Qantas Home Loans - 100,000 QFF points per year

[CaptainCurtis]

Not sure if this belongs here or in the Finance forum, but it looks like Qantas has partnered with Bendigo and Adelaide Bank to start offering home loans.

Qantas Frequent Flyer members will earn 100,000 Qantas Points upon settlement of their Qantas Money Home Loan. Qantas Frequent Flyer members will also earn an annual bonus of 100,000 Qantas Points which accrues three months after the settlement anniversary of their Qantas Money Home Loan up to 30 years.

From a cursory glance, the interest rates don't look half bad. Up to the individual whether 100k points are worth more than the various cashback offers in the market.

 

[exceladdict]

Very interesting. I guess the key is whether the rates remain competitive into the long term.

Edit: looks like offset account is $10/month and they've thought in advance about people taking out loans and leaving them open just to accrue points:

Reasonable use Qantas Money understands that, in addition to the purchase of property, a home loan can also have a variety of cash flow management benefits for borrowers. As such, reasonable use may include: • holding funds in an offset account for limited periods to finance large purchases (e.g., place a deposit on an investment property, finance a renovation); or • prepaying a portion of the remaining principal for limited periods, in order to redraw the prepayment at a later stage (e.g., to place a deposit on an investment property or to finance a renovation).

We may consider your use of a home loan unreasonable for the purposes of points allocation if you use it in a manner which is other than the normal use it was intended for. For example, other than as described above. Unreasonable use includes where we believe that: • where the principal owing is offset to a significant extent, for an extended period (i.e., 70% or more for 12 months or more); • where repayments are so far ahead of the agreed repayment plan, for an extended period (i.e., 70% or more of the remaining principal has been prepaid for 12 months or more)

 

[Scr77]

Do you have a link for this? Doesn’t seem to show on Bendigo bank site yet.

 

[Thibault]

Do you have a link for this? Doesn’t seem to show on Bendigo bank site yet.

Go directly on Qantas Money.

 

[Mattg]

Do you have a link for this? Doesn’t seem to show on Bendigo bank site yet.

An email was sent out to QFF members this morning. Links to this page:

Home Loans | Qantas Money Home Loans

Earn Qantas Points when you apply for owner-occupied or investment property home loans or refinance loans. Compare our online home loans here.

www.qantasmoney.com

 

[Kangol]

Very interesting. I guess the key is whether the rates remain competitive into the long term.

Edit: looks like offset account is $10/month and they've thought in advance about people taking out loans and leaving them open just to accrue points:

You could take out the minimum loan of 300k, put in 300k (100%) offset for just under 12 months, then take out 31% (93k) for just under 12 months and keep repeating

 

[exceladdict]

You could take out the minimum loan of 300k, put in 300k (100%) offset for just under 12 months, then take out 31% (93k) for just under 12 months and keep repeating

If you averaged that interest cost (give or take 5k) in the second year over the two years, you'd be looking at 100k points for $2500, or give or take 2.5 cents per point - pretty expensive. But, YMMV if that's worth it I guess? If one needs a loan anyway then you could certainly do worse

 

[Kangol]

If you averaged that interest cost (give or take 5k) in the second year over the two years, you'd be looking at 100k points for $2500, or give or take 2.5 cents per point - pretty expensive. But, YMMV if that's worth it I guess? If one needs a loan anyway then you could certainly do worse

That was just a quick calculation to maximise points return. There may also be applicable interest deductions for some.
Or, in any case if you don't need a loan, just churn and burn like ccs.

 

[exceladdict]

That was just a quick calculation to maximise points return. There may also be applicable interest deductions for some.
Or, in any case if you don't need a loan, just churn and burn like ccs.

Absolutely, if you need a loan either way it could work out well! Certainly better than nothing

 

[Mr H]

This does look like an interesting offer, but normally the decision on a home loan would be outweighed by issues of fees, interest and so on rather than points which QF would value at $1,100 a year and I might value at $2,000.

For now, I will stick with my 2.65% fixed for another three and a half years.

 

[anchew]

This is quite an attractive offer for me. Not only is the interest rate competative, the bonus points are ongoing, rather than once off. It's similar to what's on offer by Qudos but the interest rates are much lower.

 

[Batterytraveller]

Pretty competitive offer, if I hadn’t just refinanced onto a similar rate then I’d probably do it. Let’s see where we are after the next rate rise.

 

[Lewdannie]

I have a loan with Bendigo and Adelaide bank through Tic Toc and they have been good at reviewing rates and matching to offers.
I would take up this offer if I owed more.

 

[Radio8tiv]

The extra charges for offset ($10 per month) and the clause where you cannot pay more then an extra $20k PA is why I won’t be taking advantage of this offer

 

[exceladdict]

the clause where you cannot pay more then an extra $20k PA

Where's that clause hiding?

 

[Mr H]

The extra charges for offset ($10 per month) and the clause where you cannot pay more then an extra $20k PA is why I won’t be taking advantage of this offer

The $20k per annum limit is only for fixed rate loans. It is standard practice for fixed term loans and the limit is actually not bad - for comparison, I am currently with ANZ on a fixed term loan and I can only repay an additional $5,000 per annum.

 

[Radio8tiv]

The $20k per annum limit is only for fixed rate loans. It is standard practice for fixed term loans and the limit is actually not bad - for comparison, I am currently with ANZ on a fixed term loan and I can only repay an additional $5,000 per annum.

Thanks for clearing that up, will probably not partake this time as one of my mortgages is under the limit and the other is just over SWMBO won’t want the hassle of two different institutions

 

[ANstar]

Th

The extra charges for offset ($10 per month) and the clause where you cannot pay more then an extra $20k PA is why I won’t be taking advantage of this offer

e $10 offset fee is a standard charge by Adelaide bank on their current offerings. As for the 20K... just stick it in the offset so its not an additional payment.

 

[anchew]

Hi all, resurrecting this thread to see if anyone has experience with QF Home Loans. I'm wondering if anyone knows when the first lot of 100k points will drop. The website says 'upon settlement' and wanted to know from other's experiences, how quick it arrives once settlement goes through.

 

[GrahamBRI]

Came through straight away. Day of, or day after settlement for me.