RACQ Bank logo

RACQ Bank Mortgage Saver Special

Advertiser disclosure
Rate
2.75% p.a.
Comparison Rate
2.77% p.a.
Service fee
$0.00
Upfront fee
$303

Mozo editorial review RACQ Bank Mortgage Saver Special

Last updated: 17 November 2020.

binocular icon
What's hot
  • 2.87% variable interest rate (2.87% comparison rate*)
  • No application or annual fees
  • Unlimited extra repayments
What's not
  • No offset account
Mozo snapshot

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. 

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Key features

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.

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Who is it good for

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.

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Any catches

Unless you’re an existing RACQ member, the Mortgage Saver Special home loan deal is generally only applicable to properties in Queensland.

Details

Rates and fees information correct as at 20 January 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
  • 2.75% 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

Fees
  • $0.00

  • $0.00

  • $0.00

  • $302.50

  • n/a

  • $0.00

  • $150.00

Other financial bits
  • $20,000

  • none

  • none

  • 90.00%

Features
  • 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.

Customer Reviews

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

Overall
7.2/10
Price
8.7/10
Features
8.0/10
Customer service
8.7/10
Convenience
6.5/10
Trust
7.5/10

Latest reviews of RACQ Bank Mortgage Saver Special

  • Overall 10/10
    Very happy with this loan and application process.

    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 review

    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.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Dan, Queensland reviewed 6 months ago
  • Overall 9/10
    Overall very good.

    Simple, easy and affordable.

    Read full review

    Simple, easy and affordable.

    Price
    8/10
    Features
    7/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    10/10
    Less
    Nathanael, Queensland reviewed about 1 year ago
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