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RACQ Bank Mortgage Breaker

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan of at least $20,000 with an LVR below 70%

The details shown below are for an owner occupier taking out a principal & interest loan of at least $20,000 with an LVR below 80%

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

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%

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 80%

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 70%

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 < 70%

    Loan: $20,000

  • Owner Occupier (Principal & Interest)

    LVR 70%-80%

    Loan: $20,000

  • Owner Occupier (Principal & Interest)

    LVR 80%-90%

    Loan: $20,000

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $20,000

  • Investor (Principal & Interest, Interest Only)

    LVR 80%-90%

    Loan: $20,000

  • Investor (Principal & Interest, Interest Only)

    LVR 70%-80%

    Loan: $20,000

  • Investor (Principal & Interest, Interest Only)

    LVR < 70%

    Loan: $20,000

  • Investor (Principal & Interest, Interest Only)

    LVR < 90%

    Loan: $20,000

Rate
2.39% p.a.
Comparison Rate
2.45% p.a.
Service fee
$0.00
Upfront fee
$903
Rate
2.54% p.a.
Comparison Rate
2.60% p.a.
Service fee
$0.00
Upfront fee
$903
Rate
2.79% p.a.
Comparison Rate
2.85% p.a.
Service fee
$0.00
Upfront fee
$903
Rate
4.33% p.a.
Comparison Rate
4.39% p.a.
Service fee
$0.00
Upfront fee
$903
Rate
2.99% p.a.
Comparison Rate
3.05% p.a.
Service fee
$0.00
Upfront fee
$903
Rate
2.74% p.a.
Comparison Rate
2.80% p.a.
Service fee
$0.00
Upfront fee
$903
Rate
2.59% p.a.
Comparison Rate
2.65% p.a.
Service fee
$0.00
Upfront fee
$903
Rate
4.79% p.a.
Comparison Rate
4.85% p.a.
Service fee
$0.00
Upfront fee
$903

Mozo editorial review RACQ Bank Mortgage Breaker - last updated: 19 November 2021

binocular icon
What's hot
  • 100% offset account
  • Available to investors & owner occupiers
  • Borrow up to 95% of the property’s value (owner occupiers only)
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 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. 

key icon
Key features

With the Mortgage Breaker 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 investors is 90%. There is a minimum loan amount of $20,000 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.

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 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.

question icon
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% (for an owner occupier) deposit to put down on the property.

Details

Rates and fees information correct as at 6 December 2021. 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

2.39% p.a.

n/a

n/a

n/a

2.45% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$600.00

$0.00

n/a

$302.50

n/a

$0.00

$165.00

Other financial bits

$20,000

none

none

70.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

yes

yes - free

$0.00

yes

yes

Valuation fees charged at cost.

Receive 15% off Home & Contents Insurance for the life of the loan.

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 6 December 2021. 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

2.54% p.a.

n/a

n/a

n/a

2.60% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$600.00

$0.00

n/a

$302.50

n/a

$0.00

$165.00

Other financial bits

$20,000

none

70.00%

80.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

yes

yes - free

$0.00

yes

yes

Valuation fees charged at cost.

Receive 15% off Home & Contents Insurance for the life of the loan.

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 6 December 2021. 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

2.79% p.a.

n/a

n/a

n/a

2.85% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$600.00

$0.00

n/a

$302.50

n/a

$0.00

$165.00

Other financial bits

$20,000

none

80.00%

90.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

yes

yes - free

$0.00

yes

yes

Valuation fees charged at cost.

Receive 15% off Home & Contents Insurance for the life of the loan.

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 6 December 2021. 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

4.39% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$600.00

$0.00

n/a

$302.50

n/a

$0.00

$165.00

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

Valuation fees charged at cost.

Receive 15% off Home & Contents Insurance for the life of the loan.

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 6 December 2021. 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

2.99% p.a.

n/a

n/a

n/a

3.05% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$600.00

$0.00

n/a

$302.50

n/a

$0.00

$165.00

Other financial bits

$20,000

none

80.00%

90.00%

Features

Investor

Principal & Interest, Interest Only

Weekly, Fortnightly, Monthly

yes - free

no

no

none

yes

yes

Valuation fees charged at cost.

Receive 15% off Home & Contents Insurance for the life of the loan.

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 6 December 2021. 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

2.74% p.a.

n/a

n/a

n/a

2.80% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$600.00

$0.00

n/a

$302.50

n/a

$0.00

$165.00

Other financial bits

$20,000

none

70.00%

80.00%

Features

Investor

Principal & Interest, Interest Only

Weekly, Fortnightly, Monthly

yes - free

no

no

none

yes

yes

Valuation fees charged at cost.

Receive 15% off Home & Contents Insurance for the life of the loan.

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 6 December 2021. 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

2.59% p.a.

n/a

n/a

n/a

2.65% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$600.00

$0.00

n/a

$302.50

n/a

$0.00

$165.00

Other financial bits

$20,000

none

none

70.00%

Features

Investor

Principal & Interest, Interest Only

Weekly, Fortnightly, Monthly

yes - free

no

no

none

yes

yes

Valuation fees charged at cost.

Receive 15% off Home & Contents Insurance for the life of the loan.

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 6 December 2021. 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

4.85% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$600.00

$0.00

n/a

$302.50

n/a

$0.00

$165.00

Other financial bits

$20,000

none

none

90.00%

Features

Investor

Principal & Interest, Interest Only

Weekly, Fortnightly, Monthly

yes - free

yes

no

none

yes

yes (for principal & interest loans only)

Valuation fees charged at cost.

Receive 15% off Home & Contents Insurance for the life of the loan.

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.

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About RACQ Bank

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.