amount. This reduces the balance owing on your home loan, which means you’ll pay less interest and can pay your loan off faster. For a full view of considerations on redraw, check out our Offset Account or Redraw blog post.

What is LVR?

Loan-to-Value Ratio, or LVR, is a financial term used to calculate the amount borrowed against the property’s appraised worth. For example, if you are looking to purchase a property and have put a 20% deposit, this would mean you are borrowing 80% of the property’s value from the bank. As such, your LVR would be 80%.

What is principal and interest?

Lenders typically divide the borrowed balance into two sections: the principal which represents the total amount of money borrowed; and the interest, which is the cost charged by the lender for lending the money to the borrower.

We’re here to help

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Important Information

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