Australia's flagship airline has launched the 'Qantas Money Home Loan', a variable-rate product for both owner occupiers and investors.
On principal & interest payments for owner occupiers, the rate is currently 4.67% p.a. with a 4.73% p.a. comparison rate*.
For investors the rate is 5.02% p.a. (5.08% p.a. comparison rate*).
The minimum loan amount is $300,000 while the maximum is $3 million - for loans under $2m, a minimum deposit of 10% is required, while for loans over this amount, a minimum deposit of 25% applies.
The credit provider is Bendigo & Adelaide Bank, which also underwrites Tic:Toc and Up Bank home loans.
The airline-turned-credit-provider also offers 100,000 Qantas Points every year with the product - new customers are required to sign up to the frequent flyer program in order to apply for a Qantas Money home loan.
Qantas already offers frequent-flyer rewards credit cards through both American Express and Mastercard platforms - the latter of which are underwritten by Citi.
Qantas' home insurance products are underwritten by Auto & General, parent company of Budget.
Qantas Money Home Loan Features
- Offset accounts: 100% offset accounts offered for $10 per month, which includes a Visa debit card and BPAY facility. If the offset is added after the home loan is settled, it attracts a $150 fee - same for if they remove the offset.
- Additional repayments are unlimited on variable-rate home loans, and $20,000 per year for fixed-rate home loans.
- Free redraw.
- Frequent Flyer points: 100,000 offered on settlement, as well as 100,000 for every year for the life of the loan. Applies to a maximum of one owner occupier property, and five investment properties at a time.