RACQ Bank launches Green Car Loan


RACQ Bank is making it easier for Queenslanders to purchase zero or low emission vehicles with the launch of a Green Car Loan.

An EV being recharged.

RACQ Group Executive Banking Michelle Winzer said the Green Car Loan was a key initiative which aligned to RACQ’s 2030 strategy of helping Queenslanders transition to a more sustainable future.

“At RACQ we’re working hard to help our members embrace zero emission vehicles and energy,” Ms Winzer said.

“Earlier this year we launched the RACQ Bank Green Home Loan with a rate of 0.79% comparison rate and acquired a majority shareholding in the highly awarded solar company - GEM Energy.

“RACQ also sponsors the Queensland Electric Super Highway, offers five levels of Roadside Assistance cover for electric vehicles as well as providing insurance products.

“We’re now offering a secured car loan of 5.59% comparison rate, which is lower than our standard car loan rate, to help Queenslanders make the switch to an electric vehicle.

“Buyers can also take advantage of the Queensland Government’s $3,000 rebate on new eligible zero emission vehicles with a purchase price up to $58,000 including GST along with continuing discounts on registration, making the transition to electric mobility even sweeter.”

Ms Winzer said the loan was available to new and existing RACQ members for eligible vehicles up to $150,000.

“If you’re interested in taking out a Green Car Loan you can apply via our website or give us a call on 13 1905 to speak to a lender.” 

How to apply for your Green Car Loan:

  1. Fill in your online application.
    It only takes around 15 minutes to apply for the RACQ Bank Green Car Loan online.

    To apply, you'll need to provide:

    -Personal identification
    -Employment details
    -Your living expenses and liability details
    -Asset details

  2. We’ll call you
    We'll review your application and call you as soon as possible. This call is to let you know if we need any additional information to complete the process.

  3. We’ll do a final review
    Once you've sent all the documents we’ve requested, we’ll carry out a final review and let you know if your application is successful.

  4. Your Green Car Loan is approved
    Congratulations! If successful, we'll send some final paperwork for you to complete and send back, and we’ll make the funds available after we’ve received all your documentation.

More information on RACQ’s Green Car Loan can could be found here.


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.

RACQ Bank Green Home Loan available with existing, refinanced and new RACQ Bank home loans. Conditions apply. RACQ Bank Green Car Loan available for new lending only to purchase a plug-in electric car up to 12 months old.

Rates current as at 23 May 2022 and subject to change at any time.

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.

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