BOQ Specialist Home Loan Review for Australian Expats
BOQ Specialist was established in 2012 as a division of Bank of Queensland Limited (BOQ), one of Australia’s leading regional banks. BOQ Specialist is a specialist lender that provides a range of financial products and services to businesses, professionals, and high-net-worth individuals. It is a member of the Australian Banking Association and is subject to the same regulations as all other Australian banks.
Is BOQ Specialist the lender for your Australian expat home loan?
- Borrow up to 80% of the property purchase price
- Flexible lending criteria
- Trusted lender
BOQ Specialist Home Loan Options
BOQ Specialist offers the following home loan products. Please note that these may not be available for borrowers from overseas. Speak with us to discuss your best options.
Variable Rate Home Loan
Fixed Rate Home Loan
Low Deposit Loan
BOQ’s variable rate home loans have a variable interest rate, which means that the interest rate can change at any time. This can be both a good and a bad thing. On the one hand, if interest rates go down, your monthly repayments will go down too. On the other hand, if interest rates go up, your monthly repayments will go up too.
They typically have lower interest rates than fixed rate home loans. This is because BOQ Specialist is able to pass on the savings from not having to fix the interest rate to its customers.
BOQ Specialist's fixed rate home loans have a fixed interest rate for a set period of time, typically 1-5 years. This means your monthly repayments will be the same for the duration of the fixed rate period.
Fixed rate home loans can be a good option if you want to budget your home loan repayments and are worried about interest rates going up. However, it is important to note that fixed rate home loans typically have higher interest rates than variable rate home loans.
BOQ Specialist's low deposit home loans are designed for borrowers who have a smaller deposit. BOQ Specialist offers a range of low deposit home loan products with competitive interest rates and flexible features.
Low deposit home loans can be a good option if you’re a first home buyer or have recently sold your property and have a smaller deposit as a result. However, it is important to note that low deposit home loans typically have higher interest rates and fees than traditional home loans.
BOQ Specialist Home Loan Review
Here are the pros and cons of choosing BOQ Specialist to buy property in Australia.
| Pros | Cons |
|---|---|
Competitive interest rates | May not be suitable for all borrowers |
Good support for expats | Limited range of products and services |
Trusted lender |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Features of BOQ Specialist Home Loans
BOQ Specialist can help you get the following home loan features.
| Feature | Details |
|---|---|
Offset Accounts | Help you to reduce your interest payments by offsetting your loan balance with your savings. |
Redraw Facilities | Allow you to access your extra repayments without having to break your loan. |
Flexible Repayment Options | Offers a range of flexible repayment options to suit your individual needs. |
Facts About BOQ Specialist
BOQ Specialist's history can be traced back to 1990, when BOQ acquired Members Equity Bank Limited (MEB). MEB was a specialist lender that provided home loans to medical professionals.
In 2000, BOQ acquired another specialist lender, Professional Investment Services (PIS). PIS provided financial services to lawyers, accountants, and other professionals.
In 2012, BOQ consolidated its specialist lending businesses into a single division, BOQ Specialist, which offered a wide range of products and services, including home loans, commercial loans, investment loans, and more.
How Do I Apply for an Expat Mortgage with BOQ Specialist?
To apply for an Australian expat home loan with BOQ Specialist, you can follow these steps.
- Visit the BOQ Specialist website and complete a pre-approval application. This will give you an idea of how much you can borrow and what your monthly repayments would be.
- Gather your supporting documentation. This will include your proof of income, employment, and assets. You will also need to provide proof of your residency overseas.
- Submit your application. You can do this online or by contacting a BOQ Specialist mortgage broker.
- They will assess your application and let you know if you have been approved. If you are approved, you will need to sign a loan contract and provide a deposit.
Here are some additional things to keep in mind when applying for an Australian expat home loan with BOQ Specialist.
- BOQ Specialist has stricter lending criteria for expats than for Australian residents. This is because expats are considered to be a higher risk due to their distance from Australia and the potential for currency fluctuations.
- You will need to provide proof of your income and employment overseas. This can be done with payslips, tax returns, or bank statements.
- You will also need to provide proof of your residency overseas. This can be done with a copy of your passport or visa.
- They may ask you to provide additional documentation, such as a letter from your employer or a valuation of the property you are planning to buy.
If you are an Australian expat, permanent resident, or foreign investor living overseas and you are considering buying property in Australia, it is important to speak to a mortgage broker who specialises in expat loans, such as Odin Mortgage.
Who is Eligible?
To be eligible for a home loan with BOQ Specialist in Australia, you must:
- Be an Australian citizen, permanent resident, or eligible visa holder
- Be at least 18 years old
- Have a regular income
- Have a good credit history
- Meet BOQ Specialist’s lending criteria
Australian expats and Aussie permanent residents living overseas can get a home loan from BOQ Specialist. However, you may have to meet stricter lending criteria than Australian residents because you’re considered a higher risk due to your distance from Australia and the potential for currency fluctuations.
What Documents Do I Require?
BOQ Specialist in Australia requires the following documents for a home loan from overseas.
Proof of Identity
This can be a passport, driver's license, or birth certificate.
Proof of Income
This can be payslips, tax returns, or bank statements.
Proof of Employment
This can be an employment contract, job offer letter, or reference from your employer.
Proof of Residency
This can be a copy of your passport, visa, or utility bill.
Proof of Assets and Liabilities
This can be bank statements, investment statements, and credit reports.
It is important to contact a mortgage broker who understands BOQ Specialist to confirm the specific documents that you will need to provide for your home loan application.
Other Related Products from BOQ Specialist
Construction Loan
Construction loans are designed for borrowers who are building a new home. BOQ Specialist offers a range of construction loan products with flexible features to help you manage your finances during the building process.
Investment Loan
Investment loans are designed for borrowers who are buying a property to rent out. BOQ Specialist offers a range of investment home loan products with competitive interest rates and flexible features.
Renovation Loan
Renovation loans are designed for borrowers who are renovating their existing home. BOQ Specialist offers a range of renovation loan products with competitive interest rates and flexible features.
Need a Mortgage With BOQ Specialist?
BOQ Specialist offers a promising solution for Australian expats looking to invest in property back home. Their tailored approach, competitive rates, and flexibility make them a standout option for those in the medical, dental, and accounting fields. With BOQ Specialist, the dream of owning property in Australia is not only achievable but also made much simpler.
However, you may yet face challenges in qualifying for a home loan due to various circumstances. That’s why we’re here to help, with a wide range of options available due to our extensive network built with years of specialist experience.
Our team has the know-how in securing mortgages for overseas Aussie expats, PRs and foreign investors. Contact us today for tailored recommendations and advice for your unique circumstances!
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About BOQ Specialist Home Loans
Can Australian expats with various professions access BOQ Specialist home loans?
Yes, BOQ Specialist home loans are available to medical, dental, and accounting professionals.
Are BOQ Specialist home loans only for property purchases, or can they be used for other purposes?
While primarily for property purchases, BOQ Specialist Home Loans can also be used for refinancing existing loans.
Do I need to have a certain level of income to qualify for a BOQ Specialist home loan?
BOQ Specialist assesses each applicant individually, so there is no strict income threshold.
Can I apply for a BOQ Specialist home loan if I am not an Australian citizen anymore?
Yes, Australian expatriates, whether citizens or not, can apply for these loans.
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