RACQ Bank Home Loans
RACQ Bank Home Loans
RACQ Bank is a Queensland-based provider of home loans, home & contents insurance, car insurance, health insurance, credit cards, personal loans and more.
Compare RACQ Bank home loans and rates
The following table displays a snapshot of RACQ Bank’s home loan products on Canstar’s database. The results and Star Ratings displayed are based on a variable principal & interest loan in Queensland worth $350,000.
The table below displays a snapshot of the variable home loan products on Canstar’s database. This table is sorted by ‘Star Rating’ (highest first).
What types of home loans does RACQ Bank offer?
At the time of writing, RACQ Bank offers numerous different types of home loans, including:
- Owner occupier loans (fixed and variable rate options)
- Investment home loans (fixed and variable rate options)
- First home buyer loans
- Renovation loans
- Refinancing loans
- Construction loans
Find out about how different types of home loans work here. You can also see our comparison tables for details of RACQ Bank home loans:
RACQ Bank Variable home loan features
RACQ Bank’s Mortgage Saver home loan offers customers the following features:
- A free redraw facility
- Unlimited additional repayments allowed
- No fee for early repayments
- Repayments may be made weekly, fortnightly, or monthly
- No account keeping, annual or establishment fees
- The ability to split your loan
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RACQ Bank Home Loans FAQs
Applying for an RACQ Bank home loan is a simple process; just compare home loans on the Canstar website and hit ‘enquire online’ on the RACQ Bank website for the home loan of your choice. This isn’t the full application, but will help facilitate a more thorough conversation with RACQ Bank at a later date.
You need to meet the following requirements to apply for an RACQ Bank home loan:
- You must be over 18
- You must be an Australian citizen or resident
- You must not have been a declared bankrupt in the past seven years
Once you actually begin the home loan application process, there are many more documents that you’ll need to provide, such as proof of your income, assets and expenses.
Follow our applying for a home loan checklist, and use the Canstar website to compare RACQ Bank home loans with other home loans before choosing a product that suits your needs:
Yes, RACQ Bank allows unlimited extra repayments on their variable-rate home loans and additional repayments of up to $10,000 annually on their fixed-rate home loans. Terms and conditions apply; contact your lender for details.
RACQ Bank also offers you the option of making weekly or fortnightly payments on your home loan. As with most banks, interest is calculated daily on your remaining principal; this means that any payment you make before your monthly due date will reduce your principal, and thus reduce the amount of interest you have to pay.
Find out how making extra repayments could save money in interest over the life of your loan in this article or use our Extra Repayments Calculator for yourself:
Yes, RACQ Bank offers free unlimited redraw services on all of its variable rate home loans. Contact your lender for details or learn more about redraw facilities here.
While RACQ Bank’s Mortgage Saver option does not come with a mortgage offset account, its variable Mortgage Breaker products do, allowing you to offset daily interest against your loan balance.
Click here to learn more about how offset accounts work.
The Royal Automobile Club of Queensland (RACQ) was originally founded over 100 years ago in 1904. Nowadays, RACQ is known as ‘Queensland’s Largest Club’ and offers a number of insurance products such as car, life, home & contents and travel insurance in addition to home loans. It has a vast rewards program for its members, which consists of anything from discounted movie tickets to hotel and flight deals.
Some of RACQ Bank’s home loans received a 5-Star Rating from Canstar in our March 2018 star ratings; see our home loans comparison pages for details.