QANTAS Group has entered the home loan market this month via a new Qantas Money Home Loan product, which will see Frequent Flyer Points paid out to customers each year a loan is held.
Qantas Home Loans are provided through Bendigo & Adelaide Bank, which will manage the repayments and keep track of the mortgage.
Currently on offer is a variable interest rate of 4.67% for those buying a home to live in, as well as fixed rates including one year at 5.23% or two years at 5.39%, with customers offered 100,000 Points every year.
Qantas notes its rates are now under review, following the Reserve Bank of Australia’s recent cash rate increase.
Customers can also refinance their home loan or invest in a property using the new Qantas Money Home Loan service, however, cannot buy off-the-plan or to-be-constructed properties.
Loans are advertised from $300,000 up to $3 million, with a 24% down payment or equity required for a loan of more than $2 million, and 10% for under $2 million.
Applicants must be an Australian citizen or permanent resident, and those applying alone must be employed, either through PAYG or self-employment, and must satisfy a number of other points of suitability.