At a glance

6.18 %P.A.
Owner Occupier Principal and Interest Rate +
6.33 %P.A.
Comparison Rate^
FREE 
Redraw
FREE 
Residential valuation**

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

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.

Home Loan LVR

Borrow up to 90% of security property

Available for both owner occupier and investor purposes.

Repayment options

Flexible repayment options

Choose weekly, fortnightly or monthly repayments.

Account options

Unlimited free redraw

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

Split your repayments

Split between Fixed & Variable

Split your loan between fixed & variable rate home loan portions. Fixed loan application fee applies. 

Access your accounts via mobile phone

Mobile & online banking

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

Property valuation

Free property valuation

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

Ready to get started?

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

Get started online

Enquire now

Chat to us

Economy Variable Home Loan features

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 – fixed loan application fee applies

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 on 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 our table
to see the great rates you could be getting. 

 

  Principal and Interest Interest only

Product

Interest Rate % p.a.

Comparison Rate % p.a.^

Interest Rate % p.a.

Comparison Rate % p.a.^
Owner Occupier 7.57 7.71 8.05 7.20

Owner Occupier - max 70% LVR +

(minimum $150k. New lending only)

6.18

(1.39% p.a. discount) 

 6.33 8.05 7.20

Owner Occupier - max 80% LVR ++

(minimum $150k. New lending only)

6.23

(1.34% p.a. discount) 

 6.38 8.05 7.20

Owner Occupier - max 90% LVR +++

(minimum $150k. New lending only)

6.39

(1.18% p.a. discount) 

 6.53 8.05 7.20
Investor 7.92 8.06 8.27
 7.39

Investor - max 70% LVR +

(minimum $150k. New lending only)

6.34

(1.58% p.a. discount) 

 6.48

6.44

(1.83% p.a. discount) 

 6.53

Investor - max 80% LVR ++

(minimum $150k. New lending only)

6.39

(1.53% p.a. discount) 

 6.53

6.49

(1.78% p.a. discount) 

 6.58

Investor - max 90% LVR +++

(minimum $150k. New lending only)

6.54

(1.38% p.a. discount) 

 6.68

6.74

(1.53% p.a. discount) 

 6.69

Enquire now    Call us on 1300 55 72 72

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


A full list of fees can be found in our Fees and Charges Guide below.

 

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.

Enquire online

Important Information 

For important information on our Economy Variable Home Loan, view our Terms and Conditions.

Handy home loan tools

Calculate your home loan options

Home loan calculators

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

Calculate borrowing power

Compare our home loans

Compare our home loans side by side to see which is right for you

Compare home loans

Property Reports

Get to know the market with a BOQ Property Report

View reports

You might also be interested in:

Fixed Rate Home Loan
Discount 3 year fixed rate4
5.69 % P.A.
For Owner Occupiers with Principal and Interest repayments
Comparison rate^
6.31 % 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
Home and Contents Insurance

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? 

Tips on buying your first home

Buying Your First Home

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

Tips on buying another home

Buying Your Next House

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

Find help with your next move

Refinance your home loan to BOQ

Refinance Your Home Loan

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

Tips on buying investment properties

Buying An Investment Property

We're here to help you on your journey of purchasing an investment property. 

Start your investment journey

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.