RACV Personal Loans

RACV is a Victorian provider of personal loans as well as car loans, car insurance, home & contents insurance, landlord insurance and travel insurance.

Compare RACV personal loans and rates racv logo

The table below displays a snapshot of RACV’s secured personal loan products and rates on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in Victoria.


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What personal loans does RACV offer?

RACV currently offers just the one type of personal loan at the time of writing, and that is a secured personal loan.

This loan has the following features:

  • Rate starting from 7.49% with a comparison rate starting from 8.04% p.a.
  • Fast approval
  • 100% finance – no need for a deposit
  • Easy to apply – apply either online, over the phone or in store – it shouldn’t take longer than 10 minutes.
  • Choice of either fortnightly or monthly repayments
  • No ongoing monthly fees
  • RACV members get up to a 20% discounted rate on all loans (subject to approval)

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What can you use RACV’s personal loans for?

A personal loan with RACV can be used for many important life events, such as:

  • Buying a car
  • Debt consolidation
  • Holidays
  • Home renovations
  • Weddings

Personal loans are a relatively straightforward way of borrowing money with a structured repayment program. A personal loan with RACV could give you access to more money to pay for these major life events.

Check the product disclosure statement (PDS) from RACV to see what you can and can’t take out a personal loan for.

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There are a number of fees to be aware of when taking out a personal loan with RACV:

  • Establishment fee
  • Early repayment fee
  • Default fee

See this article for look at the average fees currently charged by personal loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017) to see if RACV’s fees are more or less what the average customer is paying.

Applying for a RACV personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with RACV (or most providers in Australia for that matter), you generally need to meet the following criteria:

  • You must be 18 years or old
  • You must live in Australia
  • You must be an Australian or New Zealand citizen or a non-resident holding a Temporary Residency VISA
  • Hold a regular income and good credit rating (see here for more info on how to get a good credit rating)
  • Show an ability to afford your loan repayments
  • Take out a loan of at least $5,000

If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

  • A current driver’s license
  • Details of your current and previous (if applicable) employer
  • Details of your income, assets, expenses and liabilities
  • Previous tax returns if you are self-employed

You may also require your current account number for RACV if you’re an existing member.

In addition to personal loans, RACV also offers a secured car loan. The table below displays a snapshot of RACV’s car loan products, sorted by Star Rating (highest to lowest). The results shown are based on a 5-year loan for $20,000 in VIC.

Compare Car Loans

The Royal Automobile Club of Victoria (RACV) was formed as a motorists’ social club in 1903 and has been providing valuable services to millions of Victorians ever since.

RACV is the trusted insurer for more than 2.1 million Australians, and employs more than 2,000 people. RACV offers specialised policies including cover for over-50s and cover for vintage and classic cars. RACV’s Kids Stuff page has colouring-in pages, printable puzzles, and even printable board games.

RACV supports the community in a number of ways, including through the RACV Community Foundation, which gives grants of up to $20,000 to grassroots organisations to improve the lives of people in need in Victoria. The Foundation has provided over $3.7 million in grants to more than 300 charities from 1977 to 2017.

RACV also provides the Sir Edmund Herring Memorial Scholarship, a $54,000 scholarship for health professionals in Victoria to develop programs to prevent road trauma and improve the quality of care for road trauma victims.

RACV also sustains a number of support partnerships every 2 years, with its current support partnerships being:

  • Phillip Island Nature Parks
  • Melbourne Vixens/Netball Victoria
  • Melbourne Recital Centre
  • Wildlife Victoria
  • FareShare
  • Landcare Australia

RACV is also an environmentally-friendly company. It supports the CERES Energy Smart Choices program for schools and community centres, which educates children and adults about how to be energy efficient. CERES is one of Australia’s most visited community environment centres and has more than 350,000 visitors every year.

Additionally, RACV supported Phillip Island Nature Parks to build an eco-sensitive penguin-viewing facility.

Written by: Regina Collins | Last updated: