RACQ Home Loan Review

RACQ Home Loan Review

Read Here for Our RACQ Home Loan Review:

RACQ Bank is one of Queensland’s largest lenders. RACQ home loans are among the most competitive in the area – potential borrowers may find their offers worth consideration.

Who is eligible for RACQ home loans? What are the requirements for application?

The eligibility and document requirements of this lender are the following:

  • Age requirement: Borrowers must at least be 18 years old. Proof of identity is also needed.
  • Income: The borrower must have proof of regular income. Aside from this, documents containing liabilities and assets must be provided.
  • Australian resident: The borrow must at least be an Australian resident.

What are the features of RACQ home loans?

RACQ loans come with many benefits, including:

  1. Member discounts:

Those who take out RACQ loans are eligible for off-brand discounts that range from dining to entertainment benefits.

  1. Home package discount:

Borrowers can apply for a home package that gives them discounts on home and contents insurance.

  1. Split rates:

Many of RACQ’s loans can be divided into variable and fixed interest rates.

  1. Minimal additional fees:

Most of their loan packages feature no monthly or annual fees; some even have no establishment fees.

What RACQ home loans are available?

Different RACQ home loans are available for both owner-occupied and investment loans. This lender’s selection of owner-occupied home loans is the following:

  1. Mortgage Saver

Mortgage Saver is a variable interest home loan that is excellent for first-time buyers. It features no establishment, monthly, and annual fees. Some other important details of this loan are:

  • Special LVR Rates:
70% to 80% LVR >70% LVR
Interest Rate 2.65% annually 2.55% annually
Comparison Rate 2.67% annually 2.57% annually

 

  • Redraw and Repayments: Redraws are available and additional repayments are unlimited.
  1. Mortgage Breaker Owner Occupied Loan

Mortgage Breaker is a variable interest home loan that is excellent for refinancing or renovating. It also features no monthly and annual fees, and personal borrowers have a full offset account available. Other details include:

  • Special LVR Rates:
70% to 80% LVR >70% LVR
Interest Rate 2.85% annually 2.75% annually
Comparison Rate 2.91% annually 2.81% annually

 

  • Redraw and Repayments: Redraws are available and additional repayments are unlimited.
  1. Fixed-Rate Owner Occupied Loan

This is ideal for new buyers who want the security of a fixed interest rate. RACQ’s fixed-rate home loan is available in terms of 1, 2, 3, and 5 years. Other features include:

  • Fixed Interest Rates:
Interest Rate Comparison Rate
1-year loan 1.79% annually 2.73% annually
2-year loan 1.89% annually 2.66% annually
3-year loan 1.99% annually 2.63% annually
5-year loan 2.49% annually 2.71% annually

 

  • Redraw and Repayments: No redraws are available and additional repayments are capped at $10,000 annually.

The selection of RACQ’s investment loans, on the other hand, is as follows:

  1. Mortgage Breaker Investment Loan

The investor version of Mortgage Breaker is a variable rate loan that features the availability of a 100% offset account. In addition, it features no monthly and annual fees. The other features of this loan include:

  • Special LVR Rates:
70% to 80% LVR >70% LVR
Interest Rate 2.99% annually 2.89% annually
Comparison Rate 3.05% annually 2.95% annually

 

  • Redraw and Repayments: No redraws are available but additional repayments are unlimited.
  1. Fixed-Rate Investment Loan

There is also a fixed-rate loan available for investors. This also features no monthly or annual fees and is also available for 1-, 2-, 3-, and 5-year terms. The other features include:

  • Fixed Interest Rates:
Interest Rate Comparison Rate
1-year loan 2.19% annually 3.07% annually
2-year loan 2.19% annually 2.99% annually
3-year loan 2.19% annually 2.92% annually
5-year loan 2.69% annually 2.9% annually

 

  • Redraw and Repayments: No redraws are available and additional repayments are capped at $10,000 annually.

Are you ready to compare home loans today? Then, check out our comparison tool here at Makes Cents and start looking at your options!

Our RACQ Home Loan Review is just one of many. You can also read reviews on many more Home Loan Reviews at MakesCents. 



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