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RACQ Bank Mortgage Saver Special

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 95%

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 70%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR 80%-95%

    Loan: $20,000

  • Owner Occupier (Principal & Interest)

    LVR 70%-80%

    Loan: $20,000

  • Owner Occupier (Principal & Interest)

    LVR < 70%

    Loan: $20,000

Rate
2.59% p.a.
Comparison Rate
2.61% p.a.
Service fee
$0.00
Upfront fee
$303
Rate
2.34% p.a.
Comparison Rate
2.36% p.a.
Service fee
$0.00
Upfront fee
$303
Rate
2.19% p.a.
Comparison Rate
2.21% p.a.
Service fee
$0.00
Upfront fee
$303

Mozo editorial review RACQ Bank Mortgage Saver Special - last updated: 17 November 2021

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What's hot
  • 2.59% variable interest rate (2.61% 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 2.59% interest rate (2.61% 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 2.59% 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 5% 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 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

2.61% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$0.00

$0.00

n/a

$302.50

n/a

$0.00

$165.00

Other financial bits

$20,000

none

80.00%

95.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

yes

yes - free

$0.00

yes

no

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

2.34% p.a.

n/a

n/a

n/a

2.36% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$0.00

$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

no

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

2.19% p.a.

n/a

n/a

n/a

2.21% p.a.

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Fees

$0.00

$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

no

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.