RACV Personal Loan (Fixed)

7.49% p.a.to 15.00% p.a.

8.06% p.a.to 15.61% p.a.based on $30,000
over 5 years


RACV Personal Loan (Fixed) Review

Rates and fees information correct as at 22 September 2018.

Review published: 29 November 2012

What's hot:

  • Low 7.49% fixed interest rate

  • No ongoing fees

  • Loan approval within 24 hours

What's not:

  • $205 early repayment fee

Mozo snapshot:

If you're after a low rate personal loan with fixed monthly repayments the RACV personal loan fits the bill with its fixed rate of 7.49%. And this loan doesn't have to be just for a car, you can use it for any purpose such as a holiday or even to consolidate debt. No ongoing fees and a simple online application process make it a convenient loan for anyone, you don't have to be located in Victoria or a member of the RACV.

Key features:

The RACV personal loan has a 7.49% interest rate for all loans between 1 - 7 years. The minimum loan amount is $25,000 and there isn't a cap so long as you can make the fixed monthly repayments within the loan's time period. The $399 application fee is relatively steep compared with other personal loans but the low interest rate and fact that you won't have to pay any ongoing fees should balance out this cost.

You have the option of choosing fortnightly or monthly repayments to help you time repayments with your pay cheque. And there is the option of making extra repayments at anytime but this loan do not have a redraw facility which means that if you make extra repayments, you won't be able to access this money until the loan is paid off. And there is a 2% minimum or $205 fee if you pay it off before 75% of the loan term.

There's a fast application and approval process. Once your loan is approved your money can be made available within 24 hours.

Who it's good for:

Fixed rate loans are great if you have a tight monthly budget and just want to know each month that your repayments won't change.

Any catches?

There's the $205 early repayment fee which you will need to pay if you do happen to pay off the loan before 75% of the loan term but don't let this put you off paying out the loan as quick as possible. Every extra repayment means less interest you'll pay in the long run.

How are RACV personal loans rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust

Based on 3
RACV personal loans reviews

9.3 7.0 8.3 7.7 8.3

Read RACV personal loan reviews by the Mozo community

Latest review of RACV Personal Loan (Fixed)


RACV Personal Loan (Fixed, Secured) personal loan review

Overall rating   9 / 10

Fantastic in every sense of the word!

RACV came to the party when other Finance companies couldn't. They made it simple and fast without any fuss, and I received the funds within two days at the lowest interest rate in town!

Full review

RACV came to the party when other Finance companies couldn't. They made it simple and fast without any fuss, and I received the funds within two days at the lowest interest rate in town!

    Price   10 / 10

    Features   7 / 10

    Customer service   10 / 10

    Convenience   8 / 10

    Trust   10 / 10


Joshua, Victoria, reviewed over 5 years ago

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  • Fixed

  • 7.49% p.a.to 15.00% p.a. fixed

  • 8.06% p.a.to 15.61% p.a.based on $30,000
    over 5 years


  • $399.00

  • $0.00

  • $20.00

  • none

  • 2%, min $200 if paid before 75% of term, otherwise $0.

Other financial bits

  • $25,000.00

  • none

  • 1 Year

  • 7 Years

  • Residential Property, Vehicle


  • Fortnightly, Monthly

  • Yes

  • No

  • none

  • none

About RACV

RACV is proud of its rich history which began in December 1903 when the Club was formed at Melbourne's Port Phillip Club Hotel. Today, RACV offer a range of insurance policies to suit all sorts of needs - from car insurance and home insurance to business insurance. As a membership organisation, RACV is committed to returning value to members as well as providing great value products and high quality service

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

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