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RACQ Bank Mortgage Saver Home Loan Review

A low fee variable rate home loan with all the basic features you need to fulfil your home owning dreams.

A competitive low interest rate, no ongoing fees, unlimited extra repayments and a redraw facility makes the RACQ Bank Mortgage Saver Home Loan a great home loan option for those who don’t want or need all the fancy features of other loans.

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Review by

Jodie Humphries was a social media manager, producer and writer at Finder.

Expert review

The RACQ Bank Mortgage Saver Home Loan is suitable for owner occupiers purchasing, refinancing or constructing their home or purchasing land and looking to make principal and interest repayments. It is not available for the purchase of investment properties or for interest only repayments.

About this loan

What are the features and benefits of the RACQ Bank Mortgage Saver Home Loan?

  • Loan amount and term. You can borrow a minimum of $20,000 with this loan for a maximum of 30 years.
  • Loan-to-value ratio (LVR). You can borrow up to 80% LVR before incurring lenders mortgage insurance (LMI). You can borrow up to 90% LVR with LMI.
  • Loan purpose. You can use this loan to purchase an existing property, refinance your current home loan, purchase a block of land or construct your new home.
  • Loan top-ups. You are able to increase your loan amount by a minimum of $20,000 with up to 80% LVR.
  • Split loan option. You can split your loan rate so that one portion is fixed so that you can take advantage of the stability of a fixed rate whilst also having the benefit of a variable rate that may decrease if market conditions allow.
  • Additional repayments and redraw facility. You can make unlimited additional repayments with this loan and then redraw them with the available redraw facility.

What fees and charges come with this loan?

  • Loan splitting fee: $150. This fee is charged if you wish to split your loan between fixed and variable when you apply. If you split your loan at a later date, a fee of $200 will apply.
  • Discharge on refinance: $165. This fee is paid when 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 like the look of the RACQ Bank Mortgage Saver Home Loan and you're considering it for your home loan, you can apply online or contact RACQ Bank to discuss the loan further.

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

  • Personal details. This includes the full name, address, contact number, date of birth and personal identification of each person applying for the home loan.
  • Loan and property details. This includes how much you wish to borrow, the way you want to structure your loan and the details of the property 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.

The RACQ Bank Mortgage Saver Home Loan has all the basic features you need with no ongoing fees and a competitive variable interest rate, making it a home loan that might be right for you.

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