RACQ Bank Choices Package Mortgage Breaker

Get a competitive variable rate along with a host of other discounts and features with the RACQ Bank Choices Package Mortgage Breaker.

The RACQ Bank Choices Package Mortgage Breaker allows you to package RACQ Bank's Mortgage Breaker variable rate home loan with discounts from across RACQ Bank's range of 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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Review by

Adam Smith was the home loans editor at Finder.

Expert review

The RACQ Bank Choices Package Mortgage Breaker 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 offers a redraw facility and an offset account, as well as unlimited additional repayments. You can also split your loan into variable and fixed rate portions.

About this loan

What are the features and benefits of the RACQ Bank Choices Package Mortgage Breaker?

  • Loan amount and term. A minimum loan amount of $150,000 is required to receive discounts off the variable rate. The maximum loan term is 30 years.
  • Variable rate discounts. This loan offers discounts off RACQ Bank's standard variable rate for different borrowing amounts. Loans from $150,000 to $249,999 receive a 0.40% discount, loans from $250,000 to $499,999 receive a 0.80% discount and loan amounts of $500,000 and above receive a 0.90% discount.
  • Loan-to-value ratio (LVR). If you are an owner occupier, you can borrow up to 80% LVR before incurring lender's mortgage insurance (LMI) and up to 90% LVR with LMI. If you are an investor, you can borrow up to a maximum of 80% LVR.
  • Split loan option. You can split your loan into fixed and variable portions, allowing you the security of a fixed rate as well as the benefits of a variable rate that could potentially drop.
  • Offset account. A 100% offset account allows you to pay off your home loan faster by offsetting the amount of interest you're charged by the funds in your account.
  • Additional repayments and redraw facility. You can make unlimited additional repayments with this loan and then redraw the extra funds should you need them.
  • 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 for investments greater than $5,000 for terms of six months or longer.

What fees and charges come with this loan?

  • 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 rate between fixed and variable upon application. A fee of $200 will apply if you choose to split your loan at a later date.
  • Discharge on refinance: $165. This fee is paid if you refinance your home loan and need to discharge your loan from RACQ Bank.
  • Discharge in full to owner: $132. This fee is paid when you pay out your home loan in full and the documents are discharged and handed to you the owner.
  • Discharge in full when registered with government department: $319. This fee is paid when you pay out your home loan in full and the documents are discharged when the mortgage is registered with the Department of Natural Resources and Mines.

How to apply

If you've considered your options and the RACQ Bank Choices Package Mortgage Breaker sounds like the right home loan for you, you can apply online or contact RACQ Bank to discuss the loan further.

Before you apply, ensure that 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 home loan applicants.
  • Loan and property details. This includes the loan amount, the way you want to structure your loan and the details of the property that you are looking to purchase.
  • Financial details. This includes details of your income from work and any other income streams, your savings and information on 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 a competitive variable rate and a host of discounted products on offer, the RACQ Bank Choices Package Mortgage Breaker might just be right for you.

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