Home and business loan rates

RACQ Bank’s variable rate will increase 0.25% p.a. for new and existing members as of 20 June 2023 and the Green Home Loan remains unchanged at a competitive 1.79% p.a.^ comparison rate^#.

Deposit rates

To help RACQ members with a savings account, the Bank will increase interest rates on select at-call savings accounts by up to 0.25% p.a., effective as of 20 June 2023.

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

“We have a number of tools and support options in place to help our members with any concerns they may have about their new interest rate,” Ms Winzer said

“We’re continuing to expand RACQ Member Benefits with new partner discounts on the items we know are placing the biggest pressure on households.

“Members who are experiencing financial stress are encouraged to contact our banking team early. As soon as we know about their concerns, the sooner our team can look at your situation and find the best solution for you, whether that is fast-tracking financial hardship requests or providing flexibility with payment options."

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:
  • If you have a Mortgage Breaker home loan, take advantage of an Everyday Mortgage Offset Account, which has no monthly fees, to use your savings to reduce your mortgage interest costs.
  • Review your budget and cut down on non-essential expenses. Use our budget planner to help you.

• 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 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 at 20 June 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.