This was posted 4 months 14 days ago, and might be an out-dated deal.

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50,000 Bonus Qantas Points for Applying for a Home Loan (Min $500,000) + 100,000 Qantas Points Every Year @ Qantas Money

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50,000 Bonus Qantas Points for Applying for a Home Loan (Min $500,000) + 100,000 Qantas Points Every Year @ Qantas Money
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financialminimalism on 08/07/2024 - 01:33 qantasmoney.com (947 clicks)
Last edited 08/07/2024 - 22:50 by 1 other user

Bonus 50,000 Qantas Frequent Flyer points for new home loan applications for more than $500k, in addition to the 100,000 Qantas FF points for you receive every year for the life of the loan. (Total 150,000 QFF points in your first year of loan.)

To receive 50,000 bonus Qantas Points, Qantas Frequent Flyer members must submit their Qantas Money Home Loans application valued $500,000 and above by 17 July 2024, 11:59pm (AEST) and settle by 31 December 2024, 11:59pm (AEDT).

As pointed out by Loracks & xmagic:
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 (i.e. for them to charge you interest). 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)
Source

Financial Frequent Flyer Home Loan Loan Qantas Frequent Flyer Reward Points

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closed Comments

  • lac0449 on 08/07/2024 - 05:10
    +7

    6.14% CR. $10 pm offset.

  • superbird on 08/07/2024 - 06:40
    +6

    I believe there is an application and valuation fee. By the time you onboard, might be close to $1000 in fees (which probably equates to the value of the 50000 bonus points)

    • Wiadro on 08/07/2024 - 07:11
      +24

      Brother ewww

    • TomGum on 08/07/2024 - 08:25
      +4

      I was quoted over $1700 fee.

  • Loracks on 08/07/2024 - 07:03
    +4

    Does it look like they'll cancel the points if you offset more than 70%?

    https://www.qantasmoney.com/assets/home-loans/points_eligibi…

    • Buz1986 on 08/07/2024 - 07:21
      +4

      Hrmm. Seems pointless for anyone looking to minimise their interest…

      Get it??? Get it???

      I’ll see myself out.

    • wazza23 on 08/07/2024 - 08:16
      +2

      Ah that sucks. I’ve got my whole loan offset so this would’ve been a nice little points boost

    • superbird on 08/07/2024 - 09:16
      +1

      deal killer

  • drhip on 08/07/2024 - 09:15

    Is there any good home loan out there brothers?

    • Nuclearvodka on 08/07/2024 - 10:26

      My Community First variable is at 5.790%

      • drhip on 08/07/2024 - 11:35

        but that's not for everyone right?

        • Nuclearvodka on 08/07/2024 - 11:39

          No idea.
          I was with them when I bought my first home on a 2 years fixed at 1.8% a few years ago, then I looked at refinancing, but found out they were still lower than most banks so I stayed on the variable.

        • raj koothrappali on 08/07/2024 - 15:49

          May be for everyone, but their community first.

  • ranma241 on 08/07/2024 - 09:31
    -2

    I wonder if you can get $1000 for 100,000 ponts?

  • xmagic on 08/07/2024 - 10:53
    +1

    IRL it's about $5 per 1k points for redeeming gift cards and between $10-40 for tickets.

    70% offset limit really killed the deal.

    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);

    • financialminimalism on 08/07/2024 - 12:18

      Wow okay. I did not know about that! There goes my desire to switch to this product then. Good find, thank you!

      • financialminimalism on 08/07/2024 - 22:43

        If I could neg my own deal I would. That 70% offset clause is a deal breaker.
        So these bastards won't give you any points unless they can get away with reaming you an uncompetitive interest rate?
        I love how they call putting savings into the offset account "unreasonable" use of the product.

        • Nom on 08/07/2024 - 22:57
          +2

          The whole point of a mortgage is to make the bank money on the interest that you pay. If you're going to avoid the interest by dramatically overpaying into the offset, then it makes sense that they're going to take away the rewards - they're only in this to make a profit.

          For most people, this is a none issue - they'll make the payments for the term of the loan, collect the points, and everything works out fine.

          • financialminimalism on 09/07/2024 - 00:14
            -3

            @Nom: you sound like a banker. the point of a mortgage is to facilitate buying a house and support the purchaser with cashflow.
            if the mortgagee has a windfall (e.g. inheritance, lotto, superannuation withdrawal, etc), this shouldn't constitute unreasonable use of a home loan.
            most people try and minimise the amount of interest they need to pay.

  • Kas on 12/07/2024 - 10:27

    The application fee of $345 is incurred for assessing your home loan application, while the loan processing fee of $150 is payable for processing your application and preparing loan documentation.

    The settlement service fee of $345.40* is charged for the preparation of mortgage documentation and settlement on one property, or it may be higher for non-standard transactions. Additionally, a mortgage security registration/discharge fee is payable to the land titles office to register the mortgage or discharge existing securities, and other legal fees, which vary, may also apply for establishing the loan.

    *Note: additional fees may apply in a non-standard transaction

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