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Compare RACQ Bank Home Loans

At RACQ Bank we want to give you the tools to get the most out of life in Queensland. That's why we offer a range of home loans to suit Queenslanders of all walks of life. Lock in your repayments with our Fixed Rate Home Loan and have the confidence to create a budget that fits into your life.

After a variable interest rate? Our Mortgage Saver Special Home Loan is perfect for first home buyers or those refinancing their existing home loan.

Buying an investment or renovating? Pick our Mortgage Breaker Home Loan and break free of your mortgage sooner. Plus, with the option to bundle it all up, you could save more across RACQ Bank products with our Choices Home Loan Package.

Rates and information shown in the comparison table reflect highlighted loan products only. Within our range of loan products, there may be products with additional features and options to best suit your needs. Compare our home loans and find the one to suit your life today, and into the future.

Mortgage Saver Mortgage Breaker Fixed Rate
Owner Occupied
Interest rate 2.87% p.a.
Mortgage Saver Special

3.07% p.a.
Mortgage Breaker Special

2.29% p.a.
when on 3 year Choices Package
Comparison rate 2.87% p.a.
Mortgage Saver Special
3.11% p.a.
Mortgage Breaker Special
3.91% p.a.
when on 3 year Choices Package
Interest rate type Variable Variable Fixed for 1, 2, 3 & 5 year terms
Establishment fee $0 $600
$0 when in Choices Package
Annual fee $0 $0
$395 when in Choices Package
Monthly account keeping fee $0 $0 $0
Bonus 15% off Home & Contents Insurance for the life of the loan* Yes
with the Home Bundle
Yes
with the Home Bundle
Yes
with the Home Bundle
Max. loan to value ratio 80% 80% 80%
Max. loan to value ratio with LMI 95% 95% 95%
Offset account available No Yes - principal & interest only No
Redraw facility available Yes Yes No
Additional payments options Unlimited Unlimited Up to $10,000 per year
Maximum term 30 years 30 years 30 years
Top-ups Yes Yes Yes
Ability to split Yes Yes Not during fixed rate term
Available in package No Yes Yes
RACQ membership Yes Yes Yes
Awards Canstar award Outstanding home lender Canstar award Outstanding home lender Canstar award Outstanding home lender
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Mortgage Breaker Fixed Rate
Investor
Interest rate 3.17% p.a.
Mortgage Breaker Special
2.49% p.a.
when on 3 year Choices Package
Comparison rate 3.21% p.a.
Mortgage Breaker Special
4.29% p.a.
when on 3 year Choices Package
Interest rate type Variable Fixed for 1, 2, 3 & 5 year terms
Establishment fee $600
$0 when in Choices Package
Annual fee $0
$395 when in Choices Package
Monthly account keeping fee $0 $0
Max. loan to value ratio 80% 80%
Max. loan to value ratio with LMI 90% 90%
Offset account available Yes - principal and interest only No
Redraw facility available No No
Additional payments options Unlimited Up to $10,000 per year
Maximum term 30 years 30 years
Top-ups Yes Yes
Ability to split Yes Not during fixed rate term
Available in package Yes Yes
RACQ Membership Yes Yes
Awards
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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 Terms and Conditions, 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.

Terms, conditions, fees, charges and normal lending criteria apply. Fixed rate offer available from 1 April 2020 until further notice and is available under the Choices package. After fixed rate term, the interest rate reverts to the applicable variable rate.

Mortgage Saver Special is available for home loan applications received from 11 March 2020 and is for new lending only. Customers with an existing home loan can switch to Mortgage Saver Special with a minimum $20,000 in additional new lending.

Mortgage Breaker Special/Mortgage Breaker Investor Special is available for home loan applications received between 11 March 2020 and 30 June 2020 and funded prior to 30 September 2020 and is for new lending only. Existing RACQ bank home loan customers can switch to Mortgage Breaker Special/Mortgage Breaker Investor Special with a minimum $20,000 in additional lending.

Comparison rate is based on a secured loan amount of $150,000 with monthly repayments over 25 years. 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.

Insurance products are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. Please read the PDS before making a purchase decision on this product. Any general advice relating to this product at racq.com is provided by RACQ.

Variable interest rates current as at 11 March 2020 and subject to change at any time.

  1. Subject to the further terms and conditions below, the Home Bundle gives eligible RACQ Bank customers a 15% discount off combined Home and Contents Insurance, Home Building Insurance or Contents Insurance for the life of any eligible home loan.
  2. Subsequent to the initial policy being taken out, if the member makes any policy changes which require an additional premium, that premium will need to be paid by the member.
  3. The Home Bundle promotional offer is valid for new RACQ Bank home loan customers only. Home Loans must be approved by 5:00pm 30 June 2020 and funded within 90 days of approval. Offer is subject to change without notice and may be withdrawn at any time. Acceptance of the offer is optional.
  4. Valid for Owner Occupier, residentially secured home lending products only. Not available for businesses or companies. Lending terms, conditions, fees, charges and lending criteria apply. View our Loan rate schedule and fee schedule for a full list of RACQ Bank’s home loan rates, fees and charges.
  5. Please refer to the Important Information section for information on RACQ Bank Home Loans which are eligible for the Home Bundle promotional offer.
  6. The Home Bundle offer is not available to RACQ staff members.
  7. For refinanced home loans from other banks, Home and Contents Insurance policies will be created at or after loan is unconditionally approved.
  8. For property purchases, policies are to be created once purchase contract is signed or at loan submission, however Home Loan plus Home and Contents Insurance discounts are conditional on the home loan funding within 90 days of the date of the submitted application.
  9. Policyholders who already hold at least one insurance policy issued by RACQ Insurance Limited, may be eligible for a range of discounts, for the full breakdown of discounts please visit racq.com. After the deduction of any available discounts, a further discount of 15% will be deducted to calculate the final premium. The calculated premium may then have additional taxes and charges applied. The Home Plus 15% discount offer is not available in conjunction the online application discount of $75 for Home and Contents Insurance.
  10. Insurance products issued by RACQ Insurance Limited ABN 50 009 704 152. Conditions, limits and exclusions apply. Read the PDS and any relevant SPDS before making a purchase decision. Contact us for a copy.
  11. Refer to Important Information section of this page for RACQ Bank Home Loan disclaimers including the comparison rate warning.