Bank of Queensland’s (BoQ) Clear Path home loan has bagged the Cheapest Flexible Home Loan award from Money magazine’s 2015 Best of the Best awards for banks.

The bank’s Clear Path package was launched last year in the hope of providing a straight forward and transparent mortgage product that offers a competitive rate to all customers, regardless of how much they want to borrow, the BoQ’s website said.

Money magazine determined the winner for this award by using the generic home loan example of a $350,000 mortgage for 25 years with 80% loan to value ratio – that is the borrowers had a deposit equivalent to 20% of the home’s value so they needed to borrow 80% of its value.

The bank added that Money magazine ranked home loans by total cost of the loan using 50% advertised rate and 50% average 6-month historical rate.