BOQ Personal Loan

BOQ personal loan eligibility and documents

BOQ is no longer accepting applications for this personal loan. Older references to age, residency, income or credit-history requirements should not be treated as a current eligibility checklist.

Existing customers seeking assistance should have their account details and recent statements available. For a financial-difficulty assessment, BOQ requests information about income, expenses, assets and other debts, and may ask for supporting documents. This assesses assistance with an existing commitment rather than eligibility for a new loan.

Who should consider keeping or refinancing an existing loan?

Keeping an existing BOQ loan may make sense where repayments remain affordable and switching would not reduce the remaining overall cost. Its fixed rate and ability to repay early without a penalty can suit borrowers who want predictable repayments while paying extra when their budget allows.

People seeking new funds need to compare personal loans from other providers. For an existing balance, assess debt consolidation and refinancing options against the payments still due, including fees. A smaller repayment achieved by extending the debt can increase total interest, as ASIC’s Moneysmart guidance explains.

If repayments are already difficult, speak to BOQ about assistance before taking additional credit to cover them. Refinancing unsecured debt against a home or vehicle also introduces the risk of losing that asset if repayments fail.

How existing BOQ personal loans work

The discontinued loan repays principal and interest over an agreed term. Your contract, subsequent notices and current statements establish your rate, repayment obligations and applicable charges.

Managing repayments, redraw and payout

For account enquiries, contact BOQ on 1300 55 72 72 or use its official contact options. Before settling the loan, request a payout figure for your intended payment date rather than relying solely on the displayed balance.

BOQ’s retained product information describes fee-free branch redraw with a $100 minimum. Its May 2026 supplementary terms state that electronic redraw is unavailable on personal loans. Confirm the amount accessible under your agreement before relying on previously overpaid funds.

Application and servicing times

There is no new-loan approval or funding timeline for this product. Ask BOQ directly about processing times for a payout, redraw or account change.

Questions before refinancing or changing your repayments

• What is my dated payout amount, including accrued interest and outstanding charges?
• Is the $7.50 maintenance fee charged monthly or on each scheduled repayment date for my account?
• How much will I repay from today if I keep the existing loan, compared with the full cost of refinancing?
• Does the replacement loan extend my repayment period, require security or introduce establishment, ongoing or early-exit fees?
• Will extra payments shorten the term, change scheduled repayments or remain available for redraw?
• If I request hardship assistance, how will the arrangement affect interest, fees and the final repayment date?

BOQ personal loan advantages and limitations

Advantages for existing borrowers

• Early repayment flexibility: The product’s published terms allow extra payments and early settlement without a penalty.
• Fixed interest: The agreed rate provides a stable basis for budgeting.
• Unsecured borrowing: The product did not require an asset as collateral, although the debt remains repayable.

Limitations

• Unavailable for new borrowing: Retained product pages and historical rates do not reopen applications.
• Ongoing charges: The maintenance fee adds to interest, with inconsistent descriptions of its charging frequency.
• Restricted redraw access: Published access is through a branch rather than electronic redraw.
• Historical pricing: Website figures cannot establish the rate or remaining cost of an individual existing loan.

BOQ personal loan interest, fees and total cost

BOQ’s retained page displays 10.99% p.a. fixed interest and an 11.71% p.a. comparison rate. Its comparison-rate disclosure uses an unsecured loan of $30,000 over five years. The comparison rate may exclude some charges, and different amounts, terms or fees can produce a different result.

• Application fee: $150 in the historical product terms. An origination fee already paid should not be counted again when comparing future costs.
• Maintenance fee: The product page says $7.50 monthly. Page 15 of the May 2026 fees guide lists $7.50 for unsecured personal loans with a footnote stating it is charged on each repayment date. These descriptions do not clearly resolve the frequency for weekly or fortnightly repayments; check your statements and obtain BOQ’s confirmation.
• Extra repayments and early payout: No product-specific penalty is advertised. Settlement still requires payment of the outstanding balance, accrued interest and any other amounts owing.
• Other charges and insurance: Check your contract for applicable overdue-payment, transaction or recovery charges. Any separate insurance policy requires its own review of premiums, exclusions and cancellation terms.

Illustration: repaying an existing $10,000 balance

Editorial calculation, not a BOQ quote: Assuming $10,000 remains outstanding, 24 months remain, interest is 10.99% p.a. and a $7.50 fee is charged monthly, repayments would be approximately $473.53 per month including the fee. Total remaining payments would be about $11,365, comprising $10,000 principal, $1,185 interest and $180 maintenance fees.

