Bank of Queensland Fixed Loan
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
Most fixed rate loans are very secure in that they assure you that your payments will not change over the course of the loan. However, this security can often lead to loans that are not flexible and may not suit your needs entirely. The Bank of Queensland Fixed Loan offers you a fixed rate loan with added features. The added features are there to make the loan a bit more flexible and to make sure the loan suits your needs as best it can, while still providing the security of the secured payments.
Bank of Queensland Fixed Loan
The Bank of Queensland Fixed Loan offers a range of features that will give you a bit of flexibility while you pay off the loan. These features are:
- Flexible payment options. The Bank of Queensland Fixed Loan allows you to choose how you pay off your loan. You can choose between weekly, fortnightly and monthly repayments.
- How much can you borrow. The Bank of Queensland Fixed Loan will allow you to borrow up to 95% of the property value. However, if you borrow over 95% of the property value you will have to pay a mortgage insurance fee. You can have up to 30 years to pay off the loan.
- You can make additional repayments. The Bank of Queensland Fixed Loan will allow you to make additional repayments into your loan account. These additional repayments not only help you pay off your loan faster but they reduce the amount of interest that is charged to the account. You can make up to $5,000 of additional repayments annually with the Bank of Queensland Fixed Loan.
- Interest only repayment option. The term of the Bank of Queensland Fixed Loan can be very long. Over this period you financial circumstances may change and you may need to free up some money. The Bank of Queensland Fixed Loan allows you to pay only the interest portion of the repayments for up to 5 years. By doing this you can reduce the amount you pay on the loan quite significantly and free up money for other purchases.
- Mortgage offset facility. The Bank of Queensland Fixed Loan allows you to open up a mortgage offset account if you have a 1 year fixed rate loan. The mortgage offset facility allows you to deposit your savings into the account and while you have full access to the funds, the amount will be offset on the loan account and reduce the interest that is charged. You will be charged $10 a month for this account.
- There is a low doc loan option. The Bank of Queensland Fixed Loan offers a low doc option for people that are self employed and may have trouble proving their income.
- Fees. The fees that are charged to the Bank of Queensland Fixed Loan account are:
- A $495 application fee;
- A home loan fee of $10 a month;
When you apply for a fixed rate loan you are applying for a secure loan that will not change during the fixed rate period. While this may suit people these loans often come with limited features that reduce the flexibility of the loan. The Bank of Queensland Fixed Loan offers you a great fixed rate home loan with a few features that allow you to be a bit flexible with how you manage the loan. The Bank of Queensland Fixed Loan will ensure that you are getting a great loan that suits your needs. Please contact Home Loan Finder if you have any more questions.
Read the official terms and conditions
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