RACQ announces market leading fixed mortgage rate

RACQ Bank has today led the way and offered one of the lowest fixed mortgage rates in the country.

Club spokesperson Paul Turner said the market leading three-year fixed home loan rate of 2.99 percent rate per annum would give Queensland homeowners security and could open the door for people entering the housing market for the first time.

“We’ve made a decision which gives our lending customers peace of mind by locking in their mortgage when rates are at an historic low,” Mr Turner said.

“Last week, we matched the full RBA cut and dropped our variable home loan rate to 3.19 percent per annum. Now we’ve lowered our fixed rate for people who want to secure their rate for the next three years.

“As a member owned bank, our focus is on providing better value banking so members can realise the dream of home ownership without overextending themselves.

“The new rates come into effect on our fixed and variable rate home loans from today.”

Mr Turner said the RBA’s decision to further drop the official cash rate benefited those with a home loan, however the announcement would also impact Queenslanders with deposits.

“The RBA has entered uncharted territory and we recognise self-funded retirees and others who rely on the income from deposits will be affected,” he said

“That’s why we’ve introduced a new short-term deposit with an excellent rate of 2.1 percent on accounts with a term of three, four or five months.

“With the possibility of the RBA making another rate cut before Christmas the account provides certainty to people who are able to lock away their deposit.”