This uses monthly amortisation with payments at month-end. It excludes previously paid establishment fees, insurance, arrears charges, redraw and additional repayments. Actual daily-interest calculations, rounding, contractual rates and fee frequency may change the result.

Verdict: assess the remaining cost, not the old headline rate

BOQ’s discontinued personal loan has useful repayment flexibility for existing customers, particularly the absence of an early-payout penalty. Its main drawback for anyone seeking finance is that applications are closed. Existing borrowers should compare the cost of completing their current repayment schedule with a replacement loan’s total payments and switching costs, using the same remaining term where possible.

BOQ personal loan FAQs

Can I still apply for a BOQ personal loan through a branch or comparison website?

No. BOQ’s official product page confirms that new applications closed on 28 October 2023. The closure applies to the product, rather than just its online application channel. Historical rates and application links on other websites do not establish availability. When comparing alternative personal loans, check that the lender currently accepts applications for your intended purpose and amount.

Do I need to refinance because BOQ stopped offering personal loans?

No. BOQ says existing accounts remain open; withdrawing the product from sale does not itself require you to refinance or repay immediately. Continue following your agreement and subsequent account notices. Keeping the loan may cost less than switching where little time remains or a replacement lender charges establishment fees. Base the decision on your remaining payments and account terms, rather than the product’s discontinued status.

How should I compare BOQ’s published rate with another lender’s offer?

BOQ’s retained page lists 10.99% p.a. fixed interest and an 11.71% p.a. comparison rate. Neither confirms your existing account’s rate. The comparison-rate calculation assumes $30,000 over five years and may exclude some charges. For a smaller remaining balance or shorter term, obtain a dollar-cost comparison using your actual BOQ rate and the replacement lender’s personalised offer, rather than its advertised minimum.

When could refinancing my BOQ personal loan actually save money?

Refinancing can reduce costs when the replacement loan’s total repayments, plus any switching costs paid separately, are lower than the payments remaining with BOQ. Start with a dated BOQ payout quote and compare offers over the same remaining term without adding extra borrowing. Include new establishment and ongoing fees, but do not count BOQ fees already paid again. A longer replacement term can reduce instalments while increasing total cost; compare debt consolidation and refinancing options on both measures.

How much difference does BOQ’s maintenance fee make when comparing lenders?

BOQ’s product page describes a $7.50 monthly fee, equivalent to $90 over 12 months if charged monthly. However, its May 2026 fees guide says the fee is charged on each repayment date. Confirm how this applies to your account before estimating savings or changing repayment frequency. A flat ongoing fee becomes proportionally more significant as your balance falls, but a competing loan’s upfront fee could outweigh the saving.

Does BOQ charge fixed-rate break costs if I repay early or switch lenders?

BOQ’s published personal-loan terms state that additional repayments and early payout attract no penalty. That is a useful feature to retain when comparing replacement loans: check their extra-payment limits and early-exit charges alongside the interest rate. A penalty-free payout still includes outstanding principal, accrued interest and any other amounts owing. Request a settlement figure for the intended payment date rather than transferring only the balance shown online.

Can I access extra repayments, and how does BOQ redraw compare with online access?

BOQ’s retained comparison page describes fee-free branch redraw with a $100 minimum. Its supplementary terms exclude electronic redraw for personal loans. Access depends on your agreement and available funds, so confirm these before treating overpayments as emergency savings. When comparing lenders, distinguish permission to make extra repayments from permission to withdraw them later. Redrawing increases the outstanding balance and can reverse some interest savings.

Should I seek BOQ hardship assistance before refinancing unaffordable repayments?

Contact BOQ before committing to replacement borrowing solely to cover repayments. Its financial-difficulty assistance may include postponed repayments or an extended term, depending on assessment. Ask how any arrangement affects interest, fees and the final repayment date. The assistance service is free, although applicable loan charges may continue. Call 1800 079 866, Monday–Friday, 8:30 am–5 pm AEST.

How can I challenge an unexpected BOQ fee or payout amount?

Ask BOQ for an itemised explanation showing the contractual basis, charging dates and interest calculation. Provide the relevant statements and identify the amount you dispute through its complaints process or on 1300 55 72 72. If dissatisfied with the response or handling, you can approach the Australian Financial Complaints Authority on 1800 931 678. Its complaint-resolution service is free to consumers.