Live chat Online Chat now

Why you should choose a debt consolidation loan with RACQ Bank

A smart level of debt can be a good thing to help you get the most out of your life in Queensland. Debt can help you achieve goals like owning a home, taking a life-changing holiday, improving the value of your home and even getting a new car. Sometimes debt can sneak up on us though and if you hold loans with multiple providers you could be getting slugged additional penalty rates and fees. That’s where we come in.

At RACQ Bank we want to help you achieve your goals in the best way possible, without you getting overwhelmed. We can consolidate your debt into one, easy to manage loan. You’ll benefit with a competitive interest rate and low fees, plus you’ll only have one account to manage – making it that little bit easier to get back in the green.

  • No early pay-out fees
  • Unlimited additional payments
  • Flexible repayment options
Apply now
Debt Consolidation Loan

12.50% p.a. variable rate

12.91% p.a. comparison rate

New lending only.

Personal loan FAQs

A comparison rate is an interest rate that indicates the true cost of a loan. This rate incorporates certain fees and charges that are applicable for the chosen product, and also takes into account what the interest rate will be after any introductory periods are finished.

RACQ Bank Car Loans are designed specifically for buying a new or used car, boat, caravan or jet ski to name a few. These have a very attractive interest rate, which is enabled by us taking security over the item being purchased.

RACQ Bank Personal Loans are designed for a wide range of purposes; such as a wedding, a holiday or debt consolidation, with no security requirement.

RACQ Bank makes it easy to manage your debt by consolidating your debt into one, easy to manage loan. We offer competitive rates on our debt consolidation loan help you pay it off sooner.

Yes, you are entitled to pay more than the minimum repayment amount, increase the frequency of your repayments or pay out your bank loan early without penalty.

        More Banking FAQs

More about money management

Becoming a better budgeter

It only takes one hour to draw up a personal budget.

Learn more

Groceries on a budget

Top five tips for more cost-effective shopping for healthier foods.

Learn more

DIY tax return tips

Doing your own tax? We've got some tips to help you make the most of your return.

Learn more

Loans and banking products 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.

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 lending policies apply. Comparison rate calculated on an unsecured 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.

Debt Consolidation Loan is available for applications received between 31 July 2020 and 31 December 2020 and funded prior to 31 March 2021. The Debt Consolidation Loan is available for new lending only.

Rate current as at 31 July 2020 and subject to change at any time.

Calculator Disclaimer

The above Personal Loan calculator is a model, not a prediction. Amounts and repayment periods are estimates only, and actual amounts may be higher or lower. Results are based on information you have provided and do not take your personal circumstances into account. This calculator is not intended to be your sole source of information when making a financial decision. You should consider obtaining advice from a suitably qualified financial professional.

The comparison rate for secured loans is based on a secured loan amount of $30,000 over 5 years. The comparison rate for unsecured loans is based on an unsecured loan amount of $30,000 over 5 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Costs such as early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Calculator by Widget Works