The new product targets Queenslanders looking for a low-rate variable home loan with loan, either for a new purchase or to refinance.
RACQ Group Executive Banking Michelle Winzer said the new Fair Dinkum home loan is offered to homeowners seeking either owner occupier or investment loans.
“We know people are feeling the pressure of increasing living costs but are still ambitious about reaching their property goals, whether they’re a first home buyer, investor or looking for a change,” Ms Winzer said.
“RACQ Bank is committed to helping members get ahead with great value banking products, without any hidden fees or charges."
Fair Dinkum home loan rates
RACQ Bank's Fair Dinkum home loan product offers the following variable rates for owner occupiers:
- Fair Dinkum Home Loan ≤70% LVR: 3.64% p.a. variable rate (3.64% p.a. comparison rate*)
- Fair Dinkum Home Loan >70 to ≤80% LVR: 3.84% p.a. variable rate (3.84% p.a. comparison rate*)
- Fair Dinkum Home Loan >80% to ≤95% LVR including LMI: 4.24% p.a. variable rate (4.24% p.a. comparison rate*)
For investors, the following variable rates apply:
- Fair Dinkum Home Loan ≤70% LVR: 3.84% p.a. variable rate (3.84% p.a. comparison rate*)
- Fair Dinkum Home Loan >70 to ≤80% LVR: 4.04% p.a. variable rate (4.04% p.a. comparison rate*)
- Fair Dinkum Home Loan >80% to ≤90% LVR including LMI: 4.44% p.a. variable rate (4.44% p.a. comparison rate*)
Fair Dinkum home loan fees
RACQ Bank's Fair Dinkum home loan is a fee-free product, meaning RACQ Bank customers looking to purchase a new home or refinance will pay no establishment fees, monthly or annual bank fees.
Fair Dinkum home loan features
RACQ Bank's Fair Dinkum home loan features:
- Maximum Loan-to-Value Ratio (LVR): 80%
- Maximum Loan-to-Value Ratio inclusive of Lender's Mortgage Insurance (LMI): 95%
- Maximum loan term of p to 30 years or up to 40 years for first home buyers.
- Unlimited additional repayments.
- Access to RACQ Bank Everyday Account.
- No offset account or redraw facilities.
- Ability to split the home loan.
Applying with RACQ Bank
To be eligible for RACQ Bank's Fair Dinkum home loan, applicants must be at least 18 years of age and an Australian resident. Required documents for RACQ Bank's Fair Dinkum loan include:
- Personal details for each applicant.
- Contact details including a valid email address.
- Proof of salary (two payslips) and evidence of other income including government payments and rental income.
- Statements for any liabilities including credit cards or other existing loans.
- A copy of your driver's licence or passport.
- Home loan statements (if you’re refinancing).
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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
