RACQ Bank slashes interest rate

Queensland’s newest mutual bank has cut its comparison rate to 3.62 percent on its award-winning Mortgage Saver Special Variable Home Loan, which made it one of the cheapest on the market.

RACQ’s Kirsty Clinton said the mutual lender operated for the benefit of members and made the rate cut to ease cost of living pressures on Queensland families.

“With the price of electricity, fuel and other weekly expenses continuing to rise, we understand Queensland family budgets are getting tighter each month,” Ms Clinton said.

“This new 3.62 percent rate firmly positions our Mortgage Saver Special Variable Home Loan as one of the lowest variable home loan rates on the market.

“With the loan also currently comes with 12 months free RACQ Home and Contents insurance so it’s a great option for Queensland home owners.”

Ms Clinton said competitive rates were just one of the advantages the member-owned bank had over traditional lenders.

“We’re in the unique position of not having shareholders to report to. Instead, any profits we make are returned to our members – one way we can do this is with great rates,” she said.

“More than 1.7 million Queenslanders rely on RACQ for products and services like roadside assistance and insurance and they can rest assured they’ll get the same great service they know and trust with RACQ Bank.”

 

Loans are issued by Members Banking Group Limited ABN 83 087 651 054 AFSL and Australian credit licence 241195 trading as RACQ Bank. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, before deciding. 

Terms, conditions, fees, charges and normal lending criteria apply. Comparison rate is based on a secured loan amount of $150,000 with monthly repayments over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Other interest rates and comparison rates apply for property investment.

Mortgage Saver Special is available for home loan applications received from 5 April 2018 and is for new lending only. Customers with an existing home loan can switch to Mortgage Saver Special with a minimum $20,000 in additional new lending.