RACQ Bank Choices Package


One of the biggest rewards offered through the Choices Package is the discount you will receive on your interest rate. The discount will vary depending on how much you’re borrowing, with bigger discounts for larger loan amounts.

While the lowest fixed and variable rates are competitive, they quickly climb up to the other end of the scale for products such as the overdraft option, so make sure you know exactly which product and rate applies to you.

RACQ Bank’s Choices Package also offers free everyday banking, no account keeping fees on various RACQ Bank accounts and a free consultation with a financial planner with a discount on the fee charged for preparing a personal financial plan.

Additionally, this package offers a Platinum MasterCard through RACQ Bank with the annual fee waived as well as discounts on a range of insurance products.

The features included with your home loan will depend on which particular product you take out but can include a 100 per cent offset account, the ability to make early repayments and a redraw facility. Be sure to check each of these with the bank before you take out the loan, particularly if they are an important criteria for you.

Investors must have at least a 20 per cent deposit, but owner-occupiers have the ability to only put down a five per cent deposit for this loan. 

Who is the RACQ Bank Choices Mortgage Breaker Loan good for?

The RACQ Bank Choices Package is could be good for first homebuyers due to the low deposit requirement and the low rates available.

However, since RACQ Bank is customer-owned, you must be a member in order to qualify for this loan and the included benefits are for financial products offered through the mutual bank, so it’s best suited to borrowers who have already decided to bank with RACQ Bank.

Review - What RateCity says

The Choices Package from QT Mutual Bank is suitable for a range of different borrowers, however there is strict eligibility criteria, starting with proof of a Queensland address so it is limited in who can apply for this loan.

However if you are already a member of the bank and you are looking to borrow a decent amount, then this loan could be worth considering.

RACQ Bank Choices Package Options

The Choices Mortgage Breaker Loan lets you package your RACQ Bank home loan with benefits on other offered financial products.

  • Low fixed and variable rates available
  • Discounts on other RACQ Bank products
  • $0 in upfront fees
  • Annual package fee
  • Limited branch access
  • Discharge fee

Must have a Queensland residential address

Must be an RACQ Bank member

Must be over 18 years of age

About RACQ Bank

RACQ was formed more than 100 years ago, in 1905, as a Queensland-based club for motorists. QT Mutual Bank was set up in the mid 1960s under the name the Queensland Teachers' Credit Union with the aim of lending money to other teachers.

On 18 April 2016, RACQ and QT Mutual Bank announced a proposal to join forces and form a powerful member-owned, community-focused mutual organisation. The merger of these two organisations into RACQ Bank came into effect as of 25 September 2017

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