Finty
RACQ Bank

RACQ Bank Mortgage Breaker Owner Occupied

Variable rateOffsetRedraw

Our Mortgage Breaker Owner Occupier variable home loan gives you the flexibility to make unlimited additional repayments and have access to free redraw. You can also save on interest while having access to your money with our 100% offset account.

Written byDavid Boyd
Interest rate a year, from
6.59%
Comparison rate
6.63%
Upfront fees
$550
Annual fee
Not published
Monthly fee
Not published

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.59% (variable, live in, 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
$3,828
Total repayments
$1,378,077
Interest
$778,077

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.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interestUp to 60%6.59%6.63%
VariableLive inPrincipal and interest60% to 70%6.69%6.73%
VariableLive inPrincipal and interest70% to 80%6.74%6.78%
VariableLive inPrincipal and interest80% to 90%6.89%6.93%
VariableLive inPrincipal and interestOver 90%7.09%7.13%
VariableLive inPrincipal and interestAny8.98%9.03%

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
Yes
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.

Variable rate

6.74%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

6.78%

For the same rate. Typical is 6.70%.

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.
  • Redraw. You can take back extra repayments later if you need the money.
  • 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.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.