RACQ Bank Choices Package Fixed Rate

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Get the certainty of a competitive fixed rate along with a host of other discounts and features with the RACQ Bank Choices Package Fixed Rate.

The RACQ Bank Choices Package Fixed Rate offers a competitive fixed rate home loan, as well as discounts across a range of RACQ Bank products. The package features a free transaction account, interest rate bonuses on term deposits and access to a RACQ Bank Platinum Mastercard with no annual fee.

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Expert review

Adam Smith

Review by


Adam Smith was the home loans editor at Finder.

Expert review

The RACQ Bank Choices Package Fixed Rate is available for owner occupiers and investors. The loan offers interest rate discounts and special offers on other RACQ Bank products in exchange for an annual package fee of $395. This home loan does not come with an offset account or a redraw facility, but those options are available if you choose to split your loan into fixed and variable portions using RACQ Bank’s Mortgage Breaker Home Loan.

About this loan

What are the features and benefits of the RACQ Bank Choices Package Fixed Rate?

  • Loan amount and term. A minimum loan amount of $20,000 is required to receive the package discounts. The maximum loan term is 30 years.
  • Loan-to-value ratio (LVR). If you are an owner occupier, you can borrow up to 80% before incurring lender's mortgage insurance (LMI) and up to 90% with LMI. If you are an investor, you can borrow up to a maximum of 80%.
  • Split loan option. You can split your loan into fixed and variable portions, allowing you the certainty of a fixed rate as well as the benefits of a variable rate and potential rate drops.
  • Free transaction account. As part of the RACQ Bank Choices Package, you'll get a RACQ Bank transaction account with no account keeping fees and unlimited transactions.
  • Bonus interest on term deposits. RACQ Bank Choices Package customers are eligible for an additional 0.15% p.a. bonus interest on investments greater than $5,000 for terms of six months or longer.

What fees and charges come with this loan?

There are no application fees, valuation fees or settlement fees with this loan, although there is an annual package fee.

  • Annual package fee: $395. This annual fee covers all the products included in the RACQ Bank Choices Package.
  • Loan splitting fee: $150. This fee is charged if you wish to split your loan between fixed and variable upon application. A fee of $200 will apply if you choose to split your loan at a later date.

How to apply

If you've considered your options and the RACQ Bank Choices Package Fixed Rate sounds right for you, you can apply online or contact RACQ Bank directly to further discuss the loan.

Before you apply, ensure you have the following information handy:

  • Personal and contact details. This includes the full name, date of birth, address, contact number and personal identification of each of the applicants.
  • Loan and property details. This includes the loan amount, the way you want to structure your loan and the details of the property you are looking to purchase.
  • Financial details. This includes the details of your income from work and any other income streams, your savings and information about your monthly living expenses.
  • Financial liabilities. You will need to supply information about any and all other loans, credit cards and debt-related products that are attached to your name or any of the applicants' names.

With the certainty of a competitive fixed rate and a host of discounted products on offer, the RACQ Bank Choices Package Fixed Rate is definitely one to consider.

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