RACQ Bank home loan repayment calculator

Thinking about taking out a home loan with RACQ Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how RACQ Bank home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.75 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Pros
  • Variety of home loan products.
  • Opportunity to bundle other financial products.
  • Caters for people with specific needs.
  • Community based bank run by members.
Cons
  • Some products include fees.
  • Limited branch access.

RACQ Bank home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.75%

Variable

$0

2.77%

$0
RACQ Bank
More details

2.95%

Variable

$600

3.01%

$0
RACQ Bank
More details

3.09%

Variable

$600

3.15%

$0
RACQ Bank
More details

2.74%

Fixed - 5 years

$600

3.75%

$0
RACQ Bank
More details

2.64%

Fixed - 5 years

$0

3.84%

$395 annually
RACQ Bank
More details

2.39%

Fixed - 3 years

$600

3.89%

$0
RACQ Bank
More details

2.29%

Fixed - 3 years

$0

3.93%

$395 annually
RACQ Bank
More details

3.53%

Variable

$0

3.96%

$395 annually
RACQ Bank
More details

2.39%

Fixed - 2 years

$600

4.04%

$0
RACQ Bank
More details

2.29%

Fixed - 2 years

$0

4.06%

$395 annually
RACQ Bank
More details

2.94%

Fixed - 5 years

$600

4.10%

$0
RACQ Bank
More details

2.84%

Fixed - 5 years

$0

4.18%

$395 annually
RACQ Bank
More details

2.29%

Fixed - 1 year

$0

4.20%

$395 annually
RACQ Bank
More details

2.39%

Fixed - 1 year

$600

4.21%

$0
RACQ Bank
More details

2.59%

Fixed - 3 years

$600

4.27%

$0
RACQ Bank
More details

2.49%

Fixed - 3 years

$0

4.31%

$395 annually
RACQ Bank
More details

4.33%

Variable

$600

4.39%

$0
RACQ Bank
More details

3.99%

Variable

$0

4.41%

$395 annually
RACQ Bank
More details

3.99%

Variable

$0

4.41%

$395 annually
RACQ Bank
More details

2.59%

Fixed - 2 years

$600

4.45%

$0
RACQ Bank
More details

2.49%

Fixed - 2 years

$0

4.46%

$395 annually
RACQ Bank
More details

4.05%

Variable

$0

4.46%

$395 annually
RACQ Bank
More details

2.49%

Fixed - 1 year

$0

4.63%

$395 annually
RACQ Bank
More details

2.59%

Fixed - 1 year

$600

4.64%

$0
RACQ Bank
More details

4.79%

Variable

$600

4.85%

$0
RACQ Bank
More details

4.85%

Variable

$600

4.90%

$0
RACQ Bank
More details

5.91%

Variable

$0

6.28%

$395 annually
RACQ Bank
More details

6.71%

Variable

$600

6.76%

$0
RACQ Bank
More details

RACQ Bank customer service

RACQ Bank has numerous services for customers to access their accounts and get support. RACQ Bank also has a presence on the ground in Queensland, with over 13 branches throughout the state. RACQ Bank also has a team of mobile lenders. They can visit you at home and talk to you about a loan set-up that suits your personal circumstances. Customers can access their accounts 24-hours-a-day via internet banking and telephone banking is also available. Both these services allow you to access things such as your recent transactions history and account balance, as well as to  find a bank branch or ATM. The bank can also be contacted by email.

  • Mobile app
  • Online banking
  • Branch
  • Mobile banking staff

How to Apply

Applications and home loan enquiries can be made online at the RACQ Bank website or by downloading and completing relevant documentation then sending them to RACQ Bank via post. Relevant information includes:

  • Personal identification material
  • Proof of income
  • Information regarding your living costs

Learn more about RACQ Bank

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

What is a guarantor?

A guarantor is someone who provides a legally binding promise that they will pay off a mortgage if the principal borrower fails to do so.

Often, guarantors are parents in a solid financial position, while the principal borrower is a child in a weaker financial position who is struggling to enter the property market.

Lenders usually regard borrowers as less risky when they have a guarantor – and therefore may charge lower interest rates or even approve mortgages they would have otherwise rejected.

However, if the borrower falls behind on their repayments, the lender might chase the guarantor for payment. In some circumstances, the lender might even seize and sell the guarantor’s property to recoup their money.

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor. 

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

Mortgage Calculator, Repayment Type

Will you pay off the amount you borrowed + interest or just the interest for a period?

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

Why was Real Time Ratings developed?

Real Time RatingsTM was developed to save people time and money. A home loan is one of the biggest financial decisions you will ever make – and one of the most complicated. Real Time RatingsTM is designed to help you find the right loan. Until now, there has been no place borrowers can benchmark the latest rates and offers when they hit the market. Rates change all the time now and new offers hit the market almost daily, we saw the need for a way to compare these new deals against the rest of the market and make a more informed decision.

What is a debt service ratio?

A method of gauging a borrower’s home loan serviceability (ability to afford home loan repayments), the debt service ratio (DSR) is the fraction of an applicant’s income that will need to go towards paying back a loan. The DSR is typically expressed as a percentage, and lenders may decline loans to borrowers with too high a DSR (often over 30 per cent).

Why is it important to get the most up-to-date information?

The mortgage market changes constantly. Every week, new products get launched and existing products get tweaked. Yet many ratings and awards systems rank products annually or biannually.

We update our product data as soon as possible when lenders make changes, so if a bank hikes its interest rates or changes its product, the system will quickly re-evaluate it.

Nobody wants to read a weather forecast that is six months old, and the same is true for home loan comparisons.

What is a construction loan?

A construction loan is loan taken out for the purpose of building or substantially renovating a residential property. Under this type of loan, the funds are released in stages when certain milestones in the construction process are reached. Once the building is complete, the loan will revert to a standard principal and interest mortgage.

What is appraised value?

An estimation of a property’s value before beginning the mortgage approval process. An appraiser (or valuer) is an expert who estimates the value of a property. The lender generally selects the appraiser or valuer before sanctioning the loan.

Mortgage Calculator, Interest Rate

The percentage of the loan amount you will be charged by your lender to borrow. 

How much is the first home buyer's grant?

The first home buyer grant amount will vary depending on what state you’re in and the value of the property that you are purchasing. In general, they start around $10,000 but it is advisable to check your eligibility for the grant as well as how much you are entitled to with your state or territory’s revenue office.