RACQ Bank marks fifth birthday
RACQ Bank launched on 25 September 2017 following RACQ’s acquisition of QT Mutual Bank in November 2016.
Group Executive Banking Michelle Winzer said RACQ became one of the few clubs in the world to operate a mutual bank.
“The first year was a year of change, transition and growth, which set us up well for the years to come,” Ms Winzer said.
She said RACQ Bank achieved some impressive milestones in its first year, which included growing the bank member base by 14% and achieving a Canstar five-star rating for outstanding value on our home loan products.
“Since then, we've come a long way and we've achieved so much while continuously making a positive impact to our members,” Ms Winzer said.
New products and services
RACQ Bank’s growth has never been more evident than in the past financial year which saw the launch of several new products and services.
“Aligned to RACQ’s 2030 vision of making Queensland more sustainable and liveable into the future, we launched three new ‘green’ loan products (home, car and personal)* to ensure we are there at different touch points of our members’ journey to help them achieve their sustainability goals,” Ms Winzer said.
“In another step toward lessening our environmental impact, RACQ Bank now has rediCARD and Visa Debit cards made from 82% recycled materials.
“We are proud to offer cards made from materials that would otherwise have ended up in landfill.
“We are also excited to be one of the first banks to have the ‘Australian made’ logo on our cards.”
Lending made less complicated
Ms Winzer said RACQ Bank had put a focus on making its lending processes less complicated and much more efficient.
“We have been able to reduce our time to ‘yes’ for home lending from more than 25 days to a low of seven days and personal loans from 13 days to a low of four days,” she said.
“These are some of the best turnaround times in the market.”
RACQ Bank this year launched two new home loan products to meet the different needs of its members – extended loan terms for younger members and the Fair Dinkum Home Loan^.
“We have also ventured into the broker channel to increase the availability of our amazing home lending products to even more members who choose to use a loan broker,” Ms Winzer said.
Bank achievements recognised
The last financial year has also seen RACQ Bank receive four awards – the inaugural Canstar Green Excellence Award for its Green Home Loan; the 2021 Canstar Outstanding Value Award for Investment Home Lender and Investment Fixed Home Lender; and Money Minder of the Year (customer-owned) in Money magazine’s 2022 Consumer Finance Awards.
RACQ Bank has also 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.
“These past five years have been huge for the Bank team,” Ms Winzer said.
“We've grown in staff strength, member base, innovative solutions and made technological strides.
“With all this in full steam, I am looking forward to what the next five years and beyond has in store for us.”
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 Bank Green Home Loan available with existing, refinanced and new RACQ Bank home loans. Conditions apply.
*RACQ Bank Green Car Loan available for new lending only to purchase a plug-in electric car up to 12 months old.
*The Green Personal Loan is available for new lending only to purchase eligible items. Conditions apply.
^Fair Dinkum Owner Occupied Home Loan and Fair Dinkum Investor Home Loan is available for new lending only. Existing members of RACQ Bank with a home loan can switch to the Fair Dinkum Owner Occupied Home Loan or Fair Dinkum Investor Home Loan with a minimum $20,000 in additional new lending.
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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 Product Disclosure Statement (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.