The details shown below are for an owner occupier taking out a principal & interest loan of at least $20,000 with an LVR below 95%

The details shown below are for an investor taking out a principal & interest, interest only loan of at least $20,000 with an LVR below 90%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $20,000

  • Investor (Principal & Interest, Interest Only)

    LVR < 90%

    Loan: $20,000

Fixed 3 year rate
2.39% p.a.
Comparison Rate
3.89% p.a.
Service fee
$0.00
Upfront fee
$875
Fixed 3 year rate
2.59% p.a.
Comparison Rate
4.28% p.a.
Service fee
$0.00
Upfront fee
$875

Mozo editorial review RACQ Bank Fixed Rate

Last updated: 31 July 2020.

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What's hot
  • 2020 Mozo Experts Choice Award - Best Investor Fixed Home Loan
  • No monthly account fees
  • Additional repayments up to $10,000 p.a.
What's not
  • Only available to Queensland residents
Mozo snapshot

The RACQ Bank Fixed rate home loan has a range of fixed rate terms to choose from so you can set and forget your repayments between 1 and 5 year terms. The loan is available to owner occupiers as well as property investors and ranked among Australia’s best fixed rate investment loans in the 2020 Mozo Experts Choice Awards.   

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Key features

For owner occupiers rates start at 2.39% (3.87% comparison rate*) for three years and go up to 2.74% (3.75% comparison rate*) for a five year fixed term. Investor rates are slightly higher at 2.59% (4.43% comparison rate*) for three years, and the five year is 2.79% (4.02% comparison rate*).

There is a minimum loan amount of $20,000 for all loans and borrowers can have a loan to value ratio of up to 95% for owner occupier loans and 90% for investors.

There are no ongoing fees with this loan so your repayments will go directly to paying back your loan, but there is an upfront fee of $600 to consider.

Choose your repayment frequency to best suit you as RACQ Bank offers weekly, fortnightly and monthly options.  

You can make extra repayments up to $10,000 per year but the loan doesn’t have a redraw option so if you do choose to make extra repayments you won’t be able to access this money again.

snapshot
Who is it good for

The fixed rate loan from RACQ is a competitive choice for Queenslanders that want the security of fixed repayments to help with budgeting.

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Any catches

As with most fixed rate home loans, be sure that you keep track of the end date of your fixed rate term closely. The revert rate of the loan is 4.33% for owner occupier and 4.79% for investor p.a. so shop around and compare home loans prior to this date to ensure that you remain on a competitive interest rate.

Details

Rates and fees information correct as at 28 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

  • 2.39% (4.21%*)

  • 2.39% (4.04%*)

  • 2.39% (3.89%*)

  • n/a

  • 2.74% (3.75%*)

  • n/a

  • n/a

  • 4.33% p.a.

Fees
  • $600.00

  • $0.00

  • $0.00

  • $275.00

  • n/a

  • $0.00

  • $297.00

Other financial bits
  • $20,000

  • 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.

  • none

  • 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 28 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% (4.64%*)

  • 2.59% (4.45%*)

  • 2.59% (4.28%*)

  • n/a

  • 2.79% (4.04%*)

  • n/a

  • n/a

  • 4.79% p.a.

Fees
  • $600.00

  • $0.00

  • $0.00

  • $275.00

  • n/a

  • $0.00

  • $297.00

Other financial bits
  • $20,000

  • 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.

  • none

  • 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 reviews of RACQ Bank Fixed Rate

  • Overall 8/10
    Great customer service and competitive rates.

    I like the fact that there is a local branch nearby which I am able to access, allowing me to deal with people in person. Have also found their telephone banking service to be very good.

    Read full review

    I like the fact that there is a local branch nearby which I am able to access, allowing me to deal with people in person. Have also found their telephone banking service to be very good.

    Price
    8/10
    Features
    7/10
    Customer service
    8/10
    Convenience
    10/10
    Trust
    9/10
    Less
    Debie, Queensland reviewed 12 months ago
  • Overall 8/10
    Always helpful

    Always courteous and helpful.

    Read full review

    Always courteous and helpful.

    Price
    5/10
    Features
    5/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Mary, Queensland reviewed almost 6 years ago
  • Overall 9/10
    Very happy with their customer services

    As a war refugee arrived in Australia, learned English, found the job but no bank offered me home loan. QT Mutual bank (at that time it was QTCU) did it and I own unit now. In 8 years I repaid more than third of the home loan. So I am happy and bank is happy as I can pay rates on time.

    Read full review

    As a war refugee arrived in Australia, learned English, found the job but no bank offered me home loan. QT Mutual bank (at that time it was QTCU) did it and I own unit now. In 8 years I repaid more than third of the home loan. So I am happy and bank is happy as I can pay rates on time.

    Price
    7/10
    Features
    8/10
    Customer service
    9/10
    Convenience
    10/10
    Trust
    9/10
    Less
    Salim, Queensland reviewed over 8 years ago
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2.48% p.a. variable

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2.29% p.a.
fixed 3 years

2.95% p.a.

Athena

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AcceleRATES Variable Home Loan

2.34% p.a. variable

2.34% p.a.

UBank

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UHomeLoan - Discount Offer

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2.49% p.a.

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2.49% p.a.
fixed 3 years

3.28% p.a.

Bank of Queensland

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2.59% p.a. variable

2.76% p.a.

IMB Bank

IMB Bank

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2.61% p.a. variable

2.67% p.a.

AMP Bank

AMP Bank

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2.59% p.a. variable

3.00% p.a.

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2.48% p.a.

2.50% p.a.

HSBC

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2.59% p.a.

2.60% p.a.

Athena

Athena

AcceleRATES Variable Home Loan

2.34% p.a.

2.34% p.a.

UBank

UBank

UHomeLoan - Discount Offer

2.49% p.a.

2.49% p.a.

Suncorp

Suncorp

Back to Basics

2.68% p.a.

2.69% p.a.

Bank of Queensland

Bank of Queensland

Economy

2.59% p.a.

2.76% p.a.

IMB Bank

IMB Bank

Budget Home Loan

2.61% p.a.

2.67% p.a.

AMP Bank

AMP Bank

Variable Rate Loan (Professional Package)

2.59% p.a.

3.00% p.a.

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Fixed Home Loan

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n/a

HSBC

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Fixed Rate Home Loan

2.29% p.a.
fixed 3 years

2.95% p.a.

Homestar

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2.06% p.a.
fixed 3 years

2.38% p.a.

UBank

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UHomeLoan (1 Year Fixed)

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Suncorp

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Fixed Home Loan (Home Package Plus)

2.49% p.a.
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Bank of Queensland

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2.25% p.a.
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3.41% p.a.

IMB Bank

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2.39% p.a.
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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.