Variable home loan and business loan rates

RACQ Bank will increase home, business and commercial variable interest rates by 0.25% p.a. for new and existing members but has made the decision to delay the effective date for a second consecutive month to 24 January 2023. 

While interest rates are on the rise, RACQ remains committed to offering competitive solutions, with the Fair Dinkum Loan¹ still one of the lowest rates in market for LVR ≤60%.

Meanwhile, to align with RACQ’s focus on helping Queenslanders live more sustainably, the Bank’s Green Home Loan will not be increased from the current 0.79% p.a. comparison rate^#.

New deposit rates 

To help members with a savings account, RACQ Bank increased interest rates on selected savings accounts by up to 0.25% p.a. and term deposits by up to 0.25% p.a. effective 15 December 2022. 

RACQ Group Executive Bank Michelle Winzer said this was the second month in a row the Bank had decided to delay the interest rate rise on home loans.

“We know this can be a challenging time of year financially for many Queenslanders – our aim in again delaying the effective date is to provide a significant buffer for home loan members until the RBA meets again in February,” Ms Winzer said.  

"We’re also continuing to increase interest rates on selected savings accounts to ensure our members are receiving the benefits of a rising interest rate environment.

“The boost will take RACQ Bank’s 12-month term deposit to 4.10% p.a.^, making it one of the most competitive offers in market.”

Ms Winzer encouraged members to get in touch with the Bank early if they do have concerns about how they will manage this increase. 

“Please give our teams a call. They can look at your situation and find the best solution for you, whether that is fast-tracking financial hardship requests or providing flexibility with payment options.

“Members can also use tools, like our home loan repayment calculator and budget planner, to help understand what these changes mean for them, and can also access discounts on everyday household items through RACQ Member Benefits.”

More information on RACQ Bank’s loan and savings products 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. Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

^Rates effective as of 15 December 2022 and are subject to change at any time.

¹Fair 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 of $20,000 in additional lending.

^#RACQ Bank Green Home Loan available with existing, refinanced and new RACQ Bank home loans. Conditions apply. 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 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.