Home loan and business loan rates

RACQ Bank’s variable rate will increase 0.25% p.a. for new and existing members and the Green Home Loan will increase to 1.79% p.a.^ comparison rate# as of 21 March 2023.

Deposit rates 

To help RACQ members with a savings account, the Bank will increase interest rates on selected savings accounts by up to 0.25% p.a. and term deposits by up to 0.60% p.a, effective as of 21 March 2023.

Chief Executive Banking Michelle Winzer said the Bank continued to carefully consider the impact rate rises on homeowners.

“We understand the pressure consecutive increases can have on borrowers and our team is here to help members with any concerns they may have,” Ms Winzer said.

“During this time, it’s more important than ever for our members to contact us early if they’re starting to feel overwhelmed or uncertain about their finances. 

“The earlier we’re contacted, the more effective we can be in looking for ways to help. Whether that be fast-tracking financial hardship requests or providing assistance and flexibility with payment options.”

Ms Winzer said while rising interest rates presented challenges for homeowners, it also provided an opportunity for people to boost their savings.

“When you put money into one of our savings accounts, we pay you interest on that money, helping to grow your investment,” she said.

“We’re committed to having some of the best saving rates in market, and today we’ve increased our Bonus Saver product by 0.25% p.a. to support members.”

Options for RACQ Bank members:

·         Bank members can calculate how much their loan repayments will increase via the Home Loan Repayment Calculator.

·         To help reduce cost of living pressures:

o   Convert an RACQ Bank Everyday Account to an Everyday Mortgage Offset Account, which has no monthly fees, to use your savings to reduce your mortgage interest costs.

o   Reduce your principal loan amount or extend your loan term

o   Review your budget and cut down on non-essential expenses. Use our budget planner to help you. 

o   Take advantage of RACQ Member Benefits to get discounts on a range of household goods and services.

·         Banking members who have questions regarding rate changes or who may be experiencing financial hardship can visit our banking online services, visit us in store, or call us on 13 19 05.

Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding. Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

^Rates effective as of 21 March 2023 and are subject to change at any time.

^#RACQ Bank Green Home Loan available with existing, refinanced and new RACQ Bank home loans. Conditions apply.

Comparison rate calculated on a secured loan amount of $30,000 over 5 years based on monthly repayments. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.