powering smart financial decisions

Pros and cons

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

Owner occupied products interest rates


Loan typePrincipal & Interest rateInterest Only
Mortgage Saver Special Home Loan - Owner Occupied (QLD only) (Min Deposit 30%)
2.19% p.a.
2.21% p.a. Comparison rate
Mortgage Saver Special Home Loan - Owner Occupied (QLD only) (Min Deposit 20%)
2.34% p.a.
2.36% p.a. Comparison rate
Mortgage Breaker Special - Owner Occupied (QLD only) (Min Deposit 30%)
2.39% p.a.
2.45% p.a. Comparison rate
1 Year Fixed Rate Home Loan - Owner Occupied (QLD only) (Min Deposit 5%)
1.79% p.a.
2.58% p.a. Comparison rate
Mortgage Breaker Special - Owner Occupied (QLD only) (Min Deposit 20%)
2.54% p.a.
2.6% p.a. Comparison rate
Mortgage Saver Special Home Loan - Owner Occupied (QLD only) (Min Deposit 5%)
2.59% p.a.
2.61% p.a. Comparison rate
2 Year Fixed Rate Home Loan - Owner Occupied (QLD only) (Min Deposit 5%)
2.49% p.a.
2.63% p.a. Comparison rate
3 Year Fixed Rate Home Loan - Owner Occupied (QLD only) (Min Deposit 5%)
2.89% p.a.
2.72% p.a. Comparison rate
Mortgage Breaker Special - Owner Occupied (QLD only) (Min Deposit 10%)
2.79% p.a.
2.85% p.a. Comparison rate
5 Year Fixed Rate Home Loan - Owner Occupied (QLD only) (Min Deposit 5%)
3.19% p.a.
2.89% p.a. Comparison rate
Home Loan Overdraft - Owner Occupied (QLD Only) (Min Deposit 5%)
4.85% p.a.
4.91% p.a. Comparison rate

Investment purpose products interest rates


Loan typePrincipal & Interest rateInterest Only
Mortgage Breaker Investor Special (QLD only) (Min Deposit 30%)
2.59% p.a.
2.65% p.a. Comparison rate
Mortgage Breaker Investor Special (QLD only) (Min Deposit 20%)
2.74% p.a.
2.8% p.a. Comparison rate
1 Year Fixed Rate Home Loan - Investor (QLD only) (Min Deposit 10%)
1.99% p.a.
2.96% p.a. Comparison rate
2 Year Fixed Rate Home Loan - Investor (QLD only) (Min Deposit 10%)
2.69% p.a.
3% p.a. Comparison rate
Mortgage Breaker Investor Special (QLD only) (Min Deposit 10%)
2.99% p.a.
3.05% p.a. Comparison rate
3 Year Fixed Rate Home Loan - Investor (QLD only) (Min Deposit 10%)
3.09% p.a.
3.08% p.a. Comparison rate
5 Year Fixed Rate Home Loan - Investor (QLD only) (Min Deposit 10%)
3.39% p.a.
3.21% p.a. Comparison rate
Home Loan Overdraft - Investor (QLD Only) (Min Deposit 20%)
5.71% p.a.
5.78% p.a. Comparison rate

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 am an

With a repayment type

Borrow amount


Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 1.79%

Total interest payable


Total loan repayments


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 home loans

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

How can I apply for a first home buyers loan with Commonwealth Bank?

Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.

You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.

You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.

CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property.  The link to download this app is available on the same webpage.

If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.

How do I apply for a home loan pre-approval from Commonwealth Bank?

To apply for a Commbank home loan pre-approval, you can either call the bank at 13 2224 or meet one of the bank’s lending specialists. You can set up a meeting online if you wish. You’ll need to do some homework before contacting the bank, such as gathering information on the kind of properties you’d like to buy and their prices.

Preparing a financial summary, which lists all your income sources as well as significant expenses, can also help determine how much you can afford to borrow. You may also want to check your credit score before applying for pre-approval.

It’s worth remembering that a CBA home loan pre-approval doesn’t guarantee that you’ll get the loan. Once you get the pre-approval, you’ll have about three to six months to decide on a property and apply for the home loan. The bank will then confirm that the property is suitable for the loan before fully approving it.

How to apply for a pre-approval home loan from Bendigo Bank?

Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork. 

Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home. 

With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances. 

To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.

How do I find out my current interest rate and how much is owing on my loan?

Your bank statements and/or your internet banking should show these details. If you are not sure, call your bank or estimate.

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.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

How much can I borrow with a guaranteed home loan?

Some lenders will allow you to borrow 100 per cent of the value of the property with a guaranteed home loan. For that to happen, the lender would have to feel confident in your ability to pay off the mortgage and in the security provided by your guarantor.

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

What happens if I don’t know my monthly repayments?

Your repayments should appear on your bank statements or your internet banking. If you make weekly or fortnightly repayments, make sure you convert them to monthly calculations.

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.