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RACQ Bank Mortgage Breaker

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 loan of at least $20,000 with an LVR below 90%

The details shown below are for an investor taking out a principal & interest loan of at least $150,000 with an LVR below 90%

The details shown below are for an investor taking out a interest only loan of at least $150,000 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)

    LVR < 90%

    Loan: $20,000

  • Investor (Principal & Interest)

    LVR < 90%

    Loan: $150,000

  • Investor (Interest Only)

    LVR < 90%

    Loan: $150,000

Rate
4.33% p.a.
Comparison Rate*
4.37% p.a.
Service fee
$0.00
Upfront fee
$875
Rate
4.79% p.a.
Comparison Rate*
4.83% p.a.
Service fee
$0.00
Upfront fee
$875
Rate
3.09% p.a.
Comparison Rate*
3.15% p.a.
Service fee
$0.00
Upfront fee
$875
Rate
3.09% p.a.
Comparison Rate*
3.15% p.a.
Service fee
$0.00
Upfront fee
$875

Mozo editorial review RACQ Bank Mortgage Breaker

Last updated: 19 March 2020.

binocular icon
What's hot
  • 100% offset account
  • Available to investors and owner occupiers
  • Borrow up to 95% of the property’s value (owner occupiers only)
  • 2020 Mozo Experts Choice Award winner
What's not
  • Need to be a Queensland resident to apply
Mozo snapshot

If you’re a Queenslander looking to break the back of your mortgage, RACQ Bank’s 2020 Mozo Experts Choice Award winning Mortgage Breaker Loan could be what you’re looking for. 

Available to investors and owner occupiers with a Queensland residential address, this home loan has all the features you want like a competitive interest rate, offset account and no account keeping fees. You’ll need to take into account the $395 annual package fee so be sure that you’ll use the offset facility and other benefits to their full advantage so that you get the best possible value from the loan.

key icon
Key features

With the Mortgage Breaker Choices Package interest rates are tiered depending on a number of factors: how much you’re borrowing, the amount of deposit you’ve got towards the property, if you’re buying an investment property and whether you’re making interest only or principal and interest repayments.

The maximum loan to value ratio for owner occupiers is 95% and up to 90% for investors. There is a minimum loan amount of $150,000 and a maximum loan term of 30 years.

Other features that come with the loan include the ability to split the loan between fixed and variable rates, and the ability to make repayments either weekly, fortnightly or on a monthly basis. Plus, you can make extra repayments without paying extra fees.

The $359 annual package fee is standard for packaged loans, and includes extra benefits like a fee free platinum credit card and additional interest on any term deposits you have with RACQ Bank.

When you’re approved for a loan you’ll automatically become a member of RACQ which will give you access to things like discounted movie tickets and dining rewards. Best of all the package loan has an offset account which means that money kept in this account will be offset against the interest owing on your home loan.

snapshot
Who is it good for

Borrowers are looking for a flexible home loan that will allow them to pay off their home loan sooner and reap the benefits that come with RACQ membership.

snapshot
Any catches

You’ll need to have a Queensland residential address to be eligible for RACQ home loans. In addition to this you’ll need to have at least a 5% deposit to put down on the property.

Details

Rates and fees information correct as at 24 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
  • 4.33% p.a.

  • n/a

  • n/a

  • n/a

  • 4.37% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/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
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • $0.00

  • yes

  • yes

  • none

  • 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 24 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
  • 4.79% p.a.

  • n/a

  • n/a

  • n/a

  • 4.83% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/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
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • no

  • none

  • yes

  • yes (for principal & interest loans only)

  • none

  • 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 24 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
  • 3.09% p.a.

  • n/a

  • n/a

  • n/a

  • 3.15% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $600.00

  • $0.00

  • $0.00

  • $275.00

  • n/a

  • $0.00

  • $297.00

Other financial bits
  • $150,000

  • none

  • none

  • 90.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • no

  • none

  • yes

  • yes

  • none

  • 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 24 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
  • 3.09% p.a.

  • n/a

  • n/a

  • n/a

  • 3.15% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $600.00

  • $0.00

  • $0.00

  • $275.00

  • n/a

  • $0.00

  • $297.00

Other financial bits
  • $150,000

  • none

  • none

  • 90.00%

Features
  • Investor

  • Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • no

  • no

  • none

  • yes

  • no

  • none

  • 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 Mortgage Breaker

  • Overall 8/10
    QTMB - Exceptional Service with Versatile Products

    With QTMB you are treated as a person not a number. Staff support is outstanding. Online banking is extremely helpful as well as the staff when visiting a branch. Thank you QTMB.

    Read full review

    With QTMB you are treated as a person not a number. Staff support is outstanding. Online banking is extremely helpful as well as the staff when visiting a branch. Thank you QTMB.

    Price
    6/10
    Features
    6/10
    Customer service
    8/10
    Convenience
    7/10
    Trust
    8/10
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    Mozo community reviewer, Queensland reviewed about 7 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.