RACV Personal Loan

Rates and Fees verified correct on March 29th, 2017

Take advantage of pre-approval and a competitive interest rate personal loan from RACV.

Whether you are looking to purchase a caravan, go on a holiday, or even undertake some home renovations, the RACV Personal Loan can finance your next important purchase. Featuring a competitive interest rate and no ongoing account-keeping fees, it offers quick approval to help put money in your pocket in as little as 24 hours.

Things to consider about RACV Personal Loans

Product NameRACV Personal Loan
Interest Rate (p.a.)From 7.99% (fixed)
Comparison Rate (p.a.)8.53%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term7 years
Min Loan Amount$5,000
Max. Loan Amount$30,000
Application Fee$370
Monthly Service Fee$0

The RACV Personal Loan can be used to finance almost anything. RACV offers pre-approval with this loan so you can make your purchase knowing exactly how much you have to spend. The loan attracts a $370 application fee but does not have any ongoing account-keeping fees.

If you are specifically looking to purchase a car, RACV offers a car loan with an even lower interest rate and optional extras for your warranty and insurance.

Features of RACV Personal Loans

  • Interest rate. There is a fixed interest rate of 7.99% p.a. for the life of the loan. The comparison rate is 8.53% p.a. (based on $30,000 over five years).
  • Convenient repayment options. RACV works with you to set up direct debit payments that will line up with when you get paid. You have the option of making these repayments either fortnightly or monthly. Extra repayments can also be made at any point during your loan.
  • Loan terms and amount. You can choose loan terms between 1 year(s) and 7 year(s), with a minimum loan amount of $5,000.
  • Secured loan. With the RACV Personal Loan you will need to nominate an asset as collateral for the loan.
  • Fees and charges. There is an upfront application fee of $370 for the RACV Personal Loan. No ongoing administration fees are charged for the life of the loan, but there is a late payment fee and a charge of if you repay the loan in full before 75% of the loan term is through.

How to apply for the RACV Personal Loan

If you'd like to get your application process started, you can do so by clicking "Go to Site". First, check you meet the eligibility criteria outlined below. You must:

  • Be 18 years of age or older
  • Be an Australian citizen or permanent resident
  • Be in regular, ongoing employment
  • Have had no loan or credit card defaults in the last three years
  • Have not filed for bankruptcy in the past seven years
  • Be looking to borrow at least $5,000

You'll also need to provide the following information:

  • Australian driver’s licence
  • Details from your employer including name, address, contact details
  • Details of your financial position including income, assets, expenses and debts

You can complete the application process online or over the phone. It will take approximately 10 minutes and, in most cases, you will be approved and have access to the funds within 24 hours.

To make sure you're getting the right loan for your needs, make sure you compare all of your options before you apply.

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This page was last modified on 20 October 2016 at 1:05pm.

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32 Responses to RACV Personal Loan

  1. Default Gravatar
    Annalise | November 3, 2016

    What is the maximum age a car can be to be used as insurance for a secured loan? Mine is 8 years old.

    • Staff
      Anndy | November 10, 2016

      Hi Annalise,

      Thanks for your question.

      In a secured car loan, the restrictions on the age of the vehicle vary among lenders. Some even have restrictions on some makes and models of cars. You can directly get in touch with the lender you are interested in to enquire about this.


  2. Default Gravatar
    pam | April 24, 2016

    how much would weekly repayments be for a personal loan of $11000 over 7 and what is the rate

    • Staff
      Elizabeth | April 26, 2016

      Hi Pam,

      Using this personal loan calculator I worked out that your weekly repayments would be $41 based on RACV’s starting interest rate of 9.15% p.a. Keep in mind your interest rate may be different depending on what you’re approved for.

      Hope this has helped,


  3. Default Gravatar
    Scott | February 13, 2016

    Can you please confirm the maximum loan amount for a debt consolidation loan?

    • Staff
      Elizabeth | February 15, 2016

      Hi Scott,

      The maximum loan amount with RACV personal loan for debt consolidation is $35,000.


  4. Default Gravatar
    Greg | February 13, 2016

    To get a fixed rate of 9.15% does this have to be secured by an asset. If so a block of land ok but do you lodge a second mortgage or caveat?

    • Staff
      Elizabeth | February 15, 2016

      Hi Greg,

      With the RACV Personal Loan you will need to nominate an asset as collateral for the loan. Unfortunately this asset can only be a car associated with no other loans, and a model no earlier than 2008. Alternatively, if you own a home, they can use that as a security. A block of land does not qualify as an asset with this loan type.



  5. Default Gravatar
    George | January 2, 2016

    I am a retired person Have had two previous loans from racv.Can I still get a loan from racv

  6. Default Gravatar
    | July 19, 2015

    Who are RACV loans underwritten by?

    • Staff
      Matt | July 21, 2015

      Hi Anne-Marie,

      Thanks for your comment. RACV do not make this information publicly available. If you need this information, please contact RACV directly using the above go to site links.


  7. Default Gravatar
    Leigh | July 16, 2015

    HI there I would like to consolidate a personal loan and credit card and buy a car. I have an old default on my Credit REport from 5 years ago and has been marked as paid in full and due to come off in October. I notice that you have said 3 years for defaults. Would I be eligible for a loan with you? TIA

    • Staff
      Jodie | July 27, 2015

      Hi Leigh,

      Thank you for your comment.

      You have come through to finder.com.au, a financial comparison website, please use the above “Go to site” button to contact RACV directly to discuss your lending needs.


  8. Default Gravatar
    Rochelle | July 15, 2015

    Is this personal loan rate of 9.15% available to pensioners?.

    • Staff
      Elizabeth | July 16, 2015

      Hi Rochelle,

      Thanks for your question.

      Unfortunately to be eligible for this loan you need to be in regular, ongoing employment. You can find loans available to pensioners on this page.

      I hope this has helped.



  9. Default Gravatar
    Vincent | June 29, 2015

    Can I get a personal loan if I’m 19, married and working part time?

    • Staff
      Elizabeth | June 29, 2015

      Hi Vincent,

      Thanks for your question.

      To be eligible for this loan you need to be over the age of 18 and be able to provide evidence of regular income from your employer. If you can meet this criteria, and the other criteria listed on the page above, then you are able to apply.

      I hope this has helped.



  10. Default Gravatar
    Vincent | June 26, 2015

    I want to borrow 28K for my husband, to apply for permanent residency and university fee. Can I get approved for a personal loan? Thank you.

    • Staff
      Elizabeth | June 29, 2015

      Hi Vincent,

      Thanks for your question.

      You are able to use the loan amount for this loan to finance most anything of your choosing, but you will likely need to disclose this in your application. You’ll also need to meet the eligibility criteria (listed towards the bottom of the review) in order to be eligible.

      I hope this has helped.



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