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RACQ Bank Fixed Rate (Choices Package)

The details shown below are for an owner occupier taking out a principal & interest loan between $150,000 and $249,999 with an LVR below 95%

The details shown below are for an owner occupier taking out a principal & interest loan between $250,000 and $499,999 with an LVR below 95%

The details shown below are for an owner occupier taking out a principal & interest loan of at least $500,000 with an LVR below 95%

The details shown below are for an investor taking out a principal & interest, interest only loan between $150,000 and $249,999 with an LVR below 90%

The details shown below are for an investor taking out a principal & interest, interest only loan between $250,000 and $499,999 with an LVR below 90%

The details shown below are for an investor taking out a principal & interest, interest only loan of at least $500,000 with an LVR below 90%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $150,000 $249,999

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $250,000 $499,999

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $500,000

  • Investor (Principal & Interest, Interest Only)

    LVR < 90%

    Loan: $150,000 $249,999

  • Investor (Principal & Interest, Interest Only)

    LVR < 90%

    Loan: $250,000 $499,999

  • Investor (Principal & Interest, Interest Only)

    LVR < 90%

    Loan: $500,000

Fixed 3 year rate
2.29% p.a.
Comparison Rate*
3.93% p.a.
Service fee
$395.00 yearly
Upfront fee
$275
Fixed 3 year rate
2.29% p.a.
Comparison Rate*
3.65% p.a.
Service fee
$395.00 yearly
Upfront fee
$275
Fixed 3 year rate
2.29% p.a.
Comparison Rate*
3.57% p.a.
Service fee
$395.00 yearly
Upfront fee
$275
Fixed 3 year rate
2.59% p.a.
Comparison Rate*
4.25% p.a.
Service fee
$395.00 yearly
Upfront fee
$275
Fixed 3 year rate
2.59% p.a.
Comparison Rate*
4.05% p.a.
Service fee
$395.00 yearly
Upfront fee
$275
Fixed 3 year rate
2.59% p.a.
Comparison Rate*
3.98% p.a.
Service fee
$395.00 yearly
Upfront fee
$275

Mozo editorial review RACQ Bank Fixed Rate (Choices Package)

Last updated: 31 July 2020.

binocular icon
What's hot
  • 2020 Mozo Experts Choice Award
  • Extra repayments up to $10,000
  • Owner occupiers can borrow up to 90%
  • Package benefits include no annual fee on Platinum Rewards Credit Cards and extra interest on RACQ term deposits
What's not
  • $395 yearly service fee
  • No redraw facility
Mozo snapshot

If you’re buying your own home and sign up for the RACQ Fixed Rate (Choices Package) for 3 years you can snag a 2.29% p.a. interest rate (3.93% p.a. comparison rate*). On top of that, you can expect a number of member benefits, including no annual fee on Platinum Rewards Credit Cards and extra interest on any RACQ term deposits you decide to sign up for. 

Plus with a 2020 Mozo Experts Choice Award for best Investor Fixed Home Loan under its belt, you know you're on to a winner with the Fixed Rate (Choices Package).

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Key features

The RACQ Fixed Rate (Choices Package) is truly a full-feature home loan with enough bells and whistles to impress any borrower. You’ll have access to a host of benefits, including additional interest on term deposits and no annual fee on your Platinum Rewards Credit Card.

For loans of up to $249,999, interest rates sit at 2.29% p.a. (4.18% p.a. comparison rate*) for 1 year terms, 2.29% p.a. (4.04% p.a. comparison rate*) for 2 years, and 2.29% p.a. (3.93% p.a. comparison rate*) for 3 years. Owner occupiers will be able to borrow up to up to 90% of a property’s value, meaning that first home buyers who might be having some difficulty getting a foot on the property ladder will have an easier time with this one, as long as you’ve budgeted for lenders mortgage insurance.

As for repayments, you’ll be able to schedule them weekly, fortnightly or monthly, and if you’re looking to pay down your loan further, you can make $10,000 of additional repayments each year at no extra cost.

But all these features don’t come free: there’s a yearly service fee of $395 you’ll need to budget for. So pay attention to that comparison rate, and ask yourself if all the features on offer are worth the extra cost.

snapshot
Who is it good for

First home buyers without a large enough deposit on hand will appreciate this one, as you can borrow up to 90% of a property’s value (as long as you budget for lenders mortgage insurance).

snapshot
Any catches

You’ll have to bear in mind that there’s a yearly service fee of $395 and a discharge fee of $297. Plus, for all the features this loan does have, it’s missing a redraw facility and offset account.

