RACQ Bank increases rates for savings and home loan members
RACQ Bank has announced changes to its home loan and savings accounts following the RBA’s decision to increase the official cash rate by 0.50%.
Variable home loan and business loan rates
RACQ Bank will increase home, business and commercial variable interest rates by 0.50%* p.a. for new and existing members. RACQ’s Green Home Loan remains unchanged at a low 0.79%* p.a. comparison rate#.
While interest rates are on the rise, RACQ remains committed to offering members competitive solutions.
New deposit rates
To help RACQ members with a savings account, the Bank will increase interest rates on savings accounts by up to 0.50%*p.a. and term deposits by up to 0.30%*p.a.
All the new rates will become effective 20 September 2022.
RACQ Group Bank Executive Michelle Winzer said in making this decision the Bank balanced the needs of both its home loan and saving account members.
“RACQ Bank is committed to providing Queenslanders with competitive banking products. In a rising interest rate market, we want to ensure our savings account members are benefiting from this environment, and our home loan members are supported,” Ms Winzer said.
“While we know two thirds of our members are ahead in their mortgage repayments, we recognise some members may be feeling the pressure more than others.
“We encourage members to get in touch with us early if they do have concerns about how they will manage this increase.
“The earlier we’re contacted, the more effective we can be in looking for ways to help, whether that be fast-tracking financial hardship requests, or providing assistance and flexibility with payment options.”
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 at 20 September 2022 and are subject to change at any time.
#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.
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The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions 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 PDS and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
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.
RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.