RACV Personal Loan Review Australia – Fixed Rates, Fees and 24-Hour Approval

RACV Personal Loan at a glance

The RACV personal loan is a secured fixed-rate option for Aussies looking to borrow between $5,000 and $30,000 with terms from one to seven years. With fixed interest rates starting around 10.69% p.a. (rising depending on your profile), this product suits borrowers who want predictable repayments and fast access to cash.

This loan has no ongoing account-keeping fees but does carry a $499 application fee and potential early repayment penalties if you pay out too soon. For many Australians the quick 24-hour approval and straightforward process make the RACV personal loan a practical choice for car repairs, renovations or consolidating higher-cost debt.

Rates, fees and repayment flexibility

RACV offers fixed interest options typically between about 10.69% and 15.89% p.a., with comparison rates that reflect the true cost between roughly 11.42% and 16.66% p.a. Because it’s secured lending, the lender takes an asset as collateral which can lower the rate but adds extra conditions to consider.

You can make additional repayments at any time and set up fortnightly or monthly direct debits to line up with your pay cycle. Bear in mind the $499 upfront fee and the early repayment charge if you discharge the loan before roughly 75% of the term has passed — factor these into the total cost when comparing personal loan Australia options.

How to apply and what you’ll need

Applying for the RACV personal loan is simple and can be done online or over the phone, usually taking around ten minutes to submit. Documents typically required include your Australian driver licence, proof of income (payslips or tax statements), employer contact details and information about the asset used as security.

Eligibility is standard for Australian lenders: be at least 18, a citizen or permanent resident, in steady employment and with a reasonably clean credit record. If everything checks out, RACV aims for fast turnaround — many applicants see conditional approval within 24 hours and funds soon after.

Is the RACV personal loan right for you?

If you want a predictable fixed-rate loan and don’t mind offering security, RACV is a solid contender with no ongoing fees and quick approval times. It’s particularly useful for Aussies who prioritise certainty over rate volatility and need between $5k and $30k without fuss.

However, if you prefer unsecured credit, lower upfront fees or the flexibility of variable rates, shop around — other lenders may better match those needs. Compare total costs (interest plus fees), read the terms on early repayment penalties and, if it fits your circumstances, consider applying or getting pre-approval to lock in the rate.