Earning frequent flyer points on your home loan: Qudos comes out on top
Rewards points can be a great way to get your hands on some serious goodies, but did you know that you don’t need a rewards credit card to rack them up? Nowadays, there are a number of products out there with points earning potential, including savings accounts, car loans, and even home loans.
And if you’re looking for a provider that offers all three, look no further than Qudos Bank. Along with its Visa Platinum Credit Card, points lovers can also sign up for the Qudos Bank Qantas Points Saver, Qantas Points Car Loan and Qantas Points Home Loan.
Of these, the last one might be your best ticket to maximising your points. With the Qudos Qantas Points Home Loan, you’ll nab 150 Qantas Points each year for every $1,000 of your loan balance. That means if you’ve got $400,000 remaining on your loan, you can expect to rake in a whopping 60,000 Qantas Points that year.
How many points can you earn on your home loan?
There aren’t that many home loans on the market that give borrowers the chance to score rewards points, but two others on our radar are those offered by Macquarie Bank and Virgin Money.
*Points earning only, does not take into account the value of points when being redeemed.
How do these stack up to the Qudos Qantas Points Home Loan? Well, if you’re borrowing $500,000 with a Macquarie home loan, you can earn 50,000 Qantas Points in the first year, and 160,000 total over five years.
With Virgin Money, you can earn 62,000 Velocity Points in the first year and 140,000 over five years on a $500,000 home loan.
While both are great deals in their own right, they’re outperformed on the points earning front by Qudos. If you’ve taken out a $500,000 home loan, you’ll be able to net 355,600 Qantas points over five years, including over 74,000 in the first year alone*.
*Based on a $500,000 loan over 30 years at the relevant interest rate and monthly repayments for each product. Information correct as of 18 February 2020. Number of points has been rounded down to the nearest 100 points.
What will those points get you?
Serious rewards lovers probably know exactly where those points will be going, but if you need some inspiration or you're having trouble wrapping your head around the numbers, let's put it in perspective. After one year with a Qudos Qantas Points Home Loan, you’ll have enough points to get you^:
• Sennheiser Over-Ear Noise Cancelling Headphones (54,120 points)
• Sunbeam Café Series Precision Grinder (43,690 points)
• Apple TV 4K (48,530 points)
After five years you can set your sights a little bit higher. With your points, you can get:
• Economy return trip to New York City (163,400 points)
• Economy return trip to Singapore (163,400 points)
• Olympus Mark III Single Lens Kit (169,400)
• Samsung French Door Refrigerator with Water Dispenser (322,360 points)
So if you’re on the lookout for a points-friendly bank to help you score some freebies, Qudos Bank is an obvious standout. Check out our review of the Qudos Bank Qantas Points Home Loan, or head over to our home loans comparison page to see how it stacks up against other offerings.
^Information about rewards collected from Qantas Store, accurate as of 18 February 2019
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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