Suncorp Bank customers, take the BOQ^®Rate Beat Challenge.

1. About the Challenge

1.1 These Terms set out the terms and conditions applicable to the BOQ Commercial Rate Beat Challenge for Suncorp Bank Customers (Challenge).

1.2 The Challenge is made by Bank of Queensland Limited ABN 32 009 656 740 Australian Credit Licence 244616 (BOQ) and is available through BOQ Business and BOQ Specialist (BOQS). BOQS is a division of BOQ.

1.3 The Challenge is not an offer of credit capable of acceptance. It is an opportunity for an Eligible Borrower to have BOQ assess whether it can offer a lower interest rate than the borrower’s Verified Suncorp Bank Rate.

1.4 Participation in the Challenge or quotation of an interest rate does not constitute a loan offer or guarantee a loan approval will be provided. BOQ’s usual eligibility criteria, terms and conditions and fees and charges for the relevant Eligible Product will apply if the borrower proceeds to apply for an Eligible Product as a result of the Challenge.

1.5 Applications for an Eligible Product with a rate quoted during the Challenge must be received by BOQ no later than 20 days after the Campaign Period ends. No applications will be accepted under the Challenge after 31 December 2026 and pricing offered during the Challenge will not apply to applications submitted after this date.

1.6 Applications that BOQ approves under the Challenge must settle by the Settlement Deadline. If settlement does not occur by the Settlement Deadline, the Challenge pricing will not apply unless BOQ agrees otherwise in writing (acting reasonably).

1.7 Where BOQ beats the Verified Suncorp Bank Rate, the rate beat is applied as a discount to the applicable BOQ commercial lending variable reference rate or base rate set at the time of the Challenge assessment and applied at settlement. Current BOQ Business reference rates are available at https://www.boq.com.au/business/todays-business-interest-rates/lending-reference-interest-rates {external-link} or from your BOQS banker, and the applicable rate is specified in the borrower’s loan documents.

1.8 The discount and the resulting interest rate may change, including because of changes to loan structure (for example, interest only to principal and interest, or the end of a construction period), events described in the applicable eligible product’s terms and conditions (for example, a default) and movements in the reference or base rate.

2. Definitions

In these Terms:

ANZ Bank means Australia and New Zealand Banking Group Limited ABN 11 005 357 522 AFSL and Australian Credit Licence 234527.

Borrower Group means the borrower(s) under the Eligible Suncorp Facility together with any Related Body Corporate or guarantors that BOQ assesses as a single customer group under its credit policy.

Campaign Period means 02 November 2026 to 11 December 2026 inclusive.

Comparable BOQ Facility means an Eligible Product that is comparable to the relevant Eligible Suncorp Facility in loan type, lending terms, security and ongoing fees, as reasonably determined by BOQ.

Eligible Borrower means a Suncorp Bank Customer who has an Eligible Suncorp Facility and both the borrower and loan facility meet all the eligibility criteria in, and are not excluded under, these Terms.

Eligible Products means the following BOQ commercial lending products on a variable interest rate: Business Term Loan, Commercial Rate Loan, Market Rate Loan and secured Business Overdraft. The applicable BOQ product terms and conditions also apply.

Eligible Suncorp Facility means a Suncorp Bank-branded variable rate commercial lending facility (or ANZ Bank variable rate commercial lending facility which was transferred to ANZ Bank from a historically Suncorp Bank-branded variable rate commercial lending facility) provided by Norfina Limited ABN 66 010 831 722 Australian Credit Licence 229882 or ANZ Bank with a limit of at least $500,000 and no more than $10,000,000 that is not excluded under clause 4.

Gift Card means a $2,000 Visa electronic gift card.

Related Body Corporate has the same meaning as under section 50 of the Corporations Act 2001 (Cth).

Settlement Deadline means 31 March 2027.

Suncorp Bank Customer means a business customer who holds an Eligible Suncorp Facility at the time the borrower participates in the Challenge.

Verified Suncorp Bank Rate means the ongoing variable annual interest rate applying to the Eligible Suncorp Facility when first presented to, and verified by, BOQ. It excludes fixed rates and any proposed, conditional, indicative, unaccepted, introductory, limited-period or retention rate not already applying to the facility when presented.

Terms means these BOQ Commercial Rate Beat Challenge Terms and Conditions.

3. Eligibility Criteria

3.1 To be eligible for the Challenge, the borrower must meet all of the following criteria:

• the borrower is a Suncorp Bank Customer enquiring about refinancing an Eligible Suncorp Facility to a Comparable BOQ Facility;
• the borrower enquires through the online enquiry form, or through an approved BOQ Commercial broker or existing BOQS relationship banker;
• the borrower identifies themselves as being a Suncorp Bank Customer or wanting to refinance an existing Suncorp Bank facility or participate in the Challenge;
• the borrower has not made a previous refinance enquiry as part of the Challenge and is not a borrower or guarantor for another loan that has been the subject of a refinance enquiry as part of the Challenge (even if that enquiry was made by another borrower or guarantor);
• the borrower provides evidence, satisfactory to BOQ, of the Eligible Suncorp Facility and its current interest rate and, if requested, its loan terms and ongoing fees, so that BOQ can establish the Verified Suncorp Bank Rate; and
• the borrower is not an excluded person under clause 4.3

3.2 Only one Challenge assessment and a maximum of one Gift Card applies per Borrower Group, regardless of the number of facilities held or applications submitted by that Borrower Group.

4. Exclusions

4.1 The following are not eligible under the Challenge:

a) fixed rate lending;

b) new lending that is not a refinance of an Eligible Suncorp Facility;

c) bank guarantees and unsecured overdrafts;

d) land banking (land acquisition is eligible only where the land will be used for primary production);

e) staff or employee loans; and

f) residential home loans.

