Ratings
LVR options
LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.
An LVR of 90% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
Repayment options
Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.
Interest only repayment option is not available with BOQ Economy Home Loan for first home buyer.
Paying pricinpal and interest
BOQ
Q&As
Does BOQ Economy Home Loan comes with an offset account?
No, Economy Home Loan does not come with an offset account.
Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.
What are the costs to apply for BOQ Economy Home Loan?
There is upfront costs of $450 to apply for Economy Home Loan.
- Application fee: $300
- Settlement fee: $150
Economy Home Loan also comes with ongoing account fees of $120 per year.
- Monthly fee: $10 per month
Are there costs when I exit or refinance to another lender?
BOQ charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.
IMPORTANT: Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with BOQ or a mortgage broker just to be sure. This information should be used as a guide only.