RACQ Bank CEO Michelle Bagnall said the national recognition of the bank’s home loan products was positive reinforcement the Club was achieving its purpose.
“Outstanding value for our members is exactly what we strive for each and every day,” Ms Bagnall said.
“As a mutual bank, we have the ability to focus on what our members want and need. Without the pressure of shareholders expecting profits, we can offer members some of the best rates and lowest fees in the market.
“We’re thrilled with this recognition but won’t let it stop us progressing and offering our members even more in the future.”
The recognition of the bank’s home loan products came on the heels of an announcement by RACQ Bank that it would not be increasing its variable rate in the wake of increases from three of the big four.
Ms Bagnall said the decision was made because the bank chose to maximise value for members rather than profits.
“We’ve weighed up the options and decided that at this stage our members need stability more than we need a rate increase,” she said.
“Many Queensland families are struggling with high cost of living expenses and we don’t want to add unnecessary pressures.”
The Canstar 5-Star ratings were awarded to RACQ Bank in the categories of Home Lender, Fixed Home Lender, Home Lender – Investment, Variable Home Lender – Investment and Fixed Home Lender – Investment.
Canstar’s Kevin Smart congratulated RACQ Bank on the achievement.
“This is a great achievement for RACQ Bank in light of the extremely competitive landscape in which the home loan market operates in.”