Get more from your variable rate home loan

At RACQ Bank, we want to help you pay off your home loan faster. Our Mortgage Saver loan allows you to take advantage of low interest rates, LVR discounts, and no annual or monthly fees. Plus, you’ll enjoy all the perks of being an RACQ member. Whether you’re buying your first home or refinancing, you deserve a variable rate home loan that gives you more.

Our owner occupied variable rate interest loan is packed with benefits: 

  • A simple straight forward home loan
  • No annual or monthly fees
  • Bonus 15% off home and contents insurance for the life of the loan with the Home Bundle*
  • Available for new lending only 

Enquire nowCompare all loans

LVR ≤70% 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

2.74%  p.a.

Interest rate

2.76%  p.a.

Comparison rate

Take a look at our Mortgage Saver Special variable home loan

New lending only. Principal and interest only. Available until further notice. Comparison rate warning. What is LVR? 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.

>80% to ≤95% LVR including LMI

Owner Occupied

3.34%  p.a

interest rate

3.36% p.a.

comparison rate

>70 to ≤80% LVR

Owner Occupied

2.94%  p.a.

Interest rate

2.96%  p.a.

Comparison rate

RACQ Bank Mortgage Saver variable rate home loan details

Read over the fees, options, and features included with our owner occupied Mortgage Saver Home Loan or, if you’d like to learn more about home loan terminology, head over to our home loan FAQs.

  • Fees
    • Establishment fee: $0
    • Annual fee: $0
    • Monthly fee: $0
    • Loan settlement fee: $302.50
    • For a full list of fees and charges refer to the Loan Fee Schedule
  • Options
    • Offset account available: No
    • Redraw facility available: Yes
    • Additional payments: Unlimited
    • Split loan option: Yes
  • Features
    • Maximum Loan-to-Value Ratio (LVR): 80%
    • Maximum Loan-to-Value Ratio inclusive of Lender's Mortgage Insurance (LMI): 95%
    • Maximum loan term: up to 30 years or up to 40 years for First Home Buyers

How to apply for your Mortgage Saver variable rate home loan

  • icon-step-1
    Fill in our simple online enquiry form
    It takes just a few minutes to send us the information we need to get the ball rolling. Once you’ve filled in your form, we’ll reach out to organise a meeting where we can discuss your needs.
  • icon-step-2
    Get your documents ready
    Having the right documents on hand at your meeting will streamline the application process. We’ve put together a home loan checklist to help you get everything you need together. If you’re a first home buyer, it’s a good idea to look at our home buyers guide too.
  • icon-step-3
    Leave the running around to us
    Once we have the information we need, we’ll go ahead and conduct a comprehensive evaluation and assessment, plus any relevant credit checks. This part of the process ensures that all the right boxes are ticked and your application progresses smoothly.
  • icon-step-4
    Prepare for good news
    We’ll reach out to you 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 variable rate home loan?

  • shaking-hands
    Home loans approved in one week
    Get the ball rolling on your next purchase.
  • callcentre-person
    You'll get excellent customer service from a local
    Our call centres and RACQ stores are located in Queensland.
  • house-home
    We’re here to help you reach your property goals
    Get there sooner with no monthly fees or hidden charges.
  • racq-logo-on-card
    Your variable home loan comes with RACQ membership
    Enjoy even more value with exciting member discounts.

Celebrate your new home with RACQ member perks~~

shopping-bag
Get more out of your renovation budget
Show your card for 10% off at Wattyl Paint Centres and Andersens.
hand-holding-box
Make your next move more affordable
Take 15% off packaging and 10% off storage at StoreLocal.
hand-holding-card-with-dollar-sign
Fill your trolley with discounts
Get 4% off Woolworths eGift cards.
family-holding-hands
Smile, your membership makes Queensland even better
Our members help fund the RACQ Foundation’s community grants and programs.

Variable rate 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 23 June 2022 and subject to change at any time.

Mortgage Saver Special is available to new RACQ Bank home loan customers only. Existing RACQ Bank home loan customers can switch to Mortgage Saver 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 (excluding Travel Insurance and the Life and Income Protection Insurance suite of products) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions 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 PDS and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.

* Home Bundle Terms and Conditions

  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. The 15% discount on Home and Contents Insurance, Home Building Insurance or Contents Insurance available under the Home Bundle offer will only be applicable for insurance that is to cover the asset which is subject of the eligible home loan taken out under this offer only.
  3. 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.
  4. The Home Bundle promotional offer is valid for new RACQ Bank home loan customers only. Offer is available until further notice, subject to change without notice and may be withdrawn at any time. Acceptance of the offer is optional.
  5. Valid for Investment or 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.
  6. Please refer to the Things to note section for information on RACQ Bank Home Loans which are eligible for the Home Bundle promotional offer.
  7. The Home Bundle offer is not available to RACQ staff members.
  8. For refinanced home loans from other banks, Home and Contents Insurance policies will be created at or after loan is unconditionally approved.
  9. 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.
  10. 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 with the online application discount of $75 for Home and Contents Insurance.
  11. Insurance products (excluding Travel Insurance and the Life and Income Protection Insurance suite of products) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions 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 PDS, and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
  12. Refer to the Things to note section of this page for RACQ Bank Home Loan disclaimers including the comparison rate warning.

~~ 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.