Bendigo and Adelaide Bank has extended its third-party banking business, with a deal to provide Qantas Money with a home loan.
Qantas Money is well established as a provider of credit cards and travel money cards. Its new home loan will only be available to Qantas Frequent Flyer members.
The big pitch is that borrowers will receive 100,000 frequent flyer points each year for the life of the loan.
Loans will sit on the Bendigo and Adelaide Bank balance sheet. At launch, rates on an average principal and interest loan of A$600,000 include a variable rate of 4.67 per cent for owner occupiers and 5.02 per cent for investors.
A two-year P&I fixed rate loan is 5.39 per cent for owner occupiers and 5.59 per cent for investors.
An offset account is available on fixed and variable loans.
Bendigo and Adelaide Bank chief customer officer Richard Fennell said: “Qantas is an iconic Australian company. We are proud of this association and the opportunity to work with them to bring this product to market.”