Details

Rates and fees information correct as at 22 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.29% (4.20%*)

  • 2.29% (4.06%*)

  • 2.29% (3.93%*)

  • n/a

  • 2.64% (3.84%*)

  • n/a

  • n/a

  • 3.93% p.a.

Fees
  • $0.00

  • $0.00

  • $0.00

  • $275.00

  • n/a

  • $395.00 yearly

  • $297.00

Other financial bits
  • $150,000

  • $249,999

  • none

  • 95.00%

Features
  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • no

  • none

  • yes

  • no

  • Extra repayments free up to $10,000 p.a during fixed rate period.

  • Package benefits include no annual fee on a Platinum Rewards Credit Card and additional interest on term deposits.

  • none

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 22 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.29% (3.85%*)

  • 2.29% (3.74%*)

  • 2.29% (3.65%*)

  • n/a

  • 2.64% (3.61%*)

  • n/a

  • n/a

  • 3.53% p.a.

Fees
  • $0.00

  • $0.00

  • $0.00

  • $275.00

  • n/a

  • $395.00 yearly

  • $297.00

Other financial bits
  • $250,000

  • $499,999

  • none

  • 95.00%

Features
  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • no

  • none

  • yes

  • no

  • Extra repayments free up to $10,000 p.a during fixed rate period.

  • Package benefits include no annual fee on a Platinum Rewards Credit Card and additional interest on term deposits.

  • none

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 22 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.29% (3.76%*)

  • 2.29% (3.66%*)

  • 2.29% (3.57%*)

  • n/a

  • 2.64% (3.55%*)

  • n/a

  • n/a

  • 3.43% p.a.

Fees
  • $0.00

  • $0.00

  • $0.00

  • $275.00

  • n/a

  • $395.00 yearly

  • $297.00

Other financial bits
  • $500,000

  • none

  • none

  • 95.00%

Features
  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • no

  • none

  • yes

  • no

  • Extra repayments free up to $10,000 p.a during fixed rate period.

  • Package benefits include no annual fee on a Platinum Rewards Credit Card and additional interest on term deposits.

  • none

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 22 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.59% (4.63%*)

  • 2.59% (4.48%*)

  • 2.59% (4.25%*)

  • n/a

  • 2.79% (4.16%*)

  • n/a

  • n/a

  • 4.39% p.a.

Fees
  • $0.00

  • $0.00

  • $0.00

  • $275.00

  • n/a

  • $395.00 yearly

  • $297.00

Other financial bits
  • $150,000

  • $249,999

  • none

  • 90.00%

Features
  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • no

  • none

  • yes

  • no

  • Extra repayments free up to $10,000 p.a during fixed rate period.

  • Package benefits include no annual fee on a Platinum Rewards Credit Card and additional interest on term deposits.

  • none

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 22 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.59% (4.28%*)

  • 2.59% (4.16%*)

  • 2.59% (4.05%*)

  • n/a

  • 2.79% (3.93%*)

  • n/a

  • n/a

  • 3.99% p.a.

Fees
  • $0.00

  • $0.00

  • $0.00

  • $275.00

  • n/a

  • $395.00 yearly

  • $297.00

Other financial bits
  • $250,000

  • $499,999

  • none

  • 90.00%

Features
  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • no

  • none

  • yes

  • no

  • Extra repayments free up to $10,000 p.a during fixed rate period.

  • Package benefits include no annual fee on a Platinum Rewards Credit Card and additional interest on term deposits.

  • none

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Details

Rates and fees information correct as at 22 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.59% (4.19%*)

  • 2.59% (4.08%*)

  • 2.59% (3.98%*)

  • n/a

  • 2.79% (3.87%*)

  • n/a

  • n/a

  • 3.89% p.a.

Fees
  • $0.00

  • $0.00

  • $0.00

  • $275.00

  • n/a

  • $395.00 yearly

  • $297.00

Other financial bits
  • $500,000

  • none

  • none

  • 90.00%

Features
  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • no

  • none

  • yes

  • no

  • Extra repayments free up to $10,000 p.a during fixed rate period.

  • Package benefits include no annual fee on a Platinum Rewards Credit Card and additional interest on term deposits.

  • none

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Customer Reviews

How are RACQ Bank home loans rated by the Mozo community?

Overall
7.0/10
Price
8.8/10
Features
8.0/10
Customer service
8.4/10
Convenience
7.0/10
Trust
7.2/10

Latest review of RACQ Bank Fixed Rate (Choices Package)

  • Overall 10/10
    Couldn't be happier

    Fabulous bank to deal with.

    Read full review

    Fabulous bank to deal with.

    Price
    10/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    6/10
    Trust
    10/10
    Less
    Kym, Queensland reviewed over 5 years ago

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*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.