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What will my repayments be if I refinance with RACQ Bank?

Your financial situation may have changed since you last took out a home loan, so it’s always a good idea to get an indication of your borrowing power. Use our refinancing calculator to estimate how much you could save if you were to switch to one of RACQ Bank's variable rate home loans.

Note the minimum refinancing amount is $20,000.

Home Refinancing Support & FAQs

No, you do not have to be an RACQ member to apply for a home loan. Remember, as with all membership-eligible RACQ Bank products, you will automatically become an RACQ member when taking out a home loan with us.

To apply for a home loan, you will need a deposit. Your deposit can take the form of cash, or a mixture of cash and equity. Equity is the difference between the value of your home and how much you owe on it.

If your home increases in value over time as you continue to make repayments, so does your equity. For example: if you purchased a property for $400,000 which is now valued at $500,000 and you have repaid $50,000 since purchasing it, you have $150,000 in equity ($50,000 you have repaid + $100,000 value increase).

In addition to propping up your home loan deposit, equity can be used to supplement a deposit for an investment property, a new car or home renovations to name a few. Depending on your financial circumstances and the advice of your finance or tax advisors, you may be able to unlock the equity in your assets provided you can still meet your regular loan repayments.

Talk to us or drop into your nearest RACQ Bank branch for more information on how you can take advantage of your equity.

Many of our home loans have redraw facilities. The benefits of a redraw facility to you are largely dependent on other features that other home loans may or may not have. To compare our home loans and their features, Visit our Home Loan Comparison Page.

Use our home loan repayment calculator to see your repayments based on the size and type of loan you choose. Know what you’ll pay over your term and have the confidence to buy your next home within budget.

Banking products and loans are issued by Members Banking Group Limited ABN 83 087 651 054 AFSL and Australian credit licence 241195 trading as RACQ Bank. 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, before deciding.

The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change. Calculator by Widget Works.