Like the idea of keeping your home loan expenses to a bare minimum with a competitive 2.87% interest rate (2.87% comparison rate*) and as few fees as possible? The Mortgage Saver Special from RACQ Bank could be the perfect low cost home loan match for borrowers, especially if you’re entering the market for the first time.
The Mortgage Saver Special from RACQ Bank could have you saving on your repayments from the get go, with a low 2.87% variable interest rate for owner occupies who take out a loan of at least $20,000 and are willing to make both principal and interest repayments.
On top of the low interest rate, RACQ Bank’s offer could also be a handy way for first home buyers to get their foot in the door, courtesy of the low 10% deposit criteria. However, borrowers who have a deposit below 20% will be required to take out Lenders Mortgage Insurance in order to be eligible for a loan.
RACQ Bank’s offer could also help you put more of your money towards renovations on your new home or making extra payments to the home loan itself, with no application or ongoing fees. However, you will have to pay a settlement fee of $302.50 once you've signed up to RACQ's home loan and a $297 discharge fee once you’ve paid it off.
Speaking of payments, the Mortgage Saver Special loan also gives borrowers the option of making unlimited extra repayments for free (so you can pay off your loan faster), plus you’ll be able to dip into those additional repayments with the free redraw facility.
While the loan doesn’t provide an offset account option, you will have the opportunity to split your loan and take advantage of an eligible low rate fixed home loan offer from RACQ Bank.
Prospective home buyers who aren’t worried about having an offset account or making principal and interest payments could find the RACQ Bank Mortgage Saver Special a great low fee, low rate home loan option.
Unless you’re an existing RACQ member, the Mortgage Saver Special home loan deal is generally only applicable to properties in Queensland.
2.75% p.a.
n/a
n/a
n/a
2.77% p.a.
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
$0.00
$0.00
$0.00
$302.50
n/a
$0.00
$150.00
$20,000
none
none
90.00%
Owner Occupier
Principal & Interest
Weekly, Fortnightly, Monthly
yes - free
yes
yes - free
$0.00
yes
no
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.
Very happy with this product. Good rate, flexible extra repayments/withdraw through banking app and like to have the option to visit a branch if needed. The service provided during the application process exceeded my expectations. Our agent was easy to contact and guided us through this process with prompt replies and clear information and instructions.
Read full reviewVery happy with this product. Good rate, flexible extra repayments/withdraw through banking app and like to have the option to visit a branch if needed. The service provided during the application process exceeded my expectations. Our agent was easy to contact and guided us through this process with prompt replies and clear information and instructions.
Simple, easy and affordable.
Read full reviewSimple, easy and affordable.
loans.com.au
Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
People's Choice Credit Union
Fixed Rate Home Loan (Package)
1.99% p.a.
fixed 3 years
3.64% p.a.
loans.com.au
Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
loans.com.au
Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a.
2.47% p.a.
People's Choice Credit Union
Fixed Rate Home Loan (Package)
1.99% p.a.
fixed 3 years
3.64% p.a.
Bank of Queensland
Fixed Rate
2.09% p.a.
fixed 3 years
3.01% p.a.
loans.com.au
Smart Booster Home Loan
1.99% p.a.variable for 12 months and then 2.48% p.a.
2.47% p.a.
$0.00
Yard
Variable Home Loan Special
2.09% p.a.
2.12% p.a.
$0.00
GMCU
Basic Variable
2.33% p.a.variable for 24 months and then 3.82% p.a.
3.71% p.a.
$8.00 monthly
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.
