BOQ Home Loans Review for Expats
As one of Australia’s leading regional banks, Bank of Queensland (BOQ) offers a range of home loan solutions for Australian expats living abroad. With over 140 years of banking experience, they provide tailored lending services to meet the needs of expat borrowers. This BOQ home loans review covers everything you need to know, from eligibility criteria to interest rates and key features.
See if BOQ is the bank of choice for your mortgage in Australia.
- Borrow up to 80% of the purchase price
- Competitive home loan interest rates
- Flexible features and strong customer service
BOQ Home Loan Options
BOQ offers the following home loan products for expat borrowers.
Owner Occupied Home Loan
Investment Home Loan
Line of Credit
This is BOQ's standard home loan for expats purchasing a property to live in as their owner-occupied residence in Australia.
- Up to 80% LVR for eligible borrowers
- Both variable and fixed rate options
- 30 year maximum loan term
- Redraw facility and 100% offset account available
BOQ's investment home loan is for expats buying a rental property purely for investment income.
- Up to 75% LVR for eligible borrowers
- Interest-only repayments available
- Minimum 5 year fixed rate terms
- Offset account option
- Deductible investment property expenses
The BOQ Line of Credit gives expats flexibility to access funds for property purchases as needed.
- Approved credit limit that can be drawn down
- Interest charged only on the amount drawn
- Ideal for construction projects or renovations
- Interest-only repayments on amounts owed
BOQ Home Loans Review
Here are the pros and cons of going with a BOQ home loan to buy property in Australia.
| Pros | Cons |
|---|---|
Applying online is straightforward for expats, so there is faster processing. | Since the bank has a regional focus, they are less suitable for capital city property purchases. |
BOQ offers slightly lower rates than some other major banks. | Slightly lower loan-to-value ratios (LVR) for owner occupied and investment loans (80% and 75% LVR, respectively). |
Good support for expats throughout the process. | Lots of paperwork and documentation needed from expats. |
A trusted lender with over 140 years of experience. | May not approve borrowers with checkered credit history. |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
BOQ Home Loan Features
BOQ offers the following home loan features.
| Feature | Details |
|---|---|
Extra Repayments | There is flexibility to make extra repayments of up to $20,000 per year on top of the minimum loan repayments for owner occupied loans. |
Fixed Rate Loan Repayments | For fixed rate loans, BOQ allows expats to make unlimited extra repayments without penalty which can help pay the mortgage down faster. |
Redraw Facility | Access any extra repayments you make to lower the loan principal. Useful if funds are needed later. |
100% Mortgage Offset Account | Option of linking an offset account. Savings in the offset account work to reduce interest costs. |
Facts About BOQ
Bank of Queensland is one of Australia's oldest banks, founded in Brisbane in 1874. It has over 145 years of banking history.
BOQ is headquartered in Brisbane and focuses primarily on retail, small business, and agribusiness banking services across regional Queensland and Northern New South Wales.
While traditionally a regional bank, BOQ has expanded nationally and now operates over 160 branches across Australia. Its national expansion gained momentum after merging with Northern Bank in 2007.
How Do I Apply for an Expat Mortgage with BOQ?
Here are the steps on how to apply for an Australian Expat Home loan with BOQ.
- Contact a Mortgage Broker: A mortgage broker can help you understand the lending criteria and assess your eligibility for a loan. They can also help you with the application process and negotiate on your behalf with the lender.
- Gather Your Documents: You will need to provide a number of documents to support your application, such as proof of residency and employment overseas, proof of income from employment or self-employment, your credit report, and any other documents that the lender may request.
- Complete the Application Form: The lender will provide you with an application form that you will need to complete. The form will ask you for information about your income, employment, assets, and liabilities.
- Submit Your Application: Once you have completed the application form, you will need to submit it to the lender. The lender will then assess your application and let you know their decision.
Here are some additional tips for applying for an Australian Expat Home loan with BOQ.
- Get Your Finances in Order: Before you apply for a loan, make sure that your finances are in order. This means having a stable income, a good credit history, and a clear understanding of your budget.
- Be Prepared to Provide Additional Documentation: As an expat, you may need to provide additional documentation to support your application, such as proof of residency and employment overseas.
- Be Patient: The application process can take some time, so be patient and don’t give up.
