At BOQ Broker, we’re excited about continuing to grow our relationship with Loan Market.
13 October 2020
We have reviewed our current home loan offers and are making the following change effective Friday, 9 October 2020.
Refinance Cashback Offer Increase
We’re delighted to announce that BOQ’s existing Refinance Cashback Offer has been increased to $3,000 for applications received from today, Friday, 9 October 2020. All other eligibility criteria will remain unchanged.
- Personal customers taking out a new home loan with BOQ;
- The loan is refinanced to BOQ from another financial institution (excluding Virgin Money and BOQ Specialist);
- Applications need to be received on or after Friday, 9 October 2020 and on or before Sunday, 29 November 2020;
- Loans must settle prior to Sunday, 28 February 2021;
- Minimum new lending of at least $250,000 with maximum LVR of 80%;
- Lending must be flagged with refinance purpose on the loan application.
Customers will be automatically paid the cashback, provided the lending meets the eligibility criteria outlined above. Customers will be required to have an existing BOQ transaction account or open a BOQ transaction account that the cashback can be paid to within 30 days of the loan settlement.
13 October 2020
Today we’re announcing two new process enhancements that will support you to consistently submit high quality lending applications and keep track of your applications from start to finish:
- ApplyOnline upgrade for Mandatory Supporting Documents – effective Thursday, 15 October 2020
- New Loan Tracker Tool – effective Monday, 26 October 2020
ApplyOnline upgrade for Mandatory Supporting Documents
Effective Thursday, 15 October 2020 ApplyOnline will be updated so that all relevant Mandatory Supporting Documents must be uploaded before an application can be submitted. If any Mandatory Supporting Documents are outstanding, you will receive an error message and will be unable to submit your application until the outstanding documents are attached.
The Mandatory Supporting Documents for submission to BOQ are as follows:
What you need to do:
- Please ensure you have all relevant Mandatory Supporting Documents finalised and ready for upload before submitting an application in ApplyOnline.
Why is this changing?
This change will support you to submit high quality lending applications that include critical information required by BOQ to consider a customer’s request for funding. Ensuring we have this information from the start will enable us to process lending applications more efficiently, so we can deliver an enhanced service experience and faster time to the right decision for our customers.
New Loan Tracker Tool
On Monday, 26 October 2020 BOQ is launching a new Loan Tracker Tool that will enable you to monitor the end-to-end status of a customer’s application via BOQ’s Secure Broker Portal (accessible on your desktop or mobile device).
The Tracker will indicate when an application has progressed through each of the following milestones:
The status of an application will be updated daily.
What you need to do:
- From Monday, 26 October 2020 please refer to the Loan Tracker Tool within BOQ’s Secure Broker Portal to check the status of your customers’ applications.
Why is this changing?
Buying a home is one of the most significant decisions a customer will make in their lifetime. The lending application process can be overwhelming and it’s critically important to customers that they are kept informed every step of the way. BOQ’s new Loan Tracker Tool will provide you with greater visibility of your customers’ applications so you can more easily keep them up-to-date.
16 September 2020
Effective Wednesday, 9 September 2020, we are adjusting our discounted Economy. A summary of all offers is as per the table below:
26 August 2020
Effective Wednesday 26th August, we will be making the following changes to our Fixed rates.
Fixed Rate Campaign changes:
Owner Occupied Fixed P&I Lending:
- Launch of new campaigns for 1yrFR and 4yrFR; and
- Reduction to some of the existing campaign rates.
Owner Occupied Fixed IO Lending:
- No change.
Investor Fixed P&I Lending:
- Launch of new campaigns for 1yrFR and 4yrFR;
- Expiry of the 80.01% to ≤90% LVR campaigns; and
- Reduction to the existing campaign rates.
Investor Fixed IO Lending:
- Expiry of the 80.01% to ≤90% LVR campaigns.
A summary of all fixed offers is as per the table below:
The above campaign Fixed Rate offers are only available for loans that meet the following eligibility criteria:
- Applications received on or after Wednesday 26 August 2020. These Campaigns currently have no expiry date, but can be withdrawn at any time;
- Available to New to Bank lending only, with minimum $150k deal size (not TAE);
- LVR is inclusive of any capitalised LMI;
- LVR above 80% and up to 90% must have LMI;
- Not available for internal refinance or restructure of existing facilities;
- Not available for Constructions Loans;
- Split lending available;
- IO lending: discount applies to the IO term of the loan and relevant revert rate will apply to the P&I term.
Pipeline fixed rate loans will not automatically receive the increased campaign discounts.
Brokers are reminded of the policy around fixed rate home loans when discussing fixed rate options with customers. Customers will receive the relevant carded fixed rate of the day of settlement and not the rate at the time of application. It is important that brokers discuss Rate Lock with customers when applying for a fixed rate loan to ensure that they are aware of their options. If a customer wishes to have the certainty of a fixed rate from the date of the application, they should consider the Rate Lock option. Rate Lock fees apply in all instances.
The Rate Lock applies to the carded fixed rate for the loan. The Rate Lock does not apply to the discount (e.g. campaign discount) and final rate of the loan, which may still change if required.
Reduced Base rates for 1 and 3 year Fixed Loans