BOQ's position in the major bank set
Bank of Queensland is one of the larger tier-2 banks in the Australian market, with a Queensland heritage and a national footprint built through both owned branches and an owner-managed branch model. The lender writes home loans, personal loans, business loans and asset finance, with home loans representing the largest single product line.
BOQ has been investing in its broker channel and rebuilding its mortgage book through 2024 to 2026. The lender is on most mortgage broker panels and is frequently quoted alongside the Big 4 and Bendigo for tier-2 comparison.
Economy versus Clear Path
BOQ's two main variable products are Economy (no annual fee, sharper headline rate, no offset included) and Clear Path (bundled package with offset, credit card, annual fee). The same package maths applies as at any other lender: at meaningful offset balance, Clear Path wins; for smaller loans or thin offset balances, Economy is more honest.
BOQ's Economy product has historically been one of the sharper non-Big-4 variable rates in the market, particularly at low LVR for prime owner-occupier P&I borrowers. The trade-off is the absence of offset on the standard variant.
BOQ's self-employed credit policy
BOQ has historically been one of the more flexible major lenders for self-employed borrowers, with a credit policy that handles non-standard income (sole trader, partnership, company structure) more flexibly than some Big 4 alternatives. For self-employed borrowers with established business history (two-plus years), BOQ is a common Big-4-tier-style comparator.
For self-employed borrowers with short business history or alt-doc income, the non-bank specialists (Pepper, Liberty, Bluestone) remain the typical placement; BOQ's flexibility has limits.
Investor and FHB
BOQ writes investor home loans at the standard tier-2 premium over owner-occupier P&I and participates in the First Home Guarantee scheme. The bank's broker-channel access is well-established, which means an FHG-eligible buyer can typically access BOQ through any accredited mortgage broker.
Product lineup at a glance
Below is the current published product range. Rates are not listed inline because they change with the cash rate and per-borrower credit overlay. Click through to the lender's own rate card for the live figure.
The honest pros and cons
- Economy Variable is one of the sharper non-Big-4 rates for prime owner-occupier P&I
- Strong self-employed credit assessment for established businesses
- No annual fee on Economy product
- FHG-participating lender
- Economy product does not include offset by default
- Clear Path annual fee may not pay off on smaller loans
- Self-employed flexibility has limits at short business history
- Some specialist file types still require a non-bank lender
Frequently asked questions
What is the current BOQ home loan rate?
BOQ publishes current variable and fixed home loan rates on its home loans page. The rate that applies depends on the product (Economy versus Clear Path), LVR and whether you are owner-occupier or investor. A broker can quote the rate that applies to your file.
Is BOQ good for self-employed home loans?
BOQ has historically been one of the more flexible major lenders for self-employed borrowers with established business history (two-plus years), with credit policy that handles sole trader and partnership income more flexibly than some Big 4 alternatives. For shorter business history or alt-doc income, a non-bank specialist is usually the better path.
Does BOQ offer offset accounts?
Yes, on the Clear Path package product. The Economy Variable does not include offset; it has redraw instead. Fixed rate products do not include offset.
Can I refinance to BOQ from another lender?
Yes. BOQ accepts external refinance applications. The credit assessment is treated as a fresh application; the APRA 3 per cent buffer applies in full unless the file qualifies for the streamlined like-for-like refinance carve-out under APG 223.
How does BOQ compare to Bendigo?
BOQ and Bendigo are the two largest tier-2 banks in the Australian market and write overlapping but not identical credit policies. BOQ is generally sharper on Economy product headline rate; Bendigo is more flexible on regional and outer-metro lending. A broker compares both as standard pattern.