Get a mate's rates variable home loan with RACQ Bank

The Fair Dinkum Home Loan is our spicy low-rate home loan made for Queenslanders, by Queenslanders. We know the cost of living is on the rise. That’s why we’ve created our lowest rate variable home loan to help first home buyers get into the property market, and owners refinance their home loan to make it work for them. If you want a hot low, variable rate home loan without extras like a redraw facility and offset account, RACQ Bank is here to help. 

Our Fair Dinkum Home Loan features:

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LVR ≤60% The Loan to Value Ratio (LVR) is the amount you are borrowing represented as a percentage of the value of the property being used as security for the loan.

Owner Occupied. Comparison rate warning

6.04%  p.a.

interest rate

6.04%  p.a.

comparison rate

Fair Dinkum Home Loan hot interest rates

Principal and interest only. Available until further notice. Comparison rate warning.

>60 to ≤70% LVR

Owner occupied

6.14%  p.a.

interest rate

6.14%  p.a.

comparison rate

>70 to ≤80% LVR

Owner occupied

6.24%  p.a.

interest rate

6.24%  p.a.

comparison rate

>80% to ≤95% LVR exclusive of LMI

Owner occupied

6.84% p.a.

interest rate

6.84%  p.a.

comparison rate

RACQ Bank Fair Dinkum Home Loan details

Take a look at the fees, options, and features of the Fair Dinkum Home Loan. Or you can learn more about common home loan terminology in our home loan FAQs.

  • Fees
    • Establishment fee: $0
    • Annual fee: $0
    • Monthly fee: $0
    • For a full list of fees and charges refer to the Loan Fee Schedule
  • Options
    • Offset account available: No
    • Redraw facility available: No
    • Additional repayment option: Unlimited
    • Split loan option: Yes. For more information see our FAQs below 
  • Features
    • Maximum Loan-to-Value Ratio (LVR): 80%
    • Maximum Loan-to-Value Ratio with Lender's Mortgage Insurance (LMI): 95%, calculated exclusive of LMI component
    • Maximum loan term: Up to 30 years or up to 40 years for first home buyers

Award-winning home loans

RACQ are the proud winner of the 2023 Mozo Experts Choice Award – Low Cost Home Loan and 2023 WeMoney Lender of the Year (Customer Owned Bank) - Home Loans, Best for Value – Home Loans and back-to-back winner of the WeMoney Customer-Owned Bank of the Year.

Mozo Experts Choice Award 2023 - Low Cost Home Loan WeMoney Winner lender of the year WeMoney Winner value home loans

How to apply for your Fair Dinkum Home Loan

  • icon-step-1
    Fill in our simple online enquiry form

    Get the ball rolling in just a few minutes. Once we’ve received your form, we’ll reach out to book a meeting to chat about your needs.

  • icon-step-2
    Gather your documents

    Come prepared with the right documents, this will help streamline your application. Check out our home loan checklist to see what you’ll need to bring. If you’re a first home buyer, our home buyers guide will walk you through the buying process. 

  • icon-step-3
    Let us do the heavy lifting

    Once we’ve got all the right information, we’ll carry out a comprehensive evaluation and assessment, plus any relevant credit checks. At this stage of the process, you can sit back and leave the running around to us.  

  • icon-step-4
    Get ready for good news

    We’ll be in touch as soon as we know the outcome of your application – whether congratulations are in order, or if we’d like a little more information from you. 

Why choose an RACQ Bank Fair Dinkum Home Loan?

  • callcentre-person
    Save money with our lowest variable rate home loan 
  • shaking-hands
    RACQ Bank is owned by RACQ members
  • star-circle
    Expect transparency – we have no hidden fees or charges
  • family-holding-hands
    Speak to a local when you call our Queensland team

Unpack your RACQ member benefits~~

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Save 10% at Wattyl Paint Centres
Enjoy discounts at Andersens and Wattyl Paint Centres.
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Treat yourself to a little entertainment
Get discounted tickets to movies, events, and games year-round.
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RACV Resorts
Save with discounted accommodation at RACV Resorts in the Gold Coast, Noosa and Hobart.
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Be part of positive changes in your community
Know that RACQ funds life-saving rescue flights.

Fair Dinkum Home Loan FAQs

Things to note

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 lending policies apply. This is general advice only and may not be right for you. 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, and consider if appropriate for you 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.

Rates current as at 1 February 2024 and subject to change at any time.

