Banking Relief Package for clients impacted by COVID-19

If you have been affected by COVID-19 and you have not accessed our Banking Relief Package, you may be eligible for assistance. We will assess your application based on your financial position.

If you are already accessing our Banking Relief Package and you are not in the position to start making repayments when your initial repayment deferral period expires, you may be able to apply for additional assistance. A little extra time or a more tailored solution could be the right option to help you get back on track.

The financial consequences of deferring your loan repayments


It's important to understand that while you are deferring your repayments, interest will continue to accrue on your loan balance. Your loan balance will increase as interest is added to the loan, which means you may end up paying more.

To reduce the total amount you will need to repay over the term of your loan, it’s a good idea to return to making your regular repayments as soon as your circumstances allow. You can also choose to make repayments of any amount to your loan at any time during your repayment deferral period. These repayments will not affect your access to BOQ Specialist’s Banking Relief Package.
 

Please see examples below:

Home loan*
Loan Variables
 

Loan Amount ($)

500,000

 

Remaining term (months)

200

 

Interest Rate (pa)

3.50%

 

Initial deferral period (months)

6

 

Additional deferral period (months)

4

 
Change in Loan Profile
 

Initial six month
deferral

Additional four month
deferral

Total repayments deferred

$19,819.21

$33,032.02

Monthly repayment after deferral period

$3,361.43

$3,400.82

Increase in monthly repayment after deferral

$58.23

$97.62

Total increase in interest paid over the remaining loan term

$11,645.83

$19,523.55

Personal loan*
Loan Variables
 

Loan Amount ($)

20,000

 

Remaining term (months)

10

 

Interest Rate (pa)

9.54%

 

Initial deferral period (months)

6

 

Additional deferral period (months)

4

 
Change in Loan Profile
 

Initial six month
deferral

Additional four month
deferral

Total Payments Deferred

$12,530.93

$20,884.89

Monthly Payment After Deferral

$2,190.11

$2,260.59

Increase in Monthly Repayment After Deferral

$101.62

$172.10

Total increase in interest paid over the remaining loan term

$1,016.22

$1,721.02

How to apply

Please contact your dedicated financial specialist directly or call our Client Service Centre below.

 

  1300 160 160

 

Enquire now

 

 

  • Important Information

      BOQ Specialist - a division of Bank of Queensland Limited ABN 32 009 656 740 AFSL and Australian Credit Licence no. 244616. Terms, conditions, fees, charges, eligibility and lending criteria apply. Available to approved applicants only. Interest rates are subject to change without notice. Interest will continue to be charged to your loan during any repayment relief period. This information and examples contained in it are for informational purposes only and is general in nature. This information has been prepared without taking into account your individual and/or business needs and objectives. You should obtain and consider the relevant terms and conditions and Guide to Fees and Charges for any product before making any decision about whether to acquire or continue to hold it. We recommend that you obtain independent financial, legal, tax and other relevant advice prior to making any decision. 

      These examples are for informational purposes only, and have been prepared without taking into account your personal circumstances. The example does not summarise or indicate what the actual impact of a deferral period will be on your loan. The impact of any deferral period may be different for you depending on a variety of factors, including your interest rate, loan type, loan balance, loan term and whether you have made any additional repayments. The examples assume that interest rates will not change. 

       

      *This is an example only and should be used as an illustration and is not to be relied upon or construed as a payout quote or your actual repayment terms. In some cases other variables specific to your loan may change the numbers produced in the example. For detailed information please contact your local finance specialist.