RACQ Bank started in 1965 as the Queensland Teachers’ Credit Union, which was formed by a group of teachers so that they could lend money to other teachers. It developed a reputation for delivering a personal banking service and its more competitive interest rates attracted Queenslanders. As a result, its membership expanded beyond teachers and is now made up of Queenslanders from all walks of life.
The bank was the first in Australia to install an ATM in 1977, and in 1988 the only credit union to have a display at the World Expo in Brisbane. In 2011, it became QT Mutual Bank and in 2017 finally became RACQ Bank following the successful merger with RACQ.
RACQ Bank has physical presence in Queensland, with over 13 branches throughout the state. It also has a team of mobile lenders who can visit you at home and talk to you about a loan set-up that suits your personal circumstances.
Working closely with the Customer Owned Banking Association (the governing body of Australian credit unions and building societies), the bank helped develop the Customer Owned Banking Code of Practice. That code reinforces the bank’s commitment to the benefits of mutuality, community involvement, fairer fees, and customer service.
RACQ Bank offers the following banking products: transaction and savings accounts, home loans, personal loans, credit cards, and term deposits. In terms of home loan products, the bank provides both fixed and variable rate home loans for first home buyers and investors which come with flexible repayment options, competitive interest rates and low fees.
Before you can apply for a home loan with RACQ Bank, you must meet the following requirements:
- Be over 18 years old
- Be an Australian citizen or permanent resident
- Never had any of the following in the past seven years:
- Declaration of bankruptcy or insolvency
- Default on any loans, credit cards or similar
For the application proper, you will need to provide the following:
- Your personal details and contact details (including a valid email address)
- Proof of salary (such as payslips) and evidence of other income including government payments and rental income
- Statements of any liabilities including credit cards or other existing loans
- A copy of your council rates notice
- A copy of your driver's licence or passport
- Home loan statements (if you are refinancing)
You can make your home loan applications online or by downloading and completing relevant documentation then sending them to RACQ Bank via post.