Variable Rate Loan | Economy Variable Home Loan

5.63 ^%P.A.

Owner Occupier Principal and Interest Rate ⁺

5.78 ^%P.A.

Comparison Rate^

FREE

Redraw

FREE

Residential Valuation**

Why our Economy Variable Home Loan* could be right for you

Split your loan between fixed & variable rate home loan portions.

Choose weekly, fortnightly or monthly repayments.

Access your extra repayments anytime via Internet Banking. Minimum $100.00. No forms needed & no fees apply.
Learn about redraw.

Available for both owner occupier and investor purposes.

Access your account balances and transactions at the tip of your fingers with mobile and online banking.

One free residential valuation by a BOQ approved valuer per Economy Home Loan application.

Features

Economy Variable Home Loan features

A simple home loan doesn't mean you have to compromise on its features. With our Economy Variable Home Loan, you'll enjoy an ongoing low variable home loan interest rate with free redraw and flexible repayment options.

Terms	Detail
Loan Purpose	Owner Occupied and Investment housing
Mortgage Offset	Not available
Unlimited Free Redraw	Minimum $100.00 redraw. No fees apply. Learn about redraw.
Split Loans	Yes
Repayment Options	Principal and Interest Interest only (maximum 5 years; subject to approval)
Repayment Frequency	Weekly, fortnightly, monthly
Electronic Banking	Internet and Mobile
Maximum Loan to Value Ratio (LVR)	90%^#
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

Enquire now Call us 1300 55 72 72

Interest rates

Economy Variable Home Loan Rates

Our Economy Variable Home Loan is our lowest variable interest rate home loan. Check out the great rates you could be getting.

Owner Occupier Interest Rates

	Principal and Interest		Interest only
Product	Interest Rate % p.a.	Comparison Rate % p.a.^	Interest Rate % p.a.	Comparison Rate % p.a.^
Owner Occupier	7.07	7.21	7.55	6.63
Owner Occupier - max 70% LVR ⁺ (minimum $150k. New lending only)	5.63 (1.44% p.a. discount)	5.78	7.55	6.63
Owner Occupier - max 80% LVR ⁺⁺ (minimum $150k. New lending only)	5.63 (1.44% p.a. discount)	5.78	7.55	6.63
Owner Occupier - max 90% LVR ⁺⁺⁺ (minimum $150k. New lending only)	5.84 (1.23% p.a. discount)	5.99	7.55	6.63

Investor Interest Rates

	Principal and Interest		Interest only
Product	Interest Rate % p.a.	Comparison Rate % p.a.^	Interest Rate % p.a.	Comparison Rate % p.a.^
Investor	7.42	7.56	7.77	6.79
Investor - max 70% LVR ⁺ (minimum $150k. New lending only)	5.74 (1.68% p.a. discount)	5.89	5.89 (1.88% p.a. discount)	5.95
Investor - max 80% LVR ⁺⁺ (minimum $150k. New lending only)	5.74 (1.68% p.a. discount)	5.89	5.89 (1.88% p.a. discount)	5.95
Investor - max 90% LVR ⁺⁺⁺ (minimum $150k. New lending only)	6.04 (1.38% p.a. discount)	6.19	6.24 (1.53% p.a. discount)	6.10

All Owner Occupier Rates

Compare interest rates

All Investor Rates

Compare interest rates

Fees

At BOQ, we keep our fees to a minimum. Any fees we do have we’ll show you up front so there are no surprises.

Fees	Amount
Application Fee	$300
Monthly Fee	$10.00 each month
Valuation Fee	One free per application **
Settlement Fee ~	$150

Important information

Ready to apply for your home loan?

There are a few things you’ll need to begin, such as your proof of identity, employment details and financial details such as income, assets, expenses and liabilities.

Step 1.

Check your eligibility. You must:

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

Step 2.

Receive a callback from one of our BOQ branches
within 1-2 business days.

Enquire online

Chat to us.

Call us 1300 55 72 72

Find your nearest branch

Split home loans

If you like the benefits that both fixed rate loans and variable rate loans provide, you can choose to split your home loan.

Splitting your loan means that you can divide your home loan into fixed and variate rate portions. This gives you both the certainty of a fixed rate and the flexibility of a variable rate. The great part is, you get to choose how much of your loan you allocate to each portion.

Learn about splitting your home loan.

Handy home loan tools

Find out your borrowing power, loan repayments and plan your budget.

Calculate borrowing power

Calculate your repayments based on fixed and variable terms.

Calculate repayments

Get to know the market with a BOQ Property Report.

View reports

You might also be interested in:

Discount 3 year fixed rate⁴

4.99 ^{% P.A.}

For Owner Occupiers with Principal and Interest repayments

Comparison rate^{^}

5.59 ^{% P.A.}

Know what your repayments are for peace of mind

Fixed Rate Home Loan

A fixed rate home loan gives you the certainty of knowing exactly what your repayments will be for up to 5 years, while protecting yourself against any potential interest rate rises.

Owner occupier and investor options available
Great interest rates across our range of terms
Repayment options available include Principal and Interest repayments and Interest Only repayments

Enquire now Learn more

Protect your most valuable asset

Home and Contents Insurance

Our Home & Contents Insurance helps prevent avoidable accidents and keeps you protected from avoidable events in your home. We're investing in making your home a safer space, all year round, with smarter solutions.

Complimentary smart sensors for your Home and Contents Policy*
A lower premium for using the smart sensors*
Cover for Homeowners and Renters
Cover for flood, fire, or storm
Add the extra cover you need

Learn about cover

Need more home loan help?

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

Explore your options

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

Help with your next move

Switch to a BOQ home loan and enjoy great interest rates and a more personal approach to your banking.

Switch to a BOQ home loan

We're here to help you on your home loan journey when purchasing an investment property.

Start your investment

FAQs

What’s the difference between a fixed vs 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 a redraw?

Redraw is a feature of a variable rate mortgage 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.

Ready to get started?

We’re here to answer any questions you may have.

Get started online

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Call us on 1300 55 72 72
Locate your nearest branch

Economy Variable Home Loan

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Why our Economy Variable Home Loan* could be right for you

Split between Fixed & Variable

Flexible repayment options

Unlimited free redraw

Borrow up to 90% of security property

Mobile & online banking

Free property valuation