RACQ Chief Executive Bank Michelle Winzer says with interest rates now at levels not seen since 2012, the Bank has been looking for ways to help our members in the current environment.

“In October, we made the decision not to pass on the Reserve Bank of Australia’s (RBA) full interest rate increase to owner-occupied home loan members and to postpone the effective dates for the interest rate increases in November and December because we know rising interest rates and cost-of-living pressures impact our members,” Ms Winzer said.

"At the same time, we have increased interest rates on selected savings accounts to ensure our members who rely on that interest for income, or have put money away for a rainy day, are receiving the benefits of a rising interest rate environment.”

Ms Winzer said despite the challenges, the Bank made good progress this year in providing additional value for members through the introduction and review of new products, services and fees.

"We introduced the Fair Dinkum Home Loan for members who want a simple loan with a great rate, extended loan terms of up to 40 years to help our younger members enter the market, reduced the number of lending fees and rewarded those with an LVR tier of <60% with better interest rates, " she said.

"We have expanded our offering into the broker industry to make our outstanding home lending products even more accessible to members who wish to use mortgage brokers and made accessing money even easier for members, who can now make unlimited cash withdrawals and balance enquiries with no additional cost at hundreds of atmx ATMs across Australia.” ^

Ms Winzer said in support of RACQ’s 2030 vision to be the trusted partner for our members providing them with solutions to live and move safely, securely and sustainably, RACQ Bank became Queensland’s first bank to offer a full suite of green loans to help members achieve their sustainability goals.

“This year we launched our Green Home Loan, Green Car Loan and Green Personal Loan. In addition, we are proud to say that throughout the interest rate rises we have maintained the Green Home Loan interest rate at 0.79% p.a. comparison rate*,” she said.

“RACQ Bank also unveiled a new look rediCARD and Visa Debit card which are made from 82% recycled materials and feature an Australia Made logo on the back.

“It is a proud moment for RACQ Bank as the first bank to launch a card with an 'Australian Made' logo.”  

In recognition of its achievements in 2022, the Bank received 11 awards throughout the year.

Canstar:

• Outstanding Value - Personal Loan category
• Green Award for our Green Home Loan 

Money Magazine:

• Customer Owned Bank – Money Minder of the Year award

Mozo:

• Expert’s Choice in the Unsecured Personal Loan category 

WeMoney:

• Customer-Owned Bank of the Year
• Green Customer Owned Bank of the Year
• Electric Car Loan of the Year
• Green Home Loan of the Year
• Lender of the Year (Customer Owned Bank) – Home Loans
• Best for Quality – Home Loans
• Best for Quality Everyday Accounts
• Finalist in Excellent Rates & Fees (Variable) – Home Loans and Best Savings Account. 

WeMoney Founder & CEO, Dan Jovevski said: “We’re thrilled that RACQ Bank has been recognised for their incredible achievements in our inaugural WeMoney Banking Awards.

“The ‘Customer Owned Bank of the Year’ award is a hallmark of recognition for Australian consumers that helps them identify great banking products in the marketplace.

“The award is very well deserved and is a testament to the success that RACQ Bank has seen across their suite of other awards.”

Ms Winzer said she understood the year ahead would be a challenging one for many Queenslanders and reassured members that RACQ Bank would be here to help.

“In 2023, we will continue to provide members with the help they need.  We encourage any of our members who are struggling financially, to give our team a call so we can find a solution that suits them.”

More information about RACQ Bank’s products and services can be found here.

Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. 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, and consider if appropriate for you before deciding.

Fair Dinkum Home Loan is available for new lending only. Members of RACQ with an existing home loan can switch to Fair Dinkum Home Loan with a minimum $20,000 in additional new lending.

RACQ Bank Green Home Loan available with existing, refinanced and new RACQ Bank home loans.

The Green Personal Loan is available for new lending only to purchase eligible items. Conditions apply

RACQ Bank Green Car Loan is available for new lending only to purchase a plug-in electric car up to 12 months old.

^Unlimited cash withdrawals and balance enquiries without additional cost across Armaguard’s atmx ATM network only.  Some ATM operators may charge a fee for using your Visa Debit Card at their ATM. The fee is displayed and charged by the ATM operator at the time of use. 

*Comparison rate calculated on a secured loan amount of $30,000 over 5 years based on monthly repayments. WARNING: This comparison rate is true only for examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Rates are current as at 6 December 2022 and subject to change at any time.