Opening a Small Business
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Bank of Queensland (BOQ) Review for Potential Borrowers
Bank of Queensland Review for Potential Borrowers
This Bank of Queensland review will provide readers with a better understanding of the financing solutions that the Bank of Queensland offers to small and medium sized businesses. We share a full breakdown of who the Bank of Queensland are; including the long history of Bank of Queensland, what makes ScotPac unique, and, of course, what Bank of Queensland’s clients have had to say in their online Bank of Queensland reviews. We’ll also provide full details of what Bank of Queensland looks for in prospective borrowers. Read the following Bank of Queensland review and decide whether ScotPac is the right lender for your business finance needs.
Bank of Queensland Review – Basic Figures for 2022
Website
Logo
ABN
32 009 656 740
Credit License:
244616
Loan Amount
Loan-to-Value Ratio up to 90%+
Loan Term
Loan terms up to 30 years+
Unsecured Loans?
Invoice Finance uses a businesses’ unpaid debtors to act as a type of security on the cash advance
Lender Requirements
- Signed Application Form, Privacy Act form completed by all borrowers
- 3 Months Bank statements showing your salary credits with the name of your employer
- 2 Most Recent Computer Generated Payslips
- Evidence of your Genuine Savings, being statements to show the funds have been held for more than 3 months
- Signed Contract of Sale
Required:
- ABN
- Bank Account Statements
- Identification documents: Current Medicare + Drivers license, or Australian passport
Response Time
5 – 8 business days.
Easy to Apply
Yes
The Nitty-gritty
Online Reviews
None
Awards and Recognition
None
Minimal Interest Rates
Trade Finance will start at around 3% for 30 days and increase for 60 and 90 days respectively. Invoice Finance should come in slightly cheaper as there is less work involved for ScotPac
Asset Finance will vary on asset type and borrower but like the industry, roughly 10%+
Company Story & Credibility?
Bank of Queensland (BOQ) is one of Australia’s leading regional banks. We’re also among the few still not owned by one of the big banks.
At BOQ, most of our branches are run by local Owner-Managers. This means they’re running a small business and understand what it means to deliver personal service.
We pride ourselves on building long-term customer relationships that are based on mutual respect and understanding.
We have more than 160 branches across Australia and in each and every one of them you’ll find us really getting to know our customers and recognising the things they need. It’s how we’ve been doing business since 1874.
We’ve created simple, easy-to-understand banking products to help support our customers’ financial needs. We offer a range of these products and services to individuals, as well as businesses.
We’re one of the top 100 Australian companies ranked by market capitalisation on the Australian Securities Exchange and are regulated by the Australian Prudential Regulation Authority as an Authorised Deposit-taking Institution.
Client Reviews Score:
5/5
What Finance Options Do Bank of Queensland Offer?
Business loans
When you need a business loan, you may want answers fast, and you want a solution that suits your individual business needs. With a BOQ business loan, you’ll have a business banking manager who will take the time to understand your business and finance requirements.
As many of our Owner Managers are business owners themselves, you’ll be talking to someone who has experience in managing their own business finance – like funding growth, managing cash flow or consolidating debt.
Bank Guarantee
A BOQ Bank Guarantee is an alternative to providing a deposit or bond. It is a written promise that BOQ will pay the nominated beneficiary on demand, up to a specified amount. Bank Guarantees enable you to grow your business by providing your suppliers, landlord, or government authorities with the security of guaranteed payment.
Business Overdraft
You can’t always predict when an unexpected expense will arise, or when you need to cover shortages in your cash flow. Our Business Overdraft gives you convenient access to an approved limit when you need it.
Self Managed Super Fund Loans
Whether you are purchasing an arm’s length residential investment property or commercial investment property, BOQ has competitive loans to meet your requirements.
Equipment and vehicle finance
Financing your equipment is simple. Whether you want to lease your equipment, salary package your vehicle or you’re looking for a short-term finance solution to grow your business, BOQ Equipment Finance has a full suite of funding options available to suit your needs.
Dealer Finance
As a dealership, your inventory is the most important asset for your business. A significant amount of cash can be tied up in this stock. By using inventory finance, you can free up your cash and focus on what you do best – selling.
Client Reviews Score:
5/5
Bank of Queensland Compatibility
Running a small business
Small business banking options, including small business loans, bank accounts and cash flow options to help manage your business.
Growing a Small Business
Ready to grow your business? Our small business banking solutions will help you get there!
Client Reviews Score:
5/5
Bank of Queensland Pricing & Rates
Business Term Loan
Whatever your SME business and wherever you see it going, we can help bring your goals into view with a range of lending option.
Why choose our Business Term Loan:
- Loan-to-Value Ratio up to 90%+
- Loan terms up to 30 years+
- Redraw facility available on variable interest rate Business Term Loans
Bank Guarantee
Bank Guarantees enable you to grow your business by providing your suppliers, landlord, or government authorities with the security of guaranteed payment.
- Flexible security options
- Faster turnaround (5-8 business days) with our Express Bank Guarantee Facility (up to $100,000 customer limit and 100% cash security)
- Earn interest on cash security at standard Term Deposit rates
Client Reviews Score:
5/5
Bank of Queensland Review Summary
Name: Bank of Queensland
Summary
Bank of QLD, also known as BOQ is different to a lot of banks as over half of their branches are basically franchises and owner managed and primarily based in Queensland. With really sharp interest rates, and some good home lending products BOQ has fast become one of Queensland’s most popular banks.
In recent years BOQ has also bought Virgin Money and Investec (now called BOQ Specialist) which has given it a large base of younger clientele and medical professionals like doctors and specialists.
Pros
- Super High Customer Satisfaction
- Great Interest Rate Discounts if you are applying at the right time, special rates for professionals
- A comprehensive suite of commercial loans and business products
- Community members involved in the branches
- Complicated home loan applications involving trusts
Cons
- Interest Only Home Loans
- Strict credit criteria
- Slower Turn Home Loan Approvals
- Properties that are unique
- People with bad credit