Speak with one of our expat mortgage brokers to determine if a BOQ home loan is suitable for your circumstances and objectives. Our specialists can guide you through the application process and documentation requirements. With our assistance, getting an expat home loan from BOQ will be a smooth and stress-free experience.
Who is Eligible?
The eligibility criteria for an Australian Expat Home loan with BOQ are as follows.
- You must be an Australian citizen or permanent resident.
- You must have been an Australian resident for at least 12 months in the past 5 years.
- You must have a stable income from employment or self-employment.
- You must have a good credit history.
- You must be able to provide proof of residency and employment overseas.
- You must be able to afford the repayments on the loan.
In addition to these general eligibility criteria, there are some specific requirements for the property that you are buying. The property must be located in Australia, and it must be your primary residence. You must also have a deposit of at least 20% of the property value.
What Documents Do I Require?
Here are the documents that you need to provide BOQ for an Australian Expat Home loan.
Proof of Identity
This could be your passport, driver's license, or birth certificate.
Proof of Residency Overseas
This could be a recent utility bill, bank statement, or tax return.
Proof of Income
This could be your payslips, tax return, or business records.
Credit Report
This will show your credit history and any outstanding debts.
Proof of Employment
This could be a letter from your employer or a copy of your employment contract.
Proof of Assets
This could be a copy of your bank statement, investment statements, or property titles.
Other Documents
BOQ may request additional documents, such as a letter from your accountant or a letter from your lawyer.
It is important to note that these are just general requirements. The specific documents that you need to provide may vary depending on your individual circumstances. You can find more information about the documents required for an Australian Expat Home loan on the Bank of Queensland website.
Other Related Products from BOQ
Construction Loan
BOQ offers construction loans for building a new property from the ground up. Funds are released in stages as construction progresses, with each stage payment made after inspection. Interest is charged on amounts drawn down. You’ll have a temporary interest rate during construction, which converts to the standard variable loan on completion.
Bridging Loan
This is short-term financing to purchase a new home before selling an existing property. It’s useful for expats in tight timing situations, although there’s a higher interest rate than regular loans. The maximum loan term is 12 months, after which you must refinance. It requires solid equity in the current home for security, and you’ll still need a deposit for the new purchase.
Refurbishment Loan
BOQ’s refurbishment loan is an additional loan to finance renovations to an existing property. You can borrow up to 80%, including the original purchase, against the equity in the home. Valuation determines the maximum loan amount you can borrow, which you can receive progressively or upfront.
The loan is secured against the property itself. You will need to provide cost estimates for the works being done. Refurbishment works can include kitchen upgrades, new bathroom, extensions, pool, etc. Interest only repayments are also available.
Need a Home Loan with BOQ?
Finding the right home loan that suits your needs is crucial when buying property in Australia as an expat. This BOQ home loans review should help you make an informed decision through its overview of the key features, eligibility criteria, application process, and more on BOQ – everything you need to determine if BOQ stacks up as a lender for your circumstances.
While BOQ has competitive rates and provides specialised offerings for expats, make sure to compare all lender options before deciding. The right home loan can save you thousands over the lifetime of your mortgage.
Ready to find the perfect expat home loan for your needs? We can help! We specialise in home loans and financing for Australian expats worldwide. Our experienced brokers will explain your options, identify the lenders most suited to you, and guide you through the application process. Reach out to us today to discuss your situation and needs with one of our specialists.
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FAQs About BOQ Home Loans
What is the maximum amount I can borrow on an Australian Expat Home loan with BOQ?
The maximum amount that you can borrow on an Australian Expat Home loan with BOQ is 80% of the property value. A minimum 20% deposit is required. For a $500K property, that equates to $100K. The higher the deposit, the better the interest rate you can obtain.
Does BOQ lend to expats buying an off the plan property?
BOQ does not provide finance for off the plan property purchases. You must wait until the property is complete before applying.
What credit score do I need for BOQ expatriate lending?
BOQ requires a good credit history in Australia. They look for scores above 700. Past credit issues may impact your application.
Can I get pre-approval from BOQ while overseas?
Yes, BOQ allows expat pre-approvals. This will still require submitting all documents to verify income and identity.
How long does BOQ take to process expat home loan applications?
On average, BOQ takes between 1-2 weeks to assess and approve applications once all documents are received.
Does my income need to be in AUD for BOQ expat lending?
No, BOQ will convert foreign income to AUD. But you must prove minimum income in your documentation.
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