RACQ Bank Saver Home Loan


The Mortgage Saver Loan offers the flexibility of unlimited additional payments for mortgage holders who wish to pay off their loan fast.

It also comes with a redraw facility, which allows borrowers to redraw any additional payments they might have made if the funds are needed elsewhere. It’s worth noting a small redraw fee is applicable for every withdrawal.

Borrowers who want the flexibility of a variable rate loan and the certainty of a fixed rate loan also have the option to split their loan each way and get the best of both worlds.

Who is the RACQ Bank Saver Home Loan good for?

The RACQ Bank Mortgage Saver is a solid option for owner-occupiers who want a straightforward loan with a reasonable variable interest rate and minimal fees. It may allow them to refinance quickly and enjoy some flexibility in terms of managing their payments.

This loan is designed for owner-occupiers, not investors. 

Review - What RateCity says

The QT Mutual Bank Mortgage Saver has some strong features that could help borrowers refinance quickly. It offers unlimited additional repayments, no ongoing fees, and the flexibility of a split loan option, but does not have a 100 per cent offset account.

This loan won’t suit investors, but it may suit owner-occupiers who want a reasonably low interest rate and do not wish to pay ongoing fees. The split loan function is also an appealing proposition in this interest rate market.


Borrowers should note however, that it comes with moderate to moderately-high upfront costs and fees attached to its redraw facility. Borrowers interested in this loan should balance the fees against the likely savings a low interest rate and unlimited repayments could offer them. 

RACQ Bank Saver Home Loan Options

The Mortgage Saver offers a range of options, with small minimum loan and deposit amounts. 

  • Unlimited repayments
  • Redraw facility
  • No ongoing fees
  • Not feature-rich
  • Owner-occupiers only
  • Fees for use of redraw facility

Must be an owner-occupier

Must be an Australian resident

Five per cent minimum deposit

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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