based on 27 RACQ Bank product reviews as rated by Mozo community

RACQ Bank personal loans

In 2017, Royal Automobile Club of Queensland (aka RACQ) launched RACQ Bank. It is a mutual bank owned by RACQ’s 1.7 million members and offers a range of banking products including home loans, personal loans and deposit accounts. When it comes to personal loans there are two options: a secured car loan or an unsecured multi-purpose loan. Read on for all the info you need.

RACQ Bank offers the following personal loans

Rates and fees verified as correct at 24 April 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate from Comparison rate from Upfront fee
Fixed Car Loan (Secured)

7.99% p.a.

8.27% p.a.based on $30,000
over 5 years


Green Car Loan (Fixed)

5.99% p.a.

5.99% p.a.based on $30,000
over 5 years


Green Personal Loan (Variable, Unsecured)

6.99% p.a.

7.26% p.a.based on $30,000
over 5 years


Unsecured Personal Loan (Variable)

9.99% p.a.

10.27% p.a.based on $30,000
over 5 years


What personal loans does RACQ Bank offer? 

Unsecured Personal Loan 

The unsecured personal loan option from RACQ Bank is a variable rate loan that doesn’t require borrowers to put up assets as collateral. With this loan, customers can take out a loan between $3,000 and $60,000 and pay it back over 1 to 5 years. 

When it comes to making repayments, there’s the choice of a weekly, fortnightly or monthly schedule, plus the option to make extra repayments. Just be mindful, there is no redraw facility attached to this loan so you cannot access your additional contributions later on. 

While there is no ongoing service cost or any early repayment penalty to worry about, remember to budget for an application fee when you sign up. 

Car Loan 

Looking for a car loan option for either a new or used car? Why not consider the RACQ Bank Car Loan? Whether its a pre-loved city car or a brand new ute equipped for any adventure, with this loan car buyers can borrow between $3,000 and $60,000 on cars up to 5 years old. Plus, there’s the choice of a 1 to 7 year loan term and the option to make weekly, fortnightly or monthly repayments. 

And if you are wanting to pay down all or part of your loan ahead of time - with the RACQ Bank car loan you can. Borrowers have the option to make free extra repayments, and won’t be charged an early repayment penalty if they pay down the loan in full ahead of time. Just remember, there are no redraws allowed on this loan and there is also an application fee straight off the bat. 

RACQ Bank’s Car Loan also won a 2021 Mozo Experts Choice Award for Best Used Car Loan

RACQ Bank personal loan features at a glance 

  • Repayment schedule options: Need the option to align your repayments with when you get paid? Well RACQ Bank offers weekly, fortnightly and monthly repayments so you can choose what suits you best. 

  • Extra repayments: If having the flexibility to make additional contributions towards your loan is on your must-haves, all of RACQ Bank’s personal loan options have this feature. Keep in mind though, they don’t have a redraw facility. 

  • No early repayment penalty: With a RACQ Bank personal loan, you won’t be charged if you pay your entire loan before the end of your term. 

How do you apply for a RACQ Bank personal loan? 

You can apply for a RACQ Bank personal loan online, over the phone or in-branch (which are located in Queensland only). If you opt for the online application, it only takes around 10 minutes. 

There are a few things RACQ Bank will ask for when you apply: 

  • Your income and employment details 

  • An outline of any expenses and liabilities you have (like living costs, loan or credit card debts etc) 

  • Asset information (like any property, vehicles, savings or super you have)

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