Fair Dinkum Home Loan is available for new lending only. Members of RACQ with an existing home loan can switch to Fair Dinkum Home Loan with a minimum $20,000 in additional new 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.

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~~ Terms and conditions apply to all offers. View the individual offer for full details. Offer is subject to availability and may be withdrawn at any time without notice.

~5% deposit of the property value excluding LMI and all other government fees & charges.

  • ^RACQ Bank Loyalty Offer Terms and Conditions 

    1. Members Banking Group trading as RACQ Bank (RACQ Bank) is the issuer of various financial products. RACQ Bank offers a range of offers on its loan products (RACQ Bank Loyalty Offer) which are subject to the below terms and conditions.

    2. The RACQ Bank Loyalty Offer provides eligible RACQ Bank customers with a reduced interest rate on RACQ Bank advertised rates on eligible RACQ Bank loan products. These terms and conditions apply in addition to any terms and conditions that apply to the relevant RACQ Bank loan product.

    Eligibility Criteria for the RACQ Bank Loyalty Offer

    3. The RACQ Bank Loyalty Offer is available:

    1. on any RACQ Bank Investment Home Loans or Owner Occupier Home Loans (Eligible Home Loans). For the avoidance of doubt, this does not include the RACQ Bank Green Home Loan; and
    2. on any Secured or Unsecured Personal Loans (Eligible Personal Loans). For the avoidance of doubt, this does not include the RACQ Bank Green Car Loan, RACQ Bank Green Home Loan or RACQ Bank Green Personal Loan.

    (Eligible Products)

    4. The RACQ Bank Loyalty Offer is only available if a borrower on a loan contract for an Eligible Product is one of the following:

    1. An existing Gold or Silver RACQ Member;
    2. Employed by a Queensland school or higher education institution or by the Queensland Department of Education; or
    3. Employed by RACQ and have a RACQ employee identification number.

    The offer is not available where the New lending or Refinance is being conducted in the name of a business or a company.

    (Eligible Member)

    5. New lending or refinance is any new lending application with RACQ Bank with a minimum of $20,000 in additional new lending for Eligible Home Loans or any new application with RACQ Bank for Eligible Car and Personal Loans (New Lending or Refinance)

    6. Assessment of whether the above eligibility criteria is met will be based on information you disclose during the loan initiation process.

    7. RACQ may also ask for further information or evidence, outside what is usually asked in the loan initiation process, to confirm eligibility to the RACQ Bank Loyalty Offer.

    8. Eligibility is assessed at New Lending or Refinance. If we assess that a person is no longer eligible for the RACQ Bank Loyalty Offer, we will remove the offer from the date of that assessment and the interest rate on your loan product will revert to the applicable interest rate disclosed in RACQ Bank’s Loan Rate Schedule.

    Operation of the RACQ Bank Loyalty Offer

    9. The RACQ Bank Loyalty Offer is only available for New Lending or Refinance applications received from 06 December 2022

    10. An Eligible Member will receive the following reductions from the applicable interest rate disclosed in the RACQ Bank Loan Rate Schedule:

    1. A 0.10% p.a. (10 basis point) reduction on any Eligible Home Loan Product;
    2. A 0.20% p.a. (20 basis point) reduction on any Eligible Personal Loan Product.

    11. For the avoidance of doubt, only one RACQ Bank Loyalty Offer will be applied to each Eligible Product held by an Eligible Member. If more than one borrower on a loan contract is an Eligible Member, the RACQ Bank Loyalty Offer will only be applied once.

    12. The offer of an interest rate reduction under this offer is subject to the eligibility criteria being met and is at the absolute discretion of RACQ Bank.

    13. RACQ Bank is entitled to discontinue or change the RACQ Bank Loyalty Offer at any point, in its absolute discretion. For Eligible Members who are receiving the RACQ Bank Loyalty Offer at the time that RACQ Bank decides to withdraw or change the RACQ Bank Loyalty Offer under this clause, RACQ Bank will only do so in accordance with the terms of the loan agreement it has with the Eligible Member which permit variations to the interest rate.

    14. RACQ Bank collect, process, use and disclose information about RACQ members in accordance with our Privacy Policy which can be viewed here.

    15. These Terms and Conditions are governed by the laws of Queensland. You irrevocably submit to the non-exclusive jurisdiction of the courts of Queensland and the courts competent to hear and determine matters in Queensland.