Reach your property goals with a Mortgage Breaker variable rate home loan

At RACQ Bank, we put the power to pay off your home loan back into your hands. Our Mortgage Breaker variable home loan has all the features you need to break free from your mortgage including a competitive interest rate, a 100% offset account, and the ability to make unlimited repayments. When you want the freedom to pay off your mortgage sooner, choose RACQ Bank.

Our owner-occupied variable interest rate loan is designed with your needs in mind:

  • Good for refinancing and renovating
  • 100% offset account available for personal borrowers
  • Available for new lending only
  • 5% deposit for eligible loans~
  • Bonus 15% off home and contents insurance for the life of the loan with the Home Bundle*
  • RACQ Bank Loyalty Offer available^

Enquire nowCompare home loans

LVR ≤60%

Owner occupied. Comparison rate warning
6.24% p.a

interest rate

6.31% p.a

comparison rate

Take a look at our Mortgage Breaker 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.

>60 to ≤70% LVR

Owner occupied
6.34% p.a

interest rate

6.41% p.a

comparison rate

>70 to ≤80% LVR

Owner occupied
6.44% p.a

interest rate

6.51% p.a

comparison rate

>80% to ≤95% LVR exclusive of LMI

Owner occupied
7.04% p.a

interest rate

7.11% p.a

comparison rate

RACQ Bank Mortgage Breaker variable rate home loan details

Take a look at the fees, options, and features of the Mortgage Breaker variable rate home loan. Or you can learn more about common home loan terminology in our home loan FAQs.

  • Fees
    • Establishment fee: $900
    • Annual fee: $0
    • Monthly fee: $0
    • For a full list of fees and charges refer to the Loan Fee Schedule
  • Options
    • Offset account available: Yes, for personal borrowers
    • Redraw facility available: Yes
    • Additional payments: Unlimited
    • Split loan option: Yes
  • 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 Mozo – Experts Choice Award 2023 – Low Cost Home Loan, 2023 WeMoney Best for Value – Home Loans award and back-to-back winner of the WeMoney Customer-Owned Bank of the Year and Lender of the Year (Customer Owned Bank) awards.

Mozo - Experts Choice Award 2023 WeMoney Winner lender of the year home loans WeMoney Winner value home loans

How to apply for your Mortgage Breaker variable rate home loan

  • icon-step-1
    Reach out to us
    Get the ball rolling by filling out our online enquiry form. From there, we’ll get in touch with you to schedule a meeting so we can get an understanding of your circumstances and needs.  
  • icon-step-2
    Organise your documents
    Use our simple home loan checklist to figure out which documents you’ll need to bring along to your meeting. Coming with the right paperwork in hand will help streamline your application. First home buyers might also want to check out our home buyers guide for extra information. 
  • icon-step-3
    Leave it with us
    We’ll carry out a comprehensive property valuation and assessment as well as relevant credit checks. These checks help keep your application moving and allow us to ensure all the right boxes are ticked throughout the process.  
  • icon-step-4
    Get ready for good news
    Congratulations – we’ll soon reach out to let you know if you’ve had a successful outcome, or if we need you to provide us with extra information. 

Why choose an RACQ Bank variable rate home loan?

  • shaking-hands
    We exist to make your life better
    RACQ Bank is run for our members, not shareholders. 
  • callcentre-person
    You’ll always speak to a local when you call
    Our customer service centres are located in Queensland.  
  • house-home
    We want to help you achieve your goals
    We reinvest profits into making our loans even better value for you. 
  • racq-logo-on-card
    Your home loan includes RACQ membership
    Take advantage of member discounts that will brighten your day. 

Get more out of every day with RACQ member perks~~

paint-roller
Save 10% at Wattyl Paint Centres
Enjoy discounts at Andersens and Wattyl Paint Centres.
tickets
Treat yourself to a little entertainment
Get discounted tickets to movies, events, and games year-round.
shopping-bag
Save on the essentials every week
Enjoy up to a 4% discount on Woolworths eGift cards.
family-holding-hands
Be part of positive changes in your community
Know that RACQ funds life-saving rescue flights.

Variable rate offset 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.

Mortgage Breaker Special is available for new lending only. Customers with an existing home loan can switch to Mortgage Breaker Special 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.

Insurance products (excluding Travel Insurance) 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. 

~~ 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.

  • * 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 directors, officers, management, employees and other staff (and the immediate families of directors, officers, management, employees and other staff).
    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 Bundle 15% discount offer is not available in conjunction with the online application discount for Home and Contents Insurance.
    11. Insurance products (excluding Travel Insurance) 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.
  • ^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.