RACQ Bank Mortgage Breaker Investment
Variable rateOffset
Our Mortgage Breaker Investor principal and interest variable home loan gives you the flexibility to make unlimited additional repayments. You can also save on interest while having access to your money with our 100% offset account.
- Interest rate a year, from
- 6.79%
- Comparison rate
- 6.83%
- Upfront fees
- $550
- Annual fee
- Not published
- Monthly fee
- Not published
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 6.79% (variable, investment, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $3,908
- Total repayments
- $1,406,720
- Interest
- $806,720
Rates
Every rate RACQ Bank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.
| Rate | Property | Repayments | LVR | Interest rate | Comparison rate |
|---|---|---|---|---|---|
| Variable | Investment | Principal and interest | Up to 60% | 6.79% | 6.83% |
| Variable | Investment | Principal and interest | 60% to 70% | 6.89% | 6.93% |
| Variable | Investment | Principal and interest | 70% to 80% | 6.94% | 6.98% |
| Variable | Investment | Principal and interest | 80% to 90% | 7.09% | 7.13% |
| Variable | Investment | Principal and interest | Over 90% | 7.29% | 7.33% |
| Variable | Investment | Principal and interest | Any | 9.54% | 9.59% |
Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Fees and features
Fees
- Upfront fees
- $550
- Annual fee
- Not published
- Monthly fee
- Not published
Features
- Offset account
- Yes
- Redraw
- No
- Highest LVR
- 90%
- Loan amount
- From $20,000
How it compares
Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.
Upfront fees
$550
Typical upfront fees are $600.
Smallest deposit
10%
Most loans need at least 10% of the price.
Pros and cons
Pros
- An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
- Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
Cons
Nothing stands out.