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 am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated repayments

at interest rate 3.19 %

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

3.19%

Variable

$0

3.19%

$0
RACQ Bank
More details

3.39%

Variable

$600

3.43%

$0
RACQ Bank
More details

3.49%

Variable

$600

3.53%

$0
RACQ Bank
More details

3.61%

Variable

$0

3.61%

$0
RACQ Bank
More details

3.85%

Variable

$0

4.24%

$395 annually
RACQ Bank
More details

3.09%

Fixed - 3 years

$600

4.28%

$0
RACQ Bank
More details

2.99%

Fixed - 3 years

$0

4.30%

$395 annually
RACQ Bank
More details

3.99%

Fixed - 5 years

$600

4.42%

$0
RACQ Bank
More details

3.29%

Fixed - 2 years

$0

4.46%

$395 annually
RACQ Bank
More details

3.39%

Fixed - 2 years

$600

4.46%

$0
RACQ Bank
More details

4.05%

Variable

$0

4.46%

$395 annually
RACQ Bank
More details

3.89%

Fixed - 5 years

$0

4.48%

$395 annually
RACQ Bank
More details

3.39%

Fixed - 1 year

$0

4.55%

$395 annually
RACQ Bank
More details

3.49%

Fixed - 1 year

$600

4.58%

$0
RACQ Bank
More details

3.19%

Fixed - 3 years

$600

4.64%

$0
RACQ Bank
More details

3.09%

Fixed - 3 years

$0

4.66%

$395 annually
RACQ Bank
More details

4.31%

Variable

$0

4.69%

$395 annually
RACQ Bank
More details

4.31%

Variable

$0

4.69%

$395 annually
RACQ Bank
More details

4.65%

Variable

$600

4.69%

$0
RACQ Bank
More details

4.09%

Fixed - 5 years

$600

4.73%

$0
RACQ Bank
More details

3.99%

Fixed - 5 years

$0

4.78%

$395 annually
RACQ Bank
More details

3.39%

Fixed - 2 years

$0

4.84%

$395 annually
RACQ Bank
More details

3.49%

Fixed - 2 years

$600

4.85%

$0
RACQ Bank
More details

4.85%

Variable

$600

4.90%

$0
RACQ Bank
More details

3.59%

Fixed - 1 year

$0

4.97%

$395 annually
RACQ Bank
More details

3.69%

Fixed - 1 year

$600

5.01%

$0
RACQ Bank
More details

5.11%

Variable

$600

5.15%

$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

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.

Mortgage Calculator, Repayment Frequency

How often you wish to pay back your lender. 

What is a draw down?

The transfer of money from a lending institution to a borrower. In a typical home loan, the funds are drawn down all at once in order to buy the property. In a construction loan, the money is drawn down in several stages to pay the builders as they progress through each phase of the project. In a line of credit loan, you can draw down money up to a limit based on your loan’s available equity.

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.

How much money can I borrow for a home loan?

What is a standard variable rate (SVR)?

The standard variable rate (SVR) is the interest rate a lender applies to their standard home loan. It is a variable interest rate which is normally used as a benchmark from which they price their other variable rate home loan products.

A standard variable rate home loan typically includes most, if not all the features the lender has on offer, such as an offset account, but it often comes with a higher interest rate attached than their most ‘basic’ product on offer (usually referred to as their basic variable rate mortgage).

Does the Rate Guarantee apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Rate Guarantee.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

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
  • the value of your property
  • your current interest rate
  • name of existing lender
  • property address

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.

Does Real Time Ratings' work for people who already have a home loan?

Yes. If you already have a mortgage you can use Real Time RatingsTM to compare your loan against the rest of the market. And if your rate changes, you can come back and check whether your loan is still competitive. If it isn’t, you’ll get the ammunition you need to negotiate a rate cut with your lender, or the resources to help you switch to a better lender.

What is equity and home equity?

The percentage of a property effectively ‘owned’ by the borrower, equity is calculated by subtracting the amount currently owing on a mortgage from the property’s current value. As you pay back your mortgage’s principal, your home equity increases. Equity can be affected by changes in market value or improvements to your property.

Can I check my rates more than once? Can I go back to view loans from a different device (e.g. my phone) or at another time without having to enter details in again?

You can only check your rates once. However we will send you, via email, the link to the result page so that you may return to it.

What does pre-approval' mean?

Pre-approval for a home loan is an agreement between you and your lender that, subject to certain conditions, you will be able to borrow a set amount when you find the property you want to buy. This approach is useful if you are in the early stages of surveying the property market and need to know how much money you can spend to help guide your search.

It is also useful when you are heading into an auction and want to be able to bid with confidence. Once you have found the property you want to buy you will need to receive formal approval from your bank.

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

How can I negotiate a better home loan rate?

Negotiating with your bank can seem like a daunting task but if you have been a loyal customer with plenty of equity built up then you hold more power than you think. It’s highly likely your current lender won’t want to let your business go without a fight so if you do your research and find out what other banks are offering new customers you might be able to negotiate a reduction in interest rate, or a reduction in fees with your existing lender.

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).