4.2 The Challenge cannot be combined with any other active BOQ campaign or offer, including the BOQ Business Spring Campaign valuation fee waiver and Visa gift card offer.

4.3 The Challenge is not available to current employees, directors or contractors of BOQ or any Related Body Corporate of BOQ.

5. Rate Beat and Gift Card

5.1 BOQ will seek to beat the Verified Suncorp Bank Rate for each Eligible Suncorp Facility of an Eligible Borrower as detailed in these Terms.

5.2 The Challenge applies to the first-submitted refinance enquiry submitted by a Suncorp Bank Customer who meets the eligibility criteria in these Terms.

5.3 If BOQ cannot offer a lower interest rate on a Comparable BOQ Facility, the Eligible Borrower will receive the Gift Card, subject to these Terms.

5.4 Interest rate quotations provided as part of the Challenge are based on initial loan details provided.

5.5 No Gift Card will be provided if BOQ quotes an interest rate that is lower than the Verified Suncorp Bank Rate including if:

a) the borrower chooses to not proceed with an application for the Comparable BOQ Facility; or

b) the borrower proceeds with an application but the application is declined based on BOQ’s usual credit criteria, serviceability requirements, and credit assessment processes.

5.6 The Verified Suncorp Bank Rate is the first rate presented to and verified by BOQ. A later or revised Suncorp Bank rate will not be considered.

5.7 The Gift Card will be emailed after the end of the Campaign Period to the email address provided in the initial online enquiry or application, or as later notified to BOQ by the borrower before the end of the Campaign Period.

5.8 The borrower is responsible for providing complete and accurate contact details. Where there is more than one borrower, the borrowers must nominate one email address to receive the Gift Card. BOQ is not responsible for any dispute between joint borrowers about the allocation or use of the Gift Card.

5.9 If BOQ is notified that the Gift Card email could not be delivered, BOQ may verify the borrower’s details and reissue or redirect it. BOQ is not required to replace a Gift Card that has been validly delivered and accessed or used, except where required by law.

5.10 The Gift Card is issued subject to the issuer’s terms and conditions, including expiry and use restrictions, which are available at https://www.visa.incentivesgiftcard.com.au/terms-conditions/{external-link}. The Gift Card is not redeemable for cash through BOQ. By claiming a Gift Card, the borrower agrees to the issuer’s terms.

5.11 Borrowers should obtain their own tax advice about the Gift Card and any of the terms of the Challenge.

6. General terms

6.1 BOQ may verify information provided for the Challenge. If BOQ reasonably believes information is materially false, misleading, altered or incomplete, it may refuse or withdraw the benefit after giving the borrower a reasonable opportunity to respond, unless immediate action is reasonably necessary to prevent fraud or loss.

6.2 BOQ may reasonably change, suspend or end the Challenge because of legal, regulatory, fraud, systems or operational issues. Where practicable, BOQ will give reasonable notice and will not adversely affect borrowers who have already satisfied the applicable requirements, unless required by law or reasonably necessary to prevent fraud or material loss.

6.3 These terms are available at https://www.boq.com.au/content/dam/boq/files/business/commercial-lending-rate-beat-challenge-terms-conditions.pdf{external-link}. A borrower may also ask any BOQ branch or banker for a copy.

6.4 BOQ handles personal information in accordance with its Privacy Policy, available at https://www.boq.com.au/personal/help-and-support/forms-and-important-information/privacy/{external-link}.

What is the Rate Beat Challenge?

BOQ will assess whether it can offer eligible Suncorp Bank business borrowers a lower interest rate at that point in time when refinancing to a comparable BOQ commercial facility. If we can’t, eligible borrowers receive a $2,000 electronic gift card, subject to the campaign terms and conditions.

Who can apply?

Business borrowers refinancing an eligible Suncorp Bank variable-rate commercial facility with a limit of at least $500,000 and no more than $10 million to a comparable BOQ Business or BOQ Specialist facility. Eligible products include variable-rate business term loans, commercial rate loans, market rate loans and secured business overdrafts. Exclusions Apply. Lending criteria applies to applications for an Eligable Product with a rate quoted during the challenge that progress to assessment.

When do I need to apply?

BOQ must receive your application between 2 November and 11 December 2026 inclusive. If BOQ quotes a lower rate, we must receive your application by 31 December 2026, and approved facilities must settle by 31 March 2027. An enquiry alone is not an application and rate beat does not constitute a loan offer.

How will BOQ compare my rate?

We’ll verify your current ongoing variable interest rate and compare it with a BOQ facility with similar loan type, lending terms, security and ongoing fees. A lower interest rate does not necessarily mean lower total borrowing costs. Variable rates may change before settlement.

Are any fees waived?

For eligible refinances that proceed, BOQ may waive the application fee and cover valuation costs. If your loan does not proceed, you may need to pay the valuation costs. Other fees and charges may apply.

When would I receive the $2,000 gift card?

If you meet the campaign eligibility requirements and BOQ cannot offer a lower rate on a comparable facility, we’ll email your gift card after the campaign ends. You won’t receive a gift card if we cannot verify your current rate, or if we offer a lower rate and you choose not to proceed or the application is not approved based on BOQ’s usual credit criteria, serviceability requirements, and credit assessment processes.

A maximum of one gift card applies per borrower group.

Can I combine this with another BOQ offer?

No. The Rate Beat Challenge cannot be combined with another active BOQ campaign or offer.

How do I get started?

You can participate through the Challenge website by accessing this form or speak with an approved BOQ Commercial broker or existing BOQ Specialist Relationship Banker. They’ll explain the eligibility requirements, confirm the information needed to verify your current rate and guide you through the application process.

Campaign terms and conditions and eligibility criteria apply. All lending is subject to BOQ’s credit approval.