Compare home loan offers available from Qudos Bank.
Qudos Bank, formerly Qantas Credit Union, was established in 1959 by a small group of Qantas employees who decided that they would be financially better off if they pooled their money and created a credit union that would offer competitive loans and savings accounts. It is a mutual organisation that is owned and controlled by its members.
Qantas Credit Union becomes Qudos Bank
Qantas Credit Union has rebranded to become Qudos Bank. They still offer the same products and services including products which earn Qantas Frequent Flyer Points.
Compare Qudos Bank home loans
Who is Qudos Bank?
Qudos Bank offers a variety of loans for borrowers with different needs. The loans available include the Qantas Points Loan, Step Ahead Loan, Fixed Rate Home Loan, Variable Rate Loan, Home Access Loan and Mortgage Secured Overdraft.
The credit union does not charge any monthly account-keeping fees on its home loans. If you change your loan, deposit or credit card to a Qantas Points Banking product you will receive Qantas Points towards air tickets. Flexible repayment options are available and each loan product offers its own features.
Home Loans offered by Qudos Bank
Qantas Points Home Loan Package
This home loan package is full of features and benefits and it’s also a quick way to earn Qantas Points. A complimentary Visa Platinum Credit Card which earns Qantas points on purchases is also provided with this loan. Frequent flyer membership comes free, and this is a variable interest package which offers competitive rates. An annual fee does, however, apply.
Low Cost Home Loan Package
This loan does not charge an annual fee, account-keeping fee or establishment fee. It also does not attract a fee for redraws or early repayment. This option also features an offset account for principal and interest loans.
Fixed Rate Home Loan
The Fixed Rate home loan lets you protect yourself against interest rate rises. With this loan there is a no account-keeping fee, while limited extra repayments are allowed each year. You also get a limited monthly transaction allowance to use at ATMs and with EFTPOS.
Variable Rate Home Loan
This loan attracts a low establishment fee, no annual fee, no account-keeping fee, no redraw fee and no early repayment fee. An offset account is available for principal and interest loans, while you get the flexibility of a competitive variable rate.
Home Access Loan
One of the great features of this home loan is that you can store all of your income and savings inside your loan, using every cent to reduce the interest you pay. This then gives you the flexibility to repay and redraw money as you please, as long as you don’t exceed your loan limit. This loan offers a competitive establishment fee, no annual fee, no account-keeping fee and no early repayment fee.
Mortgage Secured Overdraft
When you take out a home loan with Qudos Bank you may set up an overdraft connected to your savings account. You are then able to use the overdraft when you need it and only pay the variable home loan interest rate. This will mean you'll have additional funds available on demand when you require them. This loan attracts no account-keeping fee and no annual fee.
Pros and cons of Qudos Bank home loans
- Few fees. Most of the home loans do not attract any additional account-keeping fees, redraw fees or early repayment fees.
- Bonuses. Most Qudos Bank loans also attract a bonus monthly allowance for free ATM and EFTPOS transactions.Other added extras include Qantas Points that go towards flight tickets.
- Not Australia-wide. Qudos Bank does not have a presence in South Australia, Tasmania or the Northern Territory.
How to apply for a Qudos Bank home loan
To apply for a home loan from Qudos Bank, please consult a mortgage broker.
Documents needed to apply for a Qudos Bank home loan
- Tax File Number. Qudos Bank will need to have your Tax File Number (TFN) on hand to include on the loan paperwork.
- Proof of Identification. Like all lenders across the country, Qudos Bank uses the government’s 100-point identification system to help prove your identity. You will be required to give the bank the proper identification to meet the 100-point threshold in order to have your loan processed.
You will also need to provide several pieces of documentation pertaining to the purchase of your home. Each home loan may require different documentation, so be sure to talk with your agent to see what your specific requirements are. However, here is a list of the most common property documentation required:
- Property valuation. When you obtain a loan from Qudos Bank, a proper assessment will need to be done on the property to determine its true value. This will ensure that the loan you are obtaining is equal to the value of the home being purchased.
- Proof of title for property. Qudos Bank will need to obtain a copy of the title for the property being purchased. This will guarantee that the party selling you the property is the actual owner of the property and has the rights to sell it.
- Property sales contract. Before closing on your loan, the credit union will need to have a copy of the sales contract for the property. This will provide all the details about the sale of the property.
Although you will provide Qudos Bank with your financial information at the initial stages of the application, you will also need to provide proof of that information. The credit union will ask for detailed information about your earnings, assets and expenses. You’ll need to provide:
- Proof of earnings. You must provide documentation that can prove your annual earnings. If you earn a wage, copies of your payslips should be adequate. If you are self-employed, however, you may need to submit copies of your tax returns.
- Documentation for outstanding debt. If you have any outstanding debt that you listed on your home loan application, you will need to provide Qudos Bank with a copy of the latest statement for those accounts.
- Proof of assets. Qudos Bank will need documents that can prove the value of any additional assets or income that you disclosed on your initial home loan application.
If you’re not already a Qudos Bank member, you’ll need to provide the following:
- Your three most recent payslips and a letter from your employer
- Your most recent statements for other loans and credit cards
- Your most recent savings statement.
Qudos Bank offers a number of viable home loan options to potential borrowers, but research each loan thoroughly and compare your options before signing on the dotted line. This way you can be sure of getting the right home loan for your needs.