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Bank of Queensland - $2500 Cashback on Refinance Home Loan

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Found this rebate, and thought it might be useful for some people.

Interest rates can be found here:
https://www.boq.com.au/personal/home-loans

Available for:

  • New loans to BOQ of $250,000 or more, refinanced from another bank
  • Loan to value ratio of 70% or less
  • Available for owner-occupier and investor home loans
  • Limited time offer has been extended - now available for applications received between 17 June 2020 and 26 September 2020 (inclusive) and settled by 12 December 2020
  • Full terms and conditions apply.

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closed Comments

  • Their rates aren’t that great when compared with some other banks like Citibank or st george. Happy to be proven wrong as I am also looking to refinance

    • BoQ's Economy rate is
      2.69 %P.A.Owner Occupier Principal and Interest Rate ++
      (2.86 %P.A. Comparison Rate^)

    • yeah looks like St George are doing $3k on refinance as well. I'm sure terms and conditions apply.

  • I would never consider BOQ ever again. I can go at length with a story but we had a vehicle loan and credit card and tried to get a home loan.

    First, for the home loan, they drew us in for months with a new professional grad-focused loan and we had all the paperwork ready for approval and they backed out at the last minute with an arbitrary change in policy.

    Second, for the vehicle loan, they tried to charge us the full 3 years of interest after we wanted to pay it out after 1 year. No, that wasn’t in the contract. We got a $1100 refund but only after escalating to their corporate compliance lawyer. Not a mistake - this was a repeated attempt by multiple people in the organisation. It’s how their systems are set up.

    Read your contract and check your statements.

  • While the $2,500 is a nice incentive, I wouldn't bother with BoQ.

    I had a home loan with them for a decade, and their interest rates were outrageous (more than +1% higher than the Big 4 banks consistently after having a great initial rate in the first 12 months). Stuck with them as the branch manager at the time was fantastic to deal with and customer service was great. That went to zero in the past 5 years because they closed branches and moved my home loan twice. "My branch" went from being less than 5km away from me to being +25km away… and this is in a metropolitan area.

    Finally, last nail in the coffin was that they intentionally delayed the refinancing process by a week to get another monthly repayment. Never again.

    • Our story as well.
      2.69% variable is meh, and their app is from the dark ages. I still have a legacy account there so don't even bother with the app, just use a browser for their equally clunky IB site.

      Once you've had a bank app that works well (Commbank, Macquarie), you will not want to go back to BoQ.

  • Suncorp is giving up to $3k. Better bank as well.

  • I see these refinance cash back offers appear on here every once in awhile. I understand that there is often some fees and paperwork involved in transferring a loan, but is it otherwise a no brainer to keep refinancing with different banks every time a better deal comes up?

  • BoQ can go and get f****d! With them now and dying to get out once my fixed term is up in March.

    • I can't get out of BOQ fast enough. Needed them as they were the only bank I could use with 5% deposit. Absolute nightmare to deal with and the mobile app they have is absolute trash. Avoid BOQ or you will regret it.