RACQ Bank
RACQ was formed more than 100 years ago, in 1905, as a Queensland-based club for motorists. It was originally called the Automobile Club of Queensland and designed to advocate the rights of drivers. As it evolved, it began to offer a range of products to members including car loans and personal loans.
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. In 2011, it changed its name QT Mutual Bank, after becoming Queensland’s first customer-owned bank.
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.
RACQÂ Bank Home Loan Calculator
Interested in an RACQ Bank home loan? RateCity has a suite of calculators that can show you what your repayments would be and how RACQ Bankcompares to its competitors. Simply plug in your borrowing amount below.Â
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RACQ Bank home loan repayment calculator
Your estimated repayments
at interest rate 2.75 %
Total interest payable
$0
Total amount payable
$0
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.
RACQ Bank home loans rates
Product | Advertised Rate | Total estimated upfront fees | Comparison Rate* | Ongoing fee | Go to site | Company | |
|---|---|---|---|---|---|---|---|
2.75% Variable | $302 | 2.77% | $0 | | More details | ||
2.95% Variable | $902 | 3.01% | $0 | | More details | ||
3.09% Variable | $902 | 3.15% | $0 | | More details | ||
2.49% Fixed - 5 years | $902 | 3.65% | $0 | | More details | ||
2.39% Fixed - 5 years | $302 | 3.75% | $395 annually | | More details | ||
1.99% Fixed - 3 years | $902 | 3.79% | $0 | | More details | ||
1.89% Fixed - 3 years | $302 | 3.84% | $395 annually | | More details | ||
3.53% Variable | $302 | 3.96% | $395 annually | | More details | ||
1.99% Fixed - 2 years | $902 | 3.97% | $0 | | More details | ||
1.89% Fixed - 2 years | $302 | 4.00% | $395 annually | | More details | ||
2.69% Fixed - 5 years | $902 | 4.00% | $0 | | More details | ||
2.59% Fixed - 5 years | $302 | 4.09% | $395 annually | | More details | ||
1.89% Fixed - 1 year | $302 | 4.17% | $395 annually | | More details | ||
1.99% Fixed - 1 year | $902 | 4.17% | $0 | | More details | ||
2.19% Fixed - 3 years | $902 | 4.17% | $0 | | More details | ||
2.09% Fixed - 3 years | $302 | 4.21% | $395 annually | | More details | ||
2.19% Fixed - 2 years | $902 | 4.38% | $0 | | More details | ||
2.09% Fixed - 2 years | $302 | 4.39% | $395 annually | | More details | ||
4.33% Variable | $902 | 4.39% | $0 | | More details | ||
3.99% Variable | $302 | 4.41% | $395 annually | | More details | ||
3.99% Variable | $302 | 4.41% | $395 annually | | More details | ||
4.05% Variable | $302 | 4.46% | $395 annually | | More details | ||
2.09% Fixed - 1 year | $302 | 4.59% | $395 annually | | More details | ||
2.19% Fixed - 1 year | $902 | 4.61% | $0 | | More details | ||
4.79% Variable | $902 | 4.85% | $0 | | More details | ||
4.85% Variable | $902 | 4.90% | $0 | | More details | ||
5.91% Variable | $302 | 6.28% | $395 annually | | More details | ||
6.71% Variable | $902 | 6.76% | $0 | | 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.
How much are repayments on a $250K mortgage?
The exact repayment amount for a $250,000 mortgage will be determined by several factors including your deposit size, interest rate and the type of loan. It is best to use a mortgage calculator to determine your actual repayment size.
For example, the monthly repayments on a $250,000 loan with a 5 per cent interest rate over 30 years will be $1342. For a loan of $300,000 on the same rate and loan term, the monthly repayments will be $1610 and for a $500,000 loan, the monthly repayments will be $2684.
How can I get a home loan with no deposit?
Following the Global Financial Crisis, no-deposit loans, as they once used to be known, have largely been removed from the market. Now, if you wish to enter the market with no deposit, you will require a property of your own to secure a loan against or the assistance of a guarantor.
What is the ratings scale?
The ratings are between 0 and 5, shown to one decimal point, with 5.0 as the best. The ratings should be used as an easy guide rather than the only thing you consider. For example, a product with a rating of 4.7 may or may not be better suited to your needs than one with a rating of 4.5, but both are probably much better than one with a rating of 1.2.
What factors does Real Time Ratings consider?
Real Time RatingsTM uses a range of information to provide personalised results:
- Your loan amount
- Your borrowing status (whether you are an owner-occupier or an investor)
- Your loan-to-value ratio (LVR)
- Your personal preferences (such as whether you want an offset account or to be able to make extra repayments)
- Product information (such as a loan’s interest rate, fees and LVR requirements)
- Market changes (such as when new loans come on to the market)
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.
Savings over
Select a number of years to see how much money you can save with different home loans over time.
e.g. To see how much you could save in two years by switching mortgages, Â set the slider to 2.
Mortgage Calculator, Loan Results
These are the loans that may be suitable, based on your pre-selected criteria.Â
How personalised is my rating?
Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating.Â
We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time.Â
Monthly Repayment
Your current monthly home loan repayment. To accurately calculate how much you could save, an accurate payment figure is required. If you are not certain, check your bank statement.
What is a specialist lender?
Specialist lenders, also known as non-conforming lenders, are lenders that offer mortgages to ‘non-vanilla’ borrowers who struggle to get finance at mainstream banks.
That includes people with bad credit, as well as borrowers who are self-employed, in casual employment or are new to Australia.
Specialist lenders take a much more flexible approach to assessing mortgage applications than mainstream banks.
Mortgage Calculator, Property Value
An estimate of how much your desired property is worth.Â
What is a valuation and valuation fee?
A valuation is an assessment of what your home is worth, calculated by a professional valuer. A valuation report is typically required whenever a property is bought, sold or refinanced. The valuation fee is paid to cover the cost of preparing a valuation report.
Mortgage Calculator, Repayments
The money you pay back to your lender at regular intervals.Â
What does going guarantor' mean?
Going guarantor means a person offers up the equity in their home as security for your loan. This is a serious commitment which can have major repercussions if the person is not able to make their repayments and defaults on their loan. In this scenario, the bank will legally be able to the guarantor until the debt is settled.
Not everyone can be a guarantor. Lenders will generally only allow immediate family members to act as a guarantor but this can sometimes be stretched to include extended family depending on the circumstances.