Why consolidate my debts with RACQ?

A good level of debt can be a good thing to help you get on in life. It can help you achieve great goals like home ownership, taking that life-changing trip, improving the value of your home, and getting that much-needed car.

However, it’s easy to end up with multiple debts with multiple providers. This can make it hard to track and manage repayments and different interest rates, and it can start to feel overwhelming.

Debt consolidation can be a great way to combine your outstanding debt into one easy to manage loan with a competitive interest rate. Plus, RACQ’s internet and mobile banking facilities, provide multiple ways to track your progress with repayments in one convenient location. Not only that, but with a single loan you can save money either by paying less interest or less fees (or both!).    

Is a consolidation loan right for me?

To work out whether taking out a loan to consolidate your debts is the right move, take the following steps.

  1. Gather information
    Get all the details about your different debts together to understand just how much you have, what the interest rates are, and what fees you’re paying.
  2. Do the maths
    Figure out what you can afford to pay off each month – use our budget planner to help you figure this out.
  3. Get back on track
    Make things easier with a single personal loan with RACQ. Use our simple online application process, which takes about 10 minutes, or speak one-on-one with one of our Queensland-based lending specialists.

A personal loan from RACQ Bank offers a range of benefits

  • A great rate and low fees to help you manage your new repayment plan
  • Loyalty discounts on establishment fees for members
  • No restrictions on repayments so you can pay off the loan sooner Access to great savings and discounts on entertainment, travel, homewares, automotive and more

Interest rates & fees

12.95 % p.a Variable Rate
13.25 % p.a Comparison Rate
Fees $200 establishment fee
Maximum term 5 years
Minimum loan amount $3,000
Maximum loan amount $60,000
Additional repayments Unlimited with no penalty or fee
Repayment options Monthly, fortnightly or weekly 

Work out the numbers

Use our Personal Loan calculator to get an estimate of your potential loan repayments.

How to apply

  1. Complete the online application form. This should take about 10 minutes.
  2. We’ll review the application and call you back within 1 business day to let you know what supporting documents we need.
  3. We will then confirm if your application has been successful.
  4. If successful, funds will be moved into your account to consolidate your debts. 
Apply now