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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
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Debt Consolidation Loan

12.50% p.a. variable rate

12.92% 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.

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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 normal lending criteria apply. 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.

Rates current as at 17 November 2020 and subject to change.

The Debt Consolidation Loan is available for new lending only.

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.

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.