Home loans

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.

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.

Rates current as at 6 December 2022 and subject to change at any time.

For fixed rate home loans, after fixed rate term, the interest rate reverts to the applicable variable rate. Refer to the Loan Rate Schedule for further information. The applicable LVR is the LVR at the time of the customer’s application for the fixed rate. 

Fair Dinkum Owner Occupied Home Loan, Fair Dinkum Investment Home Loan, Mortgage Saver Special, Mortgage Breaker Special and Mortgage Breaker Investment Special is available for new lending only.

Members with an existing home loan can switch to an owner occupied or investment home loan with a minimum $20,000 in additional lending.

** Available with existing, refinanced and new RACQ Bank home loans. Conditions apply.

* 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